Oliver Lagore Vanvalin Investment Group Sells 280 Shares of Mercantile Bank Co. (NASDAQ:MBWM)

Oliver Lagore Vanvalin Investment Group lessened its holdings in shares of Mercantile Bank Co. (NASDAQ:MBWM) by 13.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,842 shares of the financial services provider’s stock after selling 280 shares during the quarter. Oliver Lagore Vanvalin Investment Group’s holdings in Mercantile Bank were worth $75,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Gradient Investments LLC bought a new stake in Mercantile Bank during the second quarter valued at approximately $28,000. Voisard Asset Management Group Inc. purchased a new stake in shares of Mercantile Bank during the 4th quarter valued at $38,000. EMC Capital Management bought a new stake in shares of Mercantile Bank during the 1st quarter worth $72,000. CWM LLC grew its position in 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, Allspring Global Investments Holdings LLC increased its stake in Mercantile Bank by 9.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 4,660 shares of the financial services provider’s stock valued at $179,000 after acquiring an additional 392 shares during the last quarter. Hedge funds and other institutional investors own 58.63% of the company’s stock.

Mercantile Bank Price Performance

Shares of NASDAQ:MBWM opened at $42.56 on Friday. The company’s fifty day moving average is $44.63 and its 200 day moving average is $40.44. The company has a quick ratio of 1.02, a current ratio of 1.03 and a debt-to-equity ratio of 1.03. Mercantile Bank Co. has a 52 week low of $30.12 and a 52 week high of $51.21. The stock has a market cap of $686.11 million, a PE ratio of 8.25 and a beta of 0.96.

Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.17 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.17. Mercantile Bank had a return on equity of 15.52% and a net margin of 23.99%. The firm had revenue of $88.56 million during the quarter, compared to analyst estimates of $56.23 million. During the same quarter in the prior year, the firm posted $1.27 earnings per share. Research analysts anticipate that Mercantile Bank Co. will post 4.81 earnings per share for the current year.

Mercantile Bank Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders of record on Friday, September 6th were issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 3.38%. The ex-dividend date of this dividend was Friday, September 6th. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.35. Mercantile Bank’s dividend payout ratio (DPR) is 27.91%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on MBWM shares. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $51.00 price objective (up from $47.00) on shares of Mercantile Bank in a report on Wednesday, July 17th. Piper Sandler boosted their target price on Mercantile Bank from $42.00 to $53.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 17th. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, Mercantile Bank currently has a consensus rating of “Hold” and an average price target of $52.00.

Insider Buying and Selling at Mercantile Bank

In other news, Director Robert B. Kaminski sold 2,000 shares of the stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $48.01, for a total transaction of $96,020.00. Following the completion of the sale, the director now directly owns 29,610 shares in the company, valued at $1,421,576.10. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Mercantile Bank news, Director Robert B. Kaminski sold 3,000 shares of the company’s stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $48.73, for a total value of $146,190.00. Following the sale, the director now owns 31,610 shares in the company, valued at $1,540,355.30. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Robert B. Kaminski sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $48.01, for a total transaction of $96,020.00. Following the transaction, the director now directly owns 29,610 shares of the company’s stock, valued at approximately $1,421,576.10. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 10,500 shares of company stock worth $490,933. 3.08% of the stock is currently owned by company 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.