Jane Street Group LLC Buys 16,115 Shares of Mercantile Bank Co. (NASDAQ:MBWM)

Jane Street Group LLC raised its position in shares of Mercantile Bank Co. (NASDAQ:MBWM) by 119.3% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 29,622 shares of the financial services provider’s stock after acquiring an additional 16,115 shares during the period. Jane Street Group LLC owned approximately 0.18% of Mercantile Bank worth $1,295,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in MBWM. Mattson Financial Services LLC acquired a new stake in Mercantile Bank during the 2nd quarter worth approximately $28,000. Quantbot Technologies LP acquired a new stake in shares of Mercantile Bank during the third quarter worth $89,000. CWM LLC boosted its position in shares of Mercantile Bank by 16.1% in the third quarter. CWM LLC now owns 3,249 shares of the financial services provider’s stock valued at $142,000 after acquiring an additional 450 shares during the period. 626 Financial LLC acquired a new position in shares of Mercantile Bank in the third quarter valued at about $213,000. Finally, Federated Hermes Inc. increased its position in Mercantile Bank by 17.2% during the second quarter. Federated Hermes Inc. now owns 5,611 shares of the financial services provider’s stock worth $228,000 after acquiring an additional 823 shares during the period. Institutional investors and hedge funds own 58.63% of the company’s stock.

Analyst Upgrades and Downgrades

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

Mercantile Bank Stock Performance

NASDAQ:MBWM opened at $44.78 on Friday. The company has a market cap of $722.84 million, a price-to-earnings ratio of 8.99 and a beta of 0.99. Mercantile Bank Co. has a fifty-two week low of $33.46 and a fifty-two week high of $52.98. 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 has a fifty day moving average price of $47.54 and a 200-day moving average price of $44.58.

Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.22 earnings per share 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 14.59%. The business had revenue of $93.08 million during the quarter, compared to analysts’ expectations of $56.83 million. During the same quarter in the prior year, the business posted $1.30 earnings per share. As a group, equities analysts anticipate that Mercantile Bank Co. will post 4.87 EPS for the current fiscal year.

Mercantile Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 18th. Investors of record on Friday, December 6th were paid a $0.36 dividend. The ex-dividend date was Friday, December 6th. This represents a $1.44 dividend on an annualized basis and a yield of 3.22%. Mercantile Bank’s dividend payout ratio (DPR) is 28.92%.

Insider Activity at Mercantile Bank

In other Mercantile Bank news, Director Robert B. Kaminski sold 5,800 shares of Mercantile Bank stock in a transaction dated Monday, November 25th. The stock was 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders have sold 10,550 shares of company stock valued at $531,660 over the last three months. 3.08% of the stock is owned by insiders.

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.