Creative Planning Increases Position in Mercantile Bank Co. (NASDAQ:MBWM)

Creative Planning increased its stake in shares of Mercantile Bank Co. (NASDAQ:MBWM) by 22.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 14,571 shares of the financial services provider’s stock after buying an additional 2,644 shares during the quarter. Creative Planning owned about 0.09% of Mercantile Bank worth $591,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in MBWM. Inspire Investing LLC grew its stake in shares of Mercantile Bank by 218.8% in the 2nd quarter. Inspire Investing LLC now owns 29,820 shares of the financial services provider’s stock valued at $1,210,000 after purchasing an additional 20,465 shares during the last quarter. Janney Montgomery Scott LLC acquired a new position in Mercantile Bank in the 1st quarter valued at $452,000. AQR Capital Management LLC raised its position in Mercantile Bank by 108.7% during the 2nd quarter. AQR Capital Management LLC now owns 174,355 shares of the financial services provider’s stock worth $7,074,000 after buying an additional 90,802 shares during the last quarter. Empowered Funds LLC boosted its holdings in shares of Mercantile Bank by 8.1% in the first quarter. Empowered Funds LLC now owns 46,537 shares of the financial services provider’s stock valued at $1,791,000 after acquiring an additional 3,500 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. boosted its holdings in shares of Mercantile Bank by 16.7% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 10,653 shares of the financial services provider’s stock valued at $410,000 after acquiring an additional 1,523 shares in the last quarter. Institutional investors and hedge funds own 58.63% of the company’s stock.

Mercantile Bank Trading Up 5.3 %

Shares of Mercantile Bank stock opened at $43.91 on Monday. The company has a 50-day moving average of $43.40 and a two-hundred day moving average of $40.86. The stock has a market cap of $707.87 million, a PE ratio of 8.51 and a beta of 0.95. The company has a current ratio of 1.03, a quick ratio of 1.02 and a debt-to-equity ratio of 1.03. Mercantile Bank Co. has a 12-month low of $30.35 and a 12-month high of $51.21.

Mercantile Bank (NASDAQ:MBWM) last posted its earnings results on Tuesday, July 16th. The financial services provider reported $1.17 EPS for the quarter, hitting analysts’ consensus estimates of $1.17. Mercantile Bank had a return on equity of 15.52% and a net margin of 23.99%. The company had revenue of $88.56 million for the quarter, compared to the consensus estimate of $56.23 million. During the same period in the previous year, the business earned $1.27 earnings per share. On average, research analysts anticipate that Mercantile Bank Co. will post 4.82 EPS for the current fiscal year.

Insider Buying and Selling at Mercantile Bank

In related news, Director Robert B. Kaminski sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $48.73, for a total value of $146,190.00. Following the sale, the director now owns 31,610 shares of the company’s stock, valued at approximately $1,540,355.30. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Mercantile Bank news, Director Michael H. Price sold 5,000 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $45.57, for a total transaction of $227,850.00. Following the transaction, the director now owns 21,556 shares of the company’s stock, valued at $982,306.92. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Robert B. Kaminski sold 3,000 shares of the firm’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $48.73, for a total value of $146,190.00. Following the sale, the director now owns 31,610 shares in the company, valued at $1,540,355.30. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 10,500 shares of company stock worth $491,418. 3.08% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

MBWM has been the topic of a number of analyst reports. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $51.00 price objective (up previously from $47.00) on shares of Mercantile Bank in a report on Wednesday, July 17th. Piper Sandler increased their price objective on Mercantile Bank from $42.00 to $53.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 17th.

About Mercantile Bank

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.