Hennion & Walsh Asset Management Inc. Sells 3,536 Shares of Mercantile Bank Co. (NASDAQ:MBWM)

Hennion & Walsh Asset Management Inc. cut its stake in Mercantile Bank Co. (NASDAQ:MBWM) by 25.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,173 shares of the financial services provider’s stock after selling 3,536 shares during the period. Hennion & Walsh Asset Management Inc. owned 0.06% of Mercantile Bank worth $453,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. AQR Capital Management LLC raised its stake in shares of Mercantile Bank by 108.7% during the second quarter. AQR Capital Management LLC now owns 174,355 shares of the financial services provider’s stock worth $7,074,000 after buying an additional 90,802 shares during the last quarter. Assenagon Asset Management S.A. bought a new stake in shares of Mercantile Bank during the fourth quarter worth approximately $3,646,000. JPMorgan Chase & Co. raised its stake in shares of Mercantile Bank by 35.1% during the third quarter. JPMorgan Chase & Co. now owns 82,357 shares of the financial services provider’s stock worth $3,601,000 after buying an additional 21,411 shares during the last quarter. De Lisle Partners LLP raised its stake in shares of Mercantile Bank by 46.9% during the third quarter. De Lisle Partners LLP now owns 55,310 shares of the financial services provider’s stock worth $2,417,000 after buying an additional 17,649 shares during the last quarter. Finally, Barclays PLC raised its stake in shares of Mercantile Bank by 99.2% during the third quarter. Barclays PLC now owns 32,981 shares of the financial services provider’s stock worth $1,441,000 after buying an additional 16,423 shares during the last quarter. 58.63% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods boosted their price target 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.

Insider Buying and Selling at Mercantile Bank

In other Mercantile Bank news, Director Robert B. Kaminski sold 4,000 shares of the company’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 approximately $1,267,951.10. This represents a 13.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last 90 days, insiders sold 10,300 shares of company stock valued at $521,218. Corporate insiders own 3.08% of the company’s stock.

Mercantile Bank Stock Up 1.0 %

Shares of NASDAQ:MBWM opened at $44.21 on Tuesday. Mercantile Bank Co. has a 52 week low of $33.46 and a 52 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 company has a market capitalization of $713.55 million, a PE ratio of 8.88 and a beta of 1.01. The company has a 50 day moving average price of $47.09 and a two-hundred day moving average price of $45.30.

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.