Pathstone Holdings LLC Cuts Holdings in Mercantile Bank Co. (NASDAQ:MBWM)

Pathstone Holdings LLC lessened its position in shares of Mercantile Bank Co. (NASDAQ:MBWM) by 0.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 31,754 shares of the financial services provider’s stock after selling 248 shares during the period. Pathstone Holdings LLC owned approximately 0.20% of Mercantile Bank worth $1,388,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Gradient Investments LLC purchased a new stake in shares of Mercantile Bank during the 2nd quarter worth about $28,000. Mattson Financial Services LLC purchased a new stake in Mercantile Bank during the second quarter worth approximately $28,000. EMC Capital Management purchased a new stake in Mercantile Bank during the first quarter worth approximately $72,000. CWM LLC increased its position in shares of Mercantile Bank by 242.6% in the second quarter. CWM LLC now owns 2,799 shares of the financial services provider’s stock worth $114,000 after acquiring an additional 1,982 shares in the last quarter. Finally, 626 Financial LLC purchased a new position in shares of Mercantile Bank in the 3rd quarter valued at $213,000. 58.63% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Robert B. Kaminski sold 5,800 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $51.75, for a total transaction of $300,150.00. Following the completion of the sale, the director now directly owns 19,810 shares in the company, valued at $1,025,167.50. This trade represents a 22.65 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 10,300 shares of company stock worth $519,260 over the last 90 days. Company insiders own 3.08% of the company’s stock.

Mercantile Bank Stock Up 0.9 %

Shares of Mercantile Bank stock opened at $50.53 on Friday. Mercantile Bank Co. has a twelve month low of $33.46 and a twelve month high of $52.98. The stock has a market cap of $815.66 million, a price-to-earnings ratio of 10.15 and a beta of 0.95. The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 0.95. The company has a fifty day moving average price of $45.36 and a 200 day moving average price of $43.07.

Mercantile Bank (NASDAQ:MBWM) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.18 by $0.04. The company had revenue of $93.08 million during the quarter, compared to the consensus estimate of $56.83 million. Mercantile Bank had a return on equity of 14.59% and a net margin of 22.77%. During the same quarter in the prior year, the business earned $1.30 earnings per share. Equities research analysts forecast that Mercantile Bank Co. will post 4.87 earnings per share for the current fiscal year.

Mercantile Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Friday, December 6th will be given a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 2.85%. The ex-dividend date of this dividend is Friday, December 6th. Mercantile Bank’s dividend payout ratio (DPR) is 28.92%.

Mercantile Bank Company 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.