US Bancorp DE Purchases 599 Shares of Mercantile Bank Co. (NASDAQ:MBWM)

US Bancorp DE increased its position in Mercantile Bank Co. (NASDAQ:MBWM) by 11.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 5,939 shares of the financial services provider’s stock after purchasing an additional 599 shares during the quarter. US Bancorp DE’s holdings in Mercantile Bank were worth $264,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Principal Financial Group Inc. raised its holdings in shares of Mercantile Bank by 8.4% in the 4th quarter. Principal Financial Group Inc. now owns 9,335 shares of the financial services provider’s stock valued at $415,000 after purchasing an additional 724 shares during the period. Rhumbline Advisers raised its holdings in shares of Mercantile Bank by 6.0% in the 4th quarter. Rhumbline Advisers now owns 25,419 shares of the financial services provider’s stock valued at $1,131,000 after purchasing an additional 1,432 shares during the period. Empowered Funds LLC raised its holdings in shares of Mercantile Bank by 5.0% in the 4th quarter. Empowered Funds LLC now owns 55,476 shares of the financial services provider’s stock valued at $2,468,000 after purchasing an additional 2,659 shares during the period. Tributary Capital Management LLC raised its holdings in shares of Mercantile Bank by 16.2% in the 4th quarter. Tributary Capital Management LLC now owns 287,487 shares of the financial services provider’s stock valued at $12,790,000 after purchasing an additional 40,055 shares during the period. Finally, Janney Montgomery Scott LLC raised its holdings in Mercantile Bank by 3.8% in the 4th quarter. Janney Montgomery Scott LLC now owns 11,864 shares of the financial services provider’s stock valued at $528,000 after acquiring an additional 430 shares during the period. 58.63% of the stock is owned by institutional investors.

Mercantile Bank Trading Up 2.4 %

MBWM opened at $44.71 on Friday. Mercantile Bank Co. has a 1-year low of $33.46 and a 1-year high of $52.98. The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 0.95. The company has a market cap of $725.69 million, a P/E ratio of 9.03 and a beta of 0.98. The company has a fifty day moving average price of $46.80 and a two-hundred day moving average price of $46.17.

Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.07. Mercantile Bank had a net margin of 21.99% and a return on equity of 14.29%. Analysts predict that Mercantile Bank Co. will post 4.83 EPS for the current fiscal year.

Mercantile Bank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Friday, March 7th will be issued a $0.37 dividend. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.36. The ex-dividend date is Friday, March 7th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.31%. Mercantile Bank’s dividend payout ratio is presently 29.90%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Keefe, Bruyette & Woods increased their price target on shares of Mercantile Bank from $56.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, January 22nd. Hovde Group raised shares of Mercantile Bank from a “market perform” rating to an “outperform” rating and set a $54.00 price target on the stock in a report on Wednesday, January 22nd.

Insider Transactions at Mercantile Bank

In other Mercantile Bank news, Director Robert B. Kaminski sold 3,000 shares of the stock in a transaction on Friday, January 24th. The shares were sold at an average price of $49.14, for a total transaction of $147,420.00. Following the completion of the sale, the director now owns 16,810 shares of the company’s stock, valued at $826,043.40. This represents a 15.14 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have sold 7,500 shares of company stock valued at $371,910 in the last quarter. Insiders own 3.08% of the company’s stock.

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.