UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Has $766,000 Stock Holdings in Mercantile Bank Co. (NASDAQ:MBWM)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC reduced its holdings in shares of Mercantile Bank Co. (NASDAQ:MBWM) by 29.1% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 17,527 shares of the financial services provider’s stock after selling 7,195 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.11% of Mercantile Bank worth $766,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. SG Americas Securities LLC bought a new stake in shares of Mercantile Bank in the 2nd quarter valued at approximately $374,000. Hennion & Walsh Asset Management Inc. boosted its stake in Mercantile Bank by 33.3% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 14,197 shares of the financial services provider’s stock valued at $576,000 after buying an additional 3,544 shares in the last quarter. Tributary Capital Management LLC raised its stake in 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 acquiring an additional 753 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Mercantile Bank by 2.8% during the second quarter. Bank of New York Mellon Corp now owns 120,689 shares of the financial services provider’s stock worth $4,896,000 after acquiring an additional 3,324 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of Mercantile Bank by 58.7% during the second quarter. Allspring Global Investments Holdings LLC now owns 7,397 shares of the financial services provider’s stock valued at $300,000 after acquiring an additional 2,737 shares during the period. Institutional investors own 58.63% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods upped their target price on shares of Mercantile Bank from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th.

Mercantile Bank Stock Down 0.6 %

Shares of MBWM opened at $44.87 on Friday. The company has a market capitalization of $724.29 million, a P/E ratio of 9.01 and a beta of 0.99. Mercantile Bank Co. has a one year low of $33.46 and a one year high of $52.98. The business’s 50 day simple moving average is $47.51 and its 200-day simple moving average is $44.23. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.02 and a quick ratio of 1.01.

Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.18 by $0.04. Mercantile Bank had a return on equity of 14.59% and a net margin of 22.77%. The company had revenue of $93.08 million for the quarter, compared to analyst estimates of $56.83 million. During the same quarter in the previous year, the firm earned $1.30 earnings per share. As a group, sell-side analysts predict that Mercantile Bank Co. will post 4.87 EPS for the current fiscal year.

Mercantile Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Friday, December 6th were given a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 3.21%. The ex-dividend date of this dividend was Friday, December 6th. Mercantile Bank’s payout ratio is presently 28.92%.

Insiders Place Their Bets

In related news, Director Robert B. Kaminski sold 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $49.51, for a total value of $198,040.00. Following the completion of the sale, the director now owns 25,610 shares of the company’s stock, valued at $1,267,951.10. This trade represents a 13.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Over the last three months, insiders sold 10,550 shares of company stock valued at $531,660. Insiders own 3.08% of the company’s stock.

About Mercantile Bank

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.