Hennion & Walsh Asset Management Inc. Has $410,000 Holdings in Mercantile Bank Co. (NASDAQ:MBWM)

Hennion & Walsh Asset Management Inc. grew its position in shares of Mercantile Bank Co. (NASDAQ:MBWM) by 16.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,653 shares of the financial services provider’s stock after acquiring an additional 1,523 shares during the quarter. Hennion & Walsh Asset Management Inc. owned about 0.07% of Mercantile Bank worth $410,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of the company. Hsbc Holdings PLC increased its stake in Mercantile Bank by 3.9% during the 3rd quarter. Hsbc Holdings PLC now owns 9,059 shares of the financial services provider’s stock valued at $280,000 after purchasing an additional 338 shares in the last quarter. Kennedy Capital Management LLC increased its position in shares of Mercantile Bank by 10.4% during the third quarter. Kennedy Capital Management LLC now owns 17,889 shares of the financial services provider’s stock worth $553,000 after acquiring an additional 1,683 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of Mercantile Bank by 15.0% in the 3rd quarter. American Century Companies Inc. now owns 165,138 shares of the financial services provider’s stock worth $5,104,000 after acquiring an additional 21,587 shares during the last quarter. Vanguard Group Inc. lifted its position in Mercantile Bank by 1.7% in the 3rd quarter. Vanguard Group Inc. now owns 799,865 shares of the financial services provider’s stock valued at $24,724,000 after acquiring an additional 13,400 shares in the last quarter. Finally, Public Employees Retirement System of Ohio boosted its stake in Mercantile Bank by 29.0% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 3,953 shares of the financial services provider’s stock valued at $122,000 after purchasing an additional 889 shares during the last quarter. 58.63% of the stock is owned by institutional investors and hedge funds.

Mercantile Bank Stock Performance

MBWM stock opened at $39.21 on Thursday. The business has a 50 day moving average of $38.06 and a 200-day moving average of $38.05. The firm has a market cap of $632.07 million, a PE ratio of 7.60 and a beta of 0.98. Mercantile Bank Co. has a 12-month low of $26.95 and a 12-month high of $42.82. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.09.

Mercantile Bank (NASDAQ:MBWM) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.20. The firm had revenue of $58.23 million during the quarter, compared to the consensus estimate of $55.20 million. Mercantile Bank had a return on equity of 16.39% and a net margin of 25.58%. As a group, sell-side analysts expect that Mercantile Bank Co. will post 4.81 earnings per share for the current year.

Mercantile Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 19th. Shareholders of record on Friday, June 7th were given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 3.57%. The ex-dividend date of this dividend was Friday, June 7th. Mercantile Bank’s dividend payout ratio is 27.13%.

Wall Street Analyst Weigh In

Several analysts have recently commented on MBWM shares. Piper Sandler raised Mercantile Bank to a “hold” rating in a research note on Tuesday, June 11th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $47.00 price objective on shares of Mercantile Bank in a research note on Wednesday, April 17th. Finally, Janney Montgomery Scott lowered shares of Mercantile Bank from a “buy” rating to a “neutral” rating in a research note on Wednesday, May 8th. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $47.00.

Mercantile Bank Profile

Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan that provides commercial and retail banking services to small- to medium-sized businesses and individuals in the United States. It accepts various deposit products, including checking, savings, and term certificate accounts; time deposits; and certificates of deposit.