PNC Financial Services Group Inc. Sells 816 Shares of Mercantile Bank Co. (NASDAQ:MBWM)

PNC Financial Services Group Inc. lessened its stake in shares of Mercantile Bank Co. (NASDAQ:MBWM) by 11.2% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,438 shares of the financial services provider’s stock after selling 816 shares during the period. PNC Financial Services Group Inc.’s holdings in Mercantile Bank were worth $260,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Voisard Asset Management Group Inc. bought a new position in shares of Mercantile Bank during the 4th quarter valued at about $38,000. Tower Research Capital LLC TRC lifted its holdings in shares of Mercantile Bank by 104.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,772 shares of the financial services provider’s stock valued at $72,000 after acquiring an additional 904 shares during the last quarter. Public Employees Retirement System of Ohio lifted its holdings in shares of Mercantile Bank by 29.0% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 3,953 shares of the financial services provider’s stock valued at $122,000 after acquiring an additional 889 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Mercantile Bank by 214.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 4,268 shares of the financial services provider’s stock valued at $172,000 after acquiring an additional 2,911 shares during the last quarter. Finally, Truist Financial Corp bought a new position in shares of Mercantile Bank in the 4th quarter valued at about $219,000. Institutional investors own 58.63% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on MBWM shares. Hovde Group downgraded shares of Mercantile Bank from an “outperform” rating to a “market perform” rating in a report on Monday, March 4th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $47.00 price target on shares of Mercantile Bank in a report on Wednesday, April 17th. Piper Sandler raised shares of Mercantile Bank to a “hold” rating in a report on Tuesday, June 11th. Finally, Janney Montgomery Scott downgraded shares of Mercantile Bank from a “buy” rating to a “neutral” rating in a report on Wednesday, May 8th. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $47.00.

Mercantile Bank Stock Performance

Mercantile Bank stock opened at $39.84 on Tuesday. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.04 and a quick ratio of 1.04. Mercantile Bank Co. has a 1-year low of $26.95 and a 1-year high of $42.82. The firm has a market capitalization of $642.26 million, a P/E ratio of 7.72 and a beta of 0.97. The company’s 50-day moving average is $37.95 and its 200 day moving average is $38.04.

Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.20. Mercantile Bank had a net margin of 25.58% and a return on equity of 16.39%. The company had revenue of $58.23 million for the quarter, compared to analyst estimates of $55.20 million. Research analysts forecast that Mercantile Bank Co. will post 4.81 EPS for the current year.

Mercantile Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 19th. Stockholders of record on Friday, June 7th were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.51%. The ex-dividend date of this dividend was Friday, June 7th. Mercantile Bank’s dividend payout ratio (DPR) is presently 27.13%.

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.