Victory Capital Management Inc. raised its position in Mercantile Bank Corporation (NASDAQ:MBWM) by 11.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 46,190 shares of the financial services provider’s stock after acquiring an additional 4,920 shares during the quarter. Victory Capital Management Inc. owned 0.28% of Mercantile Bank Corporation worth $1,454,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of the business. Dimensional Fund Advisors LP grew its position in Mercantile Bank Corporation by 4.1% in the first quarter. Dimensional Fund Advisors LP now owns 866,358 shares of the financial services provider’s stock valued at $29,803,000 after acquiring an additional 34,121 shares in the last quarter. Renaissance Technologies LLC grew its position in Mercantile Bank Corporation by 2.5% in the first quarter. Renaissance Technologies LLC now owns 668,915 shares of the financial services provider’s stock valued at $23,011,000 after acquiring an additional 16,400 shares in the last quarter. Vanguard Group Inc. grew its position in Mercantile Bank Corporation by 2.1% in the first quarter. Vanguard Group Inc. now owns 636,037 shares of the financial services provider’s stock valued at $21,880,000 after acquiring an additional 13,030 shares in the last quarter. Tributary Capital Management LLC grew its position in Mercantile Bank Corporation by 12.1% in the second quarter. Tributary Capital Management LLC now owns 296,508 shares of the financial services provider’s stock valued at $9,334,000 after acquiring an additional 31,993 shares in the last quarter. Finally, Wellington Management Group LLP acquired a new stake in Mercantile Bank Corporation in the first quarter valued at approximately $4,710,000. 52.86% of the stock is owned by institutional investors.
Mercantile Bank Corporation (MBWM) opened at 31.06 on Wednesday. The stock’s 50 day moving average price is $31.04 and its 200 day moving average price is $32.33. The stock has a market capitalization of $511.93 million, a PE ratio of 16.48 and a beta of 0.68. Mercantile Bank Corporation has a 1-year low of $26.04 and a 1-year high of $38.68.
Mercantile Bank Corporation (NASDAQ:MBWM) last issued its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.45 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.45. The company had revenue of $31.24 million for the quarter, compared to the consensus estimate of $31.27 million. Mercantile Bank Corporation had a return on equity of 8.85% and a net margin of 22.25%. Equities research analysts forecast that Mercantile Bank Corporation will post $1.88 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 20th. Shareholders of record on Friday, September 8th will be given a $0.19 dividend. This is an increase from Mercantile Bank Corporation’s previous quarterly dividend of $0.18. This represents a $0.76 annualized dividend and a yield of 2.45%. The ex-dividend date of this dividend is Thursday, September 7th. Mercantile Bank Corporation’s payout ratio is currently 40.43%.
Several analysts have issued reports on MBWM shares. ValuEngine raised shares of Mercantile Bank Corporation from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. DA Davidson started coverage on shares of Mercantile Bank Corporation in a research report on Wednesday, July 5th. They issued a “neutral” rating and a $35.00 price objective for the company. Finally, Zacks Investment Research downgraded shares of Mercantile Bank Corporation from a “hold” rating to a “sell” rating in a research report on Friday, July 21st. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $35.00.
Mercantile Bank Corporation Profile
Mercantile Bank Corporation is a bank holding company. The Company owns the Mercantile Bank of Michigan (the Bank). The Bank is a state banking company. The Bank provides commercial banking services primarily to small- to medium-sized businesses and retail banking services. The Bank makes secured and unsecured commercial, construction, mortgage and consumer loans, and accepts checking, savings and time deposits.
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