Quest Partners LLC Has $27,000 Stake in Mercantile Bank Co. (NASDAQ:MBWM)

Quest Partners LLC reduced its holdings in Mercantile Bank Co. (NASDAQ:MBWM) by 71.3% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 658 shares of the financial services provider’s stock after selling 1,631 shares during the quarter. Quest Partners LLC’s holdings in Mercantile Bank were worth $27,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in MBWM. Charles Schwab Investment Management Inc. boosted its stake in Mercantile Bank by 1.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 199,041 shares of the financial services provider’s stock valued at $8,037,000 after purchasing an additional 3,232 shares during the period. Voisard Asset Management Group Inc. acquired a new position in shares of Mercantile Bank during the fourth quarter worth approximately $38,000. Hennion & Walsh Asset Management Inc. boosted its position in shares of Mercantile Bank by 16.7% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 10,653 shares of the financial services provider’s stock valued at $410,000 after acquiring an additional 1,523 shares during the period. Allspring Global Investments Holdings LLC grew 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 acquiring an additional 392 shares during the last quarter. Finally, Denali Advisors LLC increased its position in Mercantile Bank by 126.7% during the first quarter. Denali Advisors LLC now owns 17,000 shares of the financial services provider’s stock worth $654,000 after acquiring an additional 9,500 shares during the period. 58.63% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on MBWM shares. Piper Sandler increased their price target 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. 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 research note on Wednesday, July 17th. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, Mercantile Bank currently has a consensus rating of “Hold” and an average price target of $52.00.

Mercantile Bank Stock Performance

Shares of NASDAQ MBWM opened at $44.00 on Friday. Mercantile Bank Co. has a one year low of $30.12 and a one 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. The business has a fifty day simple moving average of $45.08 and a 200 day simple moving average of $40.17. The firm has a market capitalization of $709.32 million, a price-to-earnings ratio of 8.79 and a beta of 0.96.

Mercantile Bank (NASDAQ:MBWM) last announced its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.17 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.17. Mercantile Bank had a net margin of 23.99% and a return on equity of 15.52%. The firm had revenue of $88.56 million for the quarter, compared to analyst estimates of $56.23 million. During the same quarter in the previous year, the firm posted $1.27 EPS. Sell-side analysts expect that Mercantile Bank Co. will post 4.81 EPS for the current year.

Mercantile Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Friday, September 6th were given a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 3.27%. The ex-dividend date of this dividend was Friday, September 6th. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.35. Mercantile Bank’s dividend payout ratio is 27.91%.

Insiders Place Their Bets

In other news, Director Robert B. Kaminski sold 3,000 shares of the stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $48.73, for a total value of $146,190.00. Following the completion of the transaction, the director now directly owns 31,610 shares of the company’s stock, valued at approximately $1,540,355.30. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Robert B. Kaminski sold 2,000 shares of Mercantile Bank stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $48.01, for a total transaction of $96,020.00. Following the completion of the transaction, the director now directly owns 29,610 shares of the company’s stock, valued at approximately $1,421,576.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert B. Kaminski sold 3,000 shares of the business’s stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $48.73, for a total transaction of $146,190.00. Following the completion of the transaction, the director now owns 31,610 shares in the company, valued at $1,540,355.30. The disclosure for this sale can be found here. Insiders sold a total of 10,500 shares of company stock worth $490,933 over the last quarter. Company insiders own 3.08% of the company’s stock.

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.