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

Denali Advisors LLC boosted its stake in shares of Mercantile Bank Co. (NASDAQ:MBWM) by 126.7% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 17,000 shares of the financial services provider’s stock after acquiring an additional 9,500 shares during the period. Denali Advisors LLC owned about 0.11% of Mercantile Bank worth $654,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MBWM. Voisard Asset Management Group Inc. acquired a new position in Mercantile Bank in the 4th quarter valued at $38,000. Tower Research Capital LLC TRC raised its position in shares of Mercantile Bank by 104.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,772 shares of the financial services provider’s stock valued at $72,000 after buying an additional 904 shares during the last quarter. Public Employees Retirement System of Ohio lifted its stake in shares of Mercantile Bank by 29.0% in the third quarter. Public Employees Retirement System of Ohio now owns 3,953 shares of the financial services provider’s stock worth $122,000 after buying an additional 889 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in Mercantile Bank by 214.5% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 4,268 shares of the financial services provider’s stock worth $172,000 after acquiring an additional 2,911 shares during the last quarter. Finally, Truist Financial Corp purchased a new stake in Mercantile Bank during the 4th quarter valued at about $219,000. 58.63% of the stock is owned by hedge funds and other institutional investors.

Mercantile Bank Stock Down 2.3 %

Shares of NASDAQ:MBWM opened at $39.21 on Thursday. The firm has a market capitalization of $632.07 million, a PE ratio of 7.60 and a beta of 0.98. Mercantile Bank Co. has a 1 year low of $26.95 and a 1 year high of $42.82. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.04 and a quick ratio of 1.04. The firm’s 50-day moving average is $38.06 and its two-hundred day moving average is $38.05.

Mercantile Bank (NASDAQ:MBWM) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.20. Mercantile Bank had a net margin of 25.58% and a return on equity of 16.39%. The firm had revenue of $58.23 million for the quarter, compared to the consensus estimate of $55.20 million. Analysts predict that Mercantile Bank Co. will post 4.81 EPS for the current year.

Mercantile Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 19th. Stockholders of record on Friday, June 7th were issued a $0.35 dividend. The ex-dividend date was Friday, June 7th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.57%. Mercantile Bank’s payout ratio is 27.13%.

Wall Street Analyst Weigh In

MBWM has been the subject of a number of analyst reports. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $47.00 price target on shares of Mercantile Bank in a research report on Wednesday, April 17th. Piper Sandler upgraded Mercantile Bank to a “hold” rating in a report on Tuesday, June 11th. Finally, Janney Montgomery Scott downgraded Mercantile Bank from a “buy” rating to a “neutral” rating in a research note on Wednesday, May 8th. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, Mercantile Bank currently has an average rating of “Hold” and an average target price of $47.00.

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.