Cerity Partners LLC Raises Stock Holdings in Mercantile Bank Co. (NASDAQ:MBWM)

Cerity Partners LLC grew its holdings in shares of Mercantile Bank Co. (NASDAQ:MBWMFree Report) by 132.9% during the third quarter, Holdings Channel reports. The firm owned 21,451 shares of the financial services provider’s stock after purchasing an additional 12,239 shares during the quarter. Cerity Partners LLC’s holdings in Mercantile Bank were worth $938,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of MBWM. AQR Capital Management LLC increased its stake in Mercantile Bank by 108.7% during the second 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 period. American Century Companies Inc. increased its stake in shares of Mercantile Bank by 18.2% during the second quarter. American Century Companies Inc. now owns 308,849 shares of the financial services provider’s stock worth $12,530,000 after buying an additional 47,528 shares during the period. LSV Asset Management increased its stake in shares of Mercantile Bank by 15.4% during the second quarter. LSV Asset Management now owns 260,129 shares of the financial services provider’s stock worth $10,553,000 after buying an additional 34,725 shares during the period. Vanguard Group Inc. increased its stake in shares of Mercantile Bank by 2.8% during the first quarter. Vanguard Group Inc. now owns 805,334 shares of the financial services provider’s stock worth $30,997,000 after buying an additional 21,616 shares during the period. Finally, Inspire Investing LLC increased its stake in shares of Mercantile Bank by 218.8% during the second quarter. Inspire Investing LLC now owns 29,820 shares of the financial services provider’s stock worth $1,210,000 after buying an additional 20,465 shares during the period. 58.63% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods upped their target price on shares of Mercantile Bank from $50.00 to $56.00 and gave the stock an “outperform” rating in a research note on Wednesday.

Check Out Our Latest Report on Mercantile Bank

Insider Activity at Mercantile Bank

In other news, Director Robert B. Kaminski sold 4,000 shares of the stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $49.51, for a total value of $198,040.00. Following the completion of the sale, the director now directly owns 25,610 shares of the company’s stock, valued at approximately $1,267,951.10. This represents a 13.51 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold 10,550 shares of company stock valued at $531,660 over the last three months. 3.08% of the stock is owned by corporate insiders.

Mercantile Bank Stock Performance

Shares of MBWM opened at $50.85 on Thursday. The stock has a 50 day moving average price of $45.84 and a 200 day moving average price of $43.40. The company has a quick ratio of 1.01, a current ratio of 1.02 and a debt-to-equity ratio of 0.95. The company has a market capitalization of $820.82 million, a price-to-earnings ratio of 10.21 and a beta of 0.99. Mercantile Bank Co. has a 52-week low of $33.46 and a 52-week high of $52.98.

Mercantile Bank (NASDAQ:MBWMGet Free Report) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.18 by $0.04. The firm 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 period in the prior year, the company posted $1.30 earnings per share. Research analysts predict that Mercantile Bank Co. will post 4.87 EPS for the current fiscal year.

Mercantile Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Friday, December 6th will be issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date is Friday, December 6th. Mercantile Bank’s dividend payout ratio (DPR) is 28.92%.

Mercantile Bank Company Profile

(Free Report)

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.

See Also

Want to see what other hedge funds are holding MBWM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Mercantile Bank Co. (NASDAQ:MBWMFree Report).

Institutional Ownership by Quarter for Mercantile Bank (NASDAQ:MBWM)

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