Charles Schwab Investment Management Inc. Has $8.45 Million Position in Mercantile Bank Co. (NASDAQ:MBWM)

Charles Schwab Investment Management Inc. lowered its position in Mercantile Bank Co. (NASDAQ:MBWM) by 3.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 189,962 shares of the financial services provider’s stock after selling 6,362 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Mercantile Bank were worth $8,451,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Quantbot Technologies LP bought a new stake in Mercantile Bank in the third quarter valued at approximately $89,000. Y Intercept Hong Kong Ltd bought a new stake in Mercantile Bank in the third quarter valued at approximately $202,000. US Bancorp DE boosted its holdings in Mercantile Bank by 11.2% in the fourth quarter. US Bancorp DE now owns 5,939 shares of the financial services provider’s stock valued at $264,000 after acquiring an additional 599 shares during the last quarter. BNP Paribas Financial Markets boosted its holdings in Mercantile Bank by 77.6% in the third quarter. BNP Paribas Financial Markets now owns 7,402 shares of the financial services provider’s stock valued at $324,000 after acquiring an additional 3,235 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in Mercantile Bank by 3.7% in the third quarter. Principal Financial Group Inc. now owns 8,611 shares of the financial services provider’s stock valued at $376,000 after acquiring an additional 304 shares during the last quarter. Institutional investors and hedge funds own 58.63% of the company’s stock.

Insider Activity

In related news, Director Robert B. Kaminski sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $50.22, for a total value of $50,220.00. Following the completion of the transaction, the director now directly owns 11,810 shares of the company’s stock, valued at approximately $593,098.20. This trade represents a 7.81 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 7,500 shares of company stock valued at $371,910 in the last three months. Company insiders own 3.08% of the company’s stock.

Mercantile Bank Trading Down 0.7 %

NASDAQ:MBWM opened at $44.25 on Monday. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.02 and a quick ratio of 1.01. Mercantile Bank Co. has a one year low of $33.46 and a one year high of $52.98. The company has a market cap of $718.22 million, a PE ratio of 8.94 and a beta of 0.98. The firm has a 50-day moving average of $46.99 and a 200-day moving average of $46.14.

Mercantile Bank (NASDAQ:MBWM) last posted its earnings results on Tuesday, January 21st. The financial services provider reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.15 by $0.07. Mercantile Bank had a net margin of 21.99% and a return on equity of 14.29%. As a group, equities research analysts expect that Mercantile Bank Co. will post 4.83 EPS for the current fiscal year.

Mercantile Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Friday, March 7th were given a dividend of $0.37 per share. This is an increase from Mercantile Bank’s previous quarterly dividend of $0.36. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.34%. The ex-dividend date of this dividend was Friday, March 7th. Mercantile Bank’s dividend payout ratio is currently 29.90%.

Analyst Ratings Changes

Several analysts recently commented on the company. Hovde Group upgraded Mercantile Bank from a “market perform” rating to an “outperform” rating and set a $54.00 target price on the stock in a report on Wednesday, January 22nd. Keefe, Bruyette & Woods increased their price target on Mercantile Bank from $56.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, January 22nd.

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.