Geode Capital Management LLC Increases Holdings in Mercantile Bank Co. (NASDAQ:MBWM)

Geode Capital Management LLC grew its position in Mercantile Bank Co. (NASDAQ:MBWM) by 3.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 376,979 shares of the financial services provider’s stock after buying an additional 14,202 shares during the quarter. Geode Capital Management LLC’s holdings in Mercantile Bank were worth $16,484,000 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 MBWM. Bank of New York Mellon Corp boosted its stake in shares of Mercantile Bank by 2.8% during the second quarter. Bank of New York Mellon Corp now owns 120,689 shares of the financial services provider’s stock valued at $4,896,000 after purchasing an additional 3,324 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in Mercantile Bank by 58.7% in the second quarter. Allspring Global Investments Holdings LLC now owns 7,397 shares of the financial services provider’s stock valued at $300,000 after acquiring an additional 2,737 shares in the last quarter. Principal Financial Group Inc. grew its stake in Mercantile Bank by 8.1% during the 2nd quarter. Principal Financial Group Inc. now owns 8,307 shares of the financial services provider’s stock worth $337,000 after buying an additional 620 shares during the last quarter. Rhumbline Advisers grew its stake in shares of Mercantile Bank by 2.7% during the second quarter. Rhumbline Advisers now owns 25,321 shares of the financial services provider’s stock worth $1,027,000 after acquiring an additional 655 shares during the last quarter. Finally, North Star Asset Management Inc. raised its holdings in shares of Mercantile Bank by 0.7% in the second quarter. North Star Asset Management Inc. now owns 363,806 shares of the financial services provider’s stock worth $14,760,000 after buying an additional 2,532 shares during the last quarter. Institutional investors own 58.63% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods increased their price objective on Mercantile Bank from $50.00 to $56.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th.

Insider Activity at Mercantile Bank

In other Mercantile Bank news, Director Robert B. Kaminski sold 4,000 shares of the stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $49.51, for a total transaction of $198,040.00. Following the transaction, the director now directly owns 25,610 shares of the company’s stock, valued at $1,267,951.10. This trade represents a 13.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold a total of 10,550 shares of company stock worth $531,660 in the last 90 days. Corporate insiders own 3.08% of the company’s stock.

Mercantile Bank Price Performance

Shares of MBWM opened at $44.78 on Monday. Mercantile Bank Co. has a fifty-two week low of $33.46 and a fifty-two week high of $52.98. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.01 and a current ratio of 1.02. The company has a market capitalization of $722.84 million, a P/E ratio of 8.99 and a beta of 0.99. The business’s 50-day moving average is $47.54 and its two-hundred day moving average is $44.63.

Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.22 EPS for the quarter, beating the consensus estimate of $1.18 by $0.04. Mercantile Bank had a net margin of 22.77% and a return on equity of 14.59%. The company had revenue of $93.08 million for the quarter, compared to analyst estimates of $56.83 million. During the same quarter last year, the business earned $1.30 earnings per share. Research analysts predict that Mercantile Bank Co. will post 4.87 earnings per share for the current year.

Mercantile Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 18th. Stockholders of record on Friday, December 6th were given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.22%. The ex-dividend date of this dividend was Friday, December 6th. Mercantile Bank’s dividend payout ratio (DPR) is presently 28.92%.

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.