Creative Planning Has $827,000 Stock Position in Mercantile Bank Co. (NASDAQ:MBWM)

Creative Planning grew its position in Mercantile Bank Co. (NASDAQ:MBWM) by 29.8% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 18,907 shares of the financial services provider’s stock after buying an additional 4,336 shares during the period. Creative Planning owned approximately 0.12% of Mercantile Bank worth $827,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in MBWM. AQR Capital Management LLC grew its holdings in shares of Mercantile Bank by 108.7% in the 2nd quarter. AQR Capital Management LLC now owns 174,355 shares of the financial services provider’s stock valued at $7,074,000 after buying an additional 90,802 shares during the period. American Century Companies Inc. grew its holdings in shares of Mercantile Bank by 18.2% in the 2nd quarter. American Century Companies Inc. now owns 308,849 shares of the financial services provider’s stock valued at $12,530,000 after buying an additional 47,528 shares during the period. LSV Asset Management grew its holdings in shares of Mercantile Bank by 15.4% in the 2nd quarter. LSV Asset Management now owns 260,129 shares of the financial services provider’s stock valued at $10,553,000 after buying an additional 34,725 shares during the period. Vanguard Group Inc. grew its holdings in shares of Mercantile Bank by 2.8% in the 1st quarter. Vanguard Group Inc. now owns 805,334 shares of the financial services provider’s stock valued at $30,997,000 after buying an additional 21,616 shares during the period. Finally, Inspire Investing LLC grew its holdings in shares of Mercantile Bank by 218.8% in the 2nd quarter. Inspire Investing LLC now owns 29,820 shares of the financial services provider’s stock valued at $1,210,000 after buying an additional 20,465 shares during the period. Institutional investors and hedge funds own 58.63% of the company’s stock.

Mercantile Bank Trading Up 0.8 %

MBWM opened at $43.21 on Friday. The firm’s fifty day simple moving average is $43.80 and its 200 day simple moving average is $41.56. The company has a current ratio of 1.03, a quick ratio of 1.02 and a debt-to-equity ratio of 1.03. Mercantile Bank Co. has a 12 month low of $32.51 and a 12 month high of $51.21. The stock has a market capitalization of $697.41 million, a P/E ratio of 8.68 and a beta of 0.95.

Mercantile Bank (NASDAQ:MBWM) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.22 EPS for the quarter, topping the consensus estimate of $1.18 by $0.04. Mercantile Bank had a net margin of 22.77% and a return on equity of 14.91%. The firm had revenue of $93.08 million for the quarter, compared to analysts’ expectations of $56.83 million. During the same period in the previous year, the firm posted $1.30 EPS. As a group, research analysts anticipate that Mercantile Bank Co. will post 4.87 EPS for the current fiscal year.

Mercantile Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Friday, December 6th will be given a dividend of $0.36 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.44 annualized dividend and a yield of 3.33%. Mercantile Bank’s dividend payout ratio (DPR) is presently 28.92%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Piper Sandler boosted their price objective on shares of Mercantile Bank from $42.00 to $53.00 and gave the company a “neutral” rating in a research report on Wednesday, July 17th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $51.00 price objective (up from $47.00) on shares of Mercantile Bank in a research report on Wednesday, July 17th.

Insiders Place Their Bets

In other Mercantile Bank 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 transaction of $227,850.00. Following the sale, the director now directly owns 21,556 shares of the company’s stock, valued at $982,306.92. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 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.