Mercantile Bank Co. (NASDAQ:MBWM) Shares Acquired by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. boosted its holdings in shares of Mercantile Bank Co. (NASDAQ:MBWM) by 4.5% in the 3rd quarter, Holdings Channel reports. The firm owned 196,324 shares of the financial services provider’s stock after buying an additional 8,413 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Mercantile Bank were worth $8,583,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Renaissance Technologies LLC lifted its stake in Mercantile Bank by 1.5% during the second quarter. Renaissance Technologies LLC now owns 530,913 shares of the financial services provider’s stock valued at $21,539,000 after purchasing an additional 8,100 shares during the last quarter. North Star Asset Management Inc. lifted its stake in Mercantile Bank by 0.7% during the second quarter. North Star Asset Management Inc. now owns 363,806 shares of the financial services provider’s stock valued at $14,760,000 after purchasing an additional 2,532 shares during the last quarter. American Century Companies Inc. lifted its position in shares of Mercantile Bank by 18.2% in the 2nd quarter. American Century Companies Inc. now owns 308,849 shares of the financial services provider’s stock valued at $12,530,000 after acquiring an additional 47,528 shares in the last quarter. LSV Asset Management lifted its position in shares of Mercantile Bank by 15.4% in the 2nd quarter. LSV Asset Management now owns 260,129 shares of the financial services provider’s stock valued at $10,553,000 after acquiring an additional 34,725 shares in the last quarter. Finally, Tributary Capital Management LLC lifted its position in shares of Mercantile Bank by 0.3% in the 2nd quarter. Tributary Capital Management LLC now owns 248,480 shares of the financial services provider’s stock valued at $10,081,000 after acquiring an additional 753 shares in the last quarter. 58.63% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Mercantile Bank

In other news, Director Robert B. Kaminski sold 5,800 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $51.75, for a total transaction of $300,150.00. Following the transaction, the director now owns 19,810 shares in the company, valued at $1,025,167.50. This represents a 22.65 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last quarter, insiders have sold 10,550 shares of company stock worth $531,660. 3.08% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

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

Mercantile Bank Stock Up 0.7 %

Shares of NASDAQ:MBWM opened at $50.23 on Wednesday. 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 cap of $810.81 million, a PE ratio of 10.09 and a beta of 0.99. Mercantile Bank Co. has a 52 week low of $33.46 and a 52 week high of $52.98. The firm has a 50 day simple moving average of $46.60 and a 200 day simple moving average of $43.81.

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

Mercantile Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Friday, December 6th will be paid a $0.36 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.44 annualized dividend and a yield of 2.87%. Mercantile Bank’s dividend payout ratio is presently 28.92%.

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.