Mercantile Bank Co. (NASDAQ:MBWM) Shares Purchased by Cwm LLC

Cwm LLC boosted its holdings in Mercantile Bank Co. (NASDAQ:MBWM) by 16.1% during the third quarter, Holdings Channel reports. The institutional investor owned 3,249 shares of the financial services provider’s stock after buying an additional 450 shares during the period. Cwm LLC’s holdings in Mercantile Bank were worth $142,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Inspire Investing LLC lifted its holdings in shares of Mercantile Bank by 218.8% during the 2nd quarter. Inspire Investing LLC now owns 29,820 shares of the financial services provider’s stock worth $1,210,000 after acquiring an additional 20,465 shares during the period. Janney Montgomery Scott LLC purchased a new position in Mercantile Bank during the first quarter worth approximately $452,000. AQR Capital Management LLC raised 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. Empowered Funds LLC boosted its holdings in shares of Mercantile Bank by 8.1% in the 1st quarter. Empowered Funds LLC now owns 46,537 shares of the financial services provider’s stock valued at $1,791,000 after purchasing an additional 3,500 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. grew its stake in shares of Mercantile Bank by 16.7% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 10,653 shares of the financial services provider’s stock valued at $410,000 after buying an additional 1,523 shares during the period. Hedge funds and other institutional investors own 58.63% of the company’s stock.

Mercantile Bank Stock Performance

Shares of MBWM stock opened at $43.77 on Friday. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.03 and a quick ratio of 1.02. The company’s fifty day moving average price is $43.84 and its two-hundred day moving average price is $41.25. The firm has a market capitalization of $705.62 million, a P/E ratio of 8.48 and a beta of 0.95. Mercantile Bank Co. has a 12 month low of $30.59 and a 12 month high of $51.21.

Mercantile Bank (NASDAQ:MBWM) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.22 EPS for the quarter, beating 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 firm had revenue of $93.08 million during the quarter, compared to the consensus estimate of $56.83 million. During the same quarter in the prior year, the business posted $1.30 earnings per share. On average, research analysts anticipate that Mercantile Bank Co. will post 4.82 earnings per share for the current fiscal year.

Mercantile Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Friday, December 6th will be paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 3.29%. The ex-dividend date of this dividend is Friday, December 6th. Mercantile Bank’s dividend payout ratio (DPR) is currently 27.91%.

Insider Buying and Selling

In other Mercantile Bank news, Director Michael H. Price sold 5,000 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $45.57, for a total transaction of $227,850.00. Following 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Over the last quarter, insiders sold 5,500 shares of company stock worth $249,208. Insiders own 3.08% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on MBWM. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $51.00 target price (up previously from $47.00) on shares of Mercantile Bank in a report on Wednesday, July 17th. Piper Sandler lifted their target price on shares of Mercantile Bank from $42.00 to $53.00 and gave the company a “neutral” rating in a report on Wednesday, July 17th.

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.