Thrivent Financial for Lutherans Raises Position in Mercantile Bank Co. (NASDAQ:MBWM)

Thrivent Financial for Lutherans increased its position in shares of Mercantile Bank Co. (NASDAQ:MBWM) by 1.7% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 40,807 shares of the financial services provider’s stock after purchasing an additional 667 shares during the period. Thrivent Financial for Lutherans owned approximately 0.25% of Mercantile Bank worth $1,784,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Gradient Investments LLC acquired a new stake in shares of Mercantile Bank in the 2nd quarter worth approximately $28,000. Mattson Financial Services LLC acquired a new stake in Mercantile Bank in the second quarter valued at $28,000. CWM LLC grew its holdings in Mercantile Bank by 242.6% in the second quarter. CWM LLC now owns 2,799 shares of the financial services provider’s stock valued at $114,000 after purchasing an additional 1,982 shares during the last quarter. 626 Financial LLC purchased a new position in shares of Mercantile Bank in the third quarter valued at $213,000. Finally, Federated Hermes Inc. raised its stake in shares of Mercantile Bank by 17.2% during the 2nd quarter. Federated Hermes Inc. now owns 5,611 shares of the financial services provider’s stock worth $228,000 after buying an additional 823 shares during the last quarter. Institutional investors and hedge funds own 58.63% of the company’s stock.

Mercantile Bank Price Performance

MBWM stock opened at $50.05 on Friday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.01 and a current ratio of 1.02. The stock’s 50 day moving average price is $45.44 and its 200 day moving average price is $43.12. The firm has a market cap of $807.81 million, a P/E ratio of 10.15 and a beta of 0.95. Mercantile Bank Co. has a 1 year low of $33.46 and a 1 year high of $52.98.

Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.04. The company had revenue of $93.08 million for the quarter, compared to analysts’ expectations of $56.83 million. Mercantile Bank had a net margin of 22.77% and a return on equity of 14.59%. During the same period last year, the company earned $1.30 EPS. On average, sell-side analysts expect that Mercantile Bank Co. will post 4.87 earnings per share for the current fiscal year.

Mercantile Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Friday, December 6th will be given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 2.88%. The ex-dividend date is Friday, December 6th. Mercantile Bank’s dividend payout ratio (DPR) is 28.92%.

Insiders Place Their Bets

In other Mercantile Bank news, Director Robert B. Kaminski sold 5,800 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $51.75, for a total value of $300,150.00. Following the transaction, the director now owns 19,810 shares in the company, valued at $1,025,167.50. The trade was a 22.65 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have sold a total of 10,300 shares of company stock valued at $519,260 over the last quarter. Company insiders own 3.08% of the company’s stock.

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.