Wedge Capital Management L L P NC Sells 3,044 Shares of Mercantile Bank Co. (NASDAQ:MBWM)

Wedge Capital Management L L P NC trimmed its position in shares of Mercantile Bank Co. (NASDAQ:MBWM) by 17.3% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 14,537 shares of the financial services provider’s stock after selling 3,044 shares during the quarter. Wedge Capital Management L L P NC owned about 0.09% of Mercantile Bank worth $636,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Allspring Global Investments Holdings LLC raised its stake in shares of 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 worth $179,000 after purchasing an additional 392 shares during the last quarter. CWM LLC raised its position in Mercantile Bank by 16.1% in the 3rd quarter. CWM LLC now owns 3,249 shares of the financial services provider’s stock worth $142,000 after buying an additional 450 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of Mercantile Bank by 8.1% during the second quarter. Principal Financial Group Inc. now owns 8,307 shares of the financial services provider’s stock valued at $337,000 after purchasing an additional 620 shares during the last quarter. Rhumbline Advisers lifted its position in Mercantile Bank by 2.7% during the second quarter. Rhumbline Advisers now owns 25,321 shares of the financial services provider’s stock valued at $1,027,000 after purchasing an additional 655 shares during the period. Finally, Gradient Investments LLC purchased a new stake in Mercantile Bank in the second quarter worth approximately $28,000. 58.63% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Mercantile Bank news, Director Michael H. Price sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $45.57, for a total value of $227,850.00. Following the completion of the transaction, the director now directly owns 21,556 shares in the company, valued at $982,306.92. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Robert B. Kaminski sold 2,000 shares of Mercantile Bank stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $48.01, for a total transaction of $96,020.00. Following the sale, the director now owns 29,610 shares of the company’s stock, valued at approximately $1,421,576.10. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael H. Price sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $45.57, for a total value of $227,850.00. Following the completion of the transaction, the director now owns 21,556 shares of the company’s stock, valued at $982,306.92. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 7,500 shares of company stock valued at $345,228. 3.08% of the stock is owned by corporate insiders.

Mercantile Bank Stock Down 0.1 %

MBWM opened at $46.41 on Friday. The firm’s 50 day simple moving average is $43.64 and its two-hundred day simple moving average is $41.01. The company has a market capitalization of $748.18 million, a PE ratio of 8.99 and a beta of 0.95. Mercantile Bank Co. has a 1-year low of $30.59 and a 1-year high of $51.21. The company has a current ratio of 1.03, a quick ratio of 1.02 and a debt-to-equity ratio of 1.03.

Mercantile Bank (NASDAQ:MBWM) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.18 by $0.04. Mercantile Bank had a return on equity of 15.52% and a net margin of 23.99%. The company had revenue of $93.08 million for the quarter, compared to analysts’ expectations of $56.83 million. During the same period last year, the firm earned $1.30 EPS. As a group, equities analysts forecast that Mercantile Bank Co. will post 4.82 EPS for the current year.

Mercantile Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Friday, December 6th will be paid a dividend of $0.36 per share. The ex-dividend date is Friday, December 6th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.10%. Mercantile Bank’s dividend payout ratio (DPR) is presently 27.91%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $51.00 price target (up from $47.00) on shares of Mercantile Bank in a report on Wednesday, July 17th. Piper Sandler increased their target price on Mercantile Bank from $42.00 to $53.00 and gave the company a “neutral” rating in a report on Wednesday, July 17th.

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.