Mercantile Bank Co. (NASDAQ:MBWM) Shares Purchased by Barclays PLC

Barclays PLC grew its holdings in Mercantile Bank Co. (NASDAQ:MBWM) by 99.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,981 shares of the financial services provider’s stock after purchasing an additional 16,423 shares during the quarter. Barclays PLC owned about 0.20% of Mercantile Bank worth $1,441,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in MBWM. Mattson Financial Services LLC acquired a new stake in shares of Mercantile Bank during the 2nd quarter worth approximately $28,000. Quantbot Technologies LP purchased a new stake in shares of Mercantile Bank in the 3rd quarter valued at $89,000. CWM LLC grew its holdings 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 purchasing an additional 450 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in Mercantile Bank during the 3rd quarter worth approximately $202,000. Finally, 626 Financial LLC purchased a new position in Mercantile Bank in the 3rd quarter valued at approximately $213,000. 58.63% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Mercantile Bank news, Director Robert B. Kaminski sold 5,800 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $51.75, for a total value of $300,150.00. Following the completion of the transaction, the director now directly owns 19,810 shares of the company’s stock, valued at approximately $1,025,167.50. This trade represents a 22.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last quarter, insiders sold 10,300 shares of company stock worth $521,218. 3.08% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods increased their target price on 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

Shares of Mercantile Bank stock opened at $41.69 on Monday. 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 stock has a market capitalization of $672.96 million, a price-to-earnings ratio of 8.37 and a beta of 1.01. Mercantile Bank Co. has a 12 month low of $33.46 and a 12 month high of $52.98. The firm’s fifty day simple moving average is $47.54 and its 200-day simple moving average is $45.14.

Mercantile Bank (NASDAQ:MBWM) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, beating 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 in the previous year, the company posted $1.30 EPS. As a group, equities analysts forecast that Mercantile Bank Co. will post 4.87 earnings per share for the current year.

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.