Allspring Global Investments Holdings LLC Reduces Stock Position in Mercantile Bank Co. (NASDAQ:MBWM)

Allspring Global Investments Holdings LLC reduced its stake in Mercantile Bank Co. (NASDAQ:MBWM) by 41.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,346 shares of the financial services provider’s stock after selling 3,051 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Mercantile Bank were worth $190,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. AQR Capital Management LLC lifted its stake in shares of 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 purchasing an additional 90,802 shares during the last quarter. American Century Companies Inc. raised its stake in shares of Mercantile Bank by 18.2% during the 2nd quarter. American Century Companies Inc. now owns 308,849 shares of the financial services provider’s stock valued at $12,530,000 after buying an additional 47,528 shares during the last quarter. LSV Asset Management lifted its stake in shares of Mercantile Bank by 15.4% in the 2nd quarter. LSV Asset Management now owns 260,129 shares of the financial services provider’s stock valued at $10,553,000 after purchasing an additional 34,725 shares during the period. Vanguard Group Inc. grew its position in shares of Mercantile Bank by 2.8% during the 1st quarter. Vanguard Group Inc. now owns 805,334 shares of the financial services provider’s stock valued at $30,997,000 after acquiring an additional 21,616 shares during the period. Finally, Inspire Investing LLC grew its position in shares of Mercantile Bank by 218.8% in the second 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 period. Institutional investors own 58.63% of the company’s stock.

Mercantile Bank Stock Performance

NASDAQ:MBWM opened at $43.21 on Monday. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.03 and a quick ratio of 1.02. Mercantile Bank Co. has a 12 month low of $32.51 and a 12 month high of $51.21. The firm has a market capitalization of $697.41 million, a PE ratio of 8.68 and a beta of 0.95. The business’s fifty day moving average price is $43.80 and its 200 day moving average price is $41.61.

Mercantile Bank (NASDAQ:MBWM) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.18 by $0.04. Mercantile Bank had a return on equity of 14.91% and a net margin of 22.77%. The business had revenue of $93.08 million during the quarter, compared to the consensus estimate of $56.83 million. During the same period in the previous year, the business earned $1.30 EPS. On average, sell-side analysts anticipate that Mercantile Bank Co. will post 4.87 earnings per share for the current fiscal year.

Mercantile Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Friday, December 6th will be given a $0.36 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.44 dividend on an annualized basis and a yield of 3.33%. Mercantile Bank’s dividend payout ratio (DPR) is 28.92%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on MBWM shares. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $51.00 price objective (up previously from $47.00) on shares of Mercantile Bank in a research note on Wednesday, July 17th. Piper Sandler boosted their price target on shares of Mercantile Bank from $42.00 to $53.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 17th.

Insider Buying and Selling at Mercantile Bank

In other Mercantile Bank news, Director Michael H. Price sold 5,000 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $45.57, for a total transaction of $227,850.00. Following the transaction, the director now directly owns 21,556 shares in the company, valued at approximately $982,306.92. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 3.08% of the stock is owned by corporate insiders.

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.