Victory Capital Management Inc. Sells 410 Shares of Mercantile Bank Co. (NASDAQ:MBWM)

Victory Capital Management Inc. lessened its stake in shares of Mercantile Bank Co. (NASDAQ:MBWM) by 2.3% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 17,140 shares of the financial services provider’s stock after selling 410 shares during the quarter. Victory Capital Management Inc. owned about 0.11% of Mercantile Bank worth $695,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Allspring Global Investments Holdings LLC lifted its position in Mercantile Bank by 9.2% during 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. Principal Financial Group Inc. boosted its stake in Mercantile Bank by 8.1% in the 2nd quarter. Principal Financial Group Inc. now owns 8,307 shares of the financial services provider’s stock valued at $337,000 after purchasing an additional 620 shares during the period. Rhumbline Advisers grew its holdings in Mercantile Bank by 2.7% in the 2nd quarter. Rhumbline Advisers now owns 25,321 shares of the financial services provider’s stock valued at $1,027,000 after buying an additional 655 shares in the last quarter. Gradient Investments LLC bought a new position in Mercantile Bank during the 2nd quarter worth $28,000. Finally, Tributary Capital Management LLC lifted its holdings in shares of Mercantile Bank by 0.3% during the second quarter. Tributary Capital Management LLC now owns 248,480 shares of the financial services provider’s stock worth $10,081,000 after buying an additional 753 shares in the last quarter. Institutional investors own 58.63% of the company’s stock.

Insider Buying and Selling at Mercantile Bank

In other news, Director Robert B. Kaminski sold 3,000 shares of the business’s stock in a transaction on Friday, July 19th. The stock was 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 of the company’s stock, valued at approximately $1,540,355.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Michael H. Price sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $45.57, for a total value of $227,850.00. Following the sale, the director now directly owns 21,556 shares in the company, valued at approximately $982,306.92. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Robert B. Kaminski sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $48.73, for a total transaction of $146,190.00. Following the transaction, the director now owns 31,610 shares of the company’s stock, valued at $1,540,355.30. The disclosure for this sale can be found here. In the last quarter, insiders have sold 10,500 shares of company stock valued at $490,933. 3.08% of the stock is currently owned by corporate insiders.

Mercantile Bank Stock Down 5.6 %

Shares of NASDAQ MBWM opened at $44.00 on Friday. Mercantile Bank Co. has a 52 week low of $30.12 and a 52 week high of $51.21. The stock’s fifty day moving average is $45.11 and its 200 day moving average is $40.22. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.02 and a current ratio of 1.03. The stock has a market capitalization of $709.32 million, a P/E ratio of 8.53 and a beta of 0.96.

Mercantile Bank (NASDAQ:MBWM) last issued its earnings results on Tuesday, July 16th. The financial services provider reported $1.17 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 company had revenue of $88.56 million during the quarter, compared to analysts’ expectations of $56.23 million. During the same period in the previous year, the company earned $1.27 EPS. Sell-side analysts forecast that Mercantile Bank Co. will post 4.81 earnings per share for the current fiscal year.

Mercantile Bank Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Piper Sandler raised their price target on shares of Mercantile Bank from $42.00 to $53.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 17th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $51.00 target price (up from $47.00) on shares of Mercantile Bank in a 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. According to data from MarketBeat, Mercantile Bank presently has a consensus rating of “Hold” and an average price target of $52.00.

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.