Renaissance Technologies LLC Grows Position in Mercantile Bank Co. (NASDAQ:MBWM)

Renaissance Technologies LLC boosted its holdings in Mercantile Bank Co. (NASDAQ:MBWM) by 1.5% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 530,913 shares of the financial services provider’s stock after acquiring an additional 8,100 shares during the quarter. Renaissance Technologies LLC owned about 3.29% of Mercantile Bank worth $21,539,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Janney Montgomery Scott LLC purchased a new position in Mercantile Bank in the first quarter worth $452,000. Empowered Funds LLC raised its position in Mercantile Bank by 8.1% in the first quarter. Empowered Funds LLC now owns 46,537 shares of the financial services provider’s stock worth $1,791,000 after acquiring an additional 3,500 shares in the last quarter. Hennion & Walsh Asset Management Inc. raised its position in 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 worth $410,000 after acquiring an additional 1,523 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in 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 in the last quarter. Finally, Vanguard Group Inc. raised its position in Mercantile Bank by 2.8% in the first quarter. Vanguard Group Inc. now owns 805,334 shares of the financial services provider’s stock worth $30,997,000 after acquiring an additional 21,616 shares in the last quarter. Hedge funds and other institutional investors own 58.63% of the company’s stock.

Mercantile Bank Stock Down 5.6 %

MBWM opened at $44.00 on Friday. The firm has a market cap of $709.32 million, a P/E ratio of 8.53 and a beta of 0.96. The business’s fifty day simple moving average is $45.08 and its 200 day simple moving average is $40.17. Mercantile Bank Co. has a 52 week low of $30.12 and a 52 week high of $51.21. The company has a quick ratio of 1.02, a current ratio of 1.03 and a debt-to-equity ratio of 1.03.

Mercantile Bank (NASDAQ:MBWM) last announced its earnings results on Tuesday, July 16th. The financial services provider reported $1.17 earnings per share 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 during the quarter, compared to the consensus estimate of $56.23 million. During the same quarter in the previous year, the company posted $1.27 EPS. As a group, equities research analysts anticipate that Mercantile Bank Co. will post 4.81 EPS for the current fiscal year.

Mercantile Bank Increases Dividend

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

Wall Street Analyst Weigh In

Several research firms have recently issued reports on MBWM. Piper Sandler lifted their price target on Mercantile Bank from $42.00 to $53.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 17th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $51.00 target price (up previously from $47.00) on shares of Mercantile Bank in a research report on Wednesday, July 17th. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $52.00.

Insider Activity at Mercantile Bank

In related news, Director Michael H. Price sold 5,000 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $45.57, for a total value of $227,850.00. Following the completion of the transaction, the director now owns 21,556 shares of the company’s stock, valued at approximately $982,306.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Michael H. Price sold 5,000 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $45.57, for a total value of $227,850.00. Following the completion of the transaction, the director now owns 21,556 shares of the company’s stock, valued at approximately $982,306.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 value of $96,020.00. Following the completion of the sale, the director now owns 29,610 shares of the company’s stock, valued at approximately $1,421,576.10. The disclosure for this sale can be found here. In the last quarter, insiders sold 10,500 shares of company stock valued at $490,933. 3.08% of the stock is owned by insiders.

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.