State Street Corp Sells 13,432 Shares of Mercantile Bank Co. (NASDAQ:MBWM)

State Street Corp reduced its stake in Mercantile Bank Co. (NASDAQ:MBWM) by 3.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 438,524 shares of the financial services provider’s stock after selling 13,432 shares during the quarter. State Street Corp owned about 2.72% of Mercantile Bank worth $19,172,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the stock. Mattson Financial Services LLC acquired a new stake in Mercantile Bank during the 2nd quarter worth approximately $28,000. Quantbot Technologies LP bought a new position in Mercantile Bank during the 3rd quarter worth $89,000. CWM LLC lifted its holdings in shares of Mercantile Bank by 16.1% during the third quarter. CWM LLC now owns 3,249 shares of the financial services provider’s stock worth $142,000 after buying an additional 450 shares in the last quarter. 626 Financial LLC bought a new stake in shares of Mercantile Bank in the third quarter valued at about $213,000. Finally, Federated Hermes Inc. grew its stake in shares of Mercantile Bank by 17.2% in the second quarter. Federated Hermes Inc. now owns 5,611 shares of the financial services provider’s stock valued at $228,000 after acquiring an additional 823 shares in the last quarter. 58.63% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Mercantile Bank

In other Mercantile Bank news, Director Robert B. Kaminski sold 5,800 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $51.75, for a total transaction of $300,150.00. Following the completion of the transaction, the director now directly owns 19,810 shares in the company, valued at $1,025,167.50. The trade was a 22.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last 90 days, insiders sold 10,550 shares of company stock valued at $531,660. Company insiders own 3.08% of the company’s stock.

Mercantile Bank Trading Down 0.8 %

Shares of NASDAQ:MBWM opened at $45.08 on Tuesday. The company has a market capitalization of $727.59 million, a P/E ratio of 9.05 and a beta of 0.99. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.02 and a quick ratio of 1.01. The business’s 50 day simple moving average is $47.54 and its 200 day simple moving average is $44.38. 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 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 analyst estimates of $56.83 million. Mercantile Bank had a return on equity of 14.59% and a net margin of 22.77%. During the same period in the prior year, the firm posted $1.30 EPS. On average, research analysts anticipate that Mercantile Bank Co. will post 4.87 EPS for the current fiscal year.

Mercantile Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 18th. Stockholders of record on Friday, December 6th were given a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 3.19%. The ex-dividend date of this dividend was Friday, December 6th. Mercantile Bank’s payout ratio is presently 28.92%.

Analyst Ratings Changes

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

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.