Renaissance Technologies LLC Has $21.45 Million Stake in Mercantile Bank Corporation (MBWM)

Renaissance Technologies LLC grew its position in shares of Mercantile Bank Corporation (NASDAQ:MBWM) by 1.8% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 681,215 shares of the financial services provider’s stock after purchasing an additional 12,300 shares during the period. Renaissance Technologies LLC owned approximately 4.13% of Mercantile Bank Corporation worth $21,445,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of MBWM. Dubuque Bank & Trust Co. increased its stake in shares of Mercantile Bank Corporation by 9.0% in the second quarter. Dubuque Bank & Trust Co. now owns 4,436 shares of the financial services provider’s stock worth $140,000 after buying an additional 366 shares during the last quarter. Russell Investments Group Ltd. increased its stake in shares of Mercantile Bank Corporation by 3.2% in the first quarter. Russell Investments Group Ltd. now owns 18,759 shares of the financial services provider’s stock worth $645,000 after buying an additional 575 shares during the last quarter. American International Group Inc. increased its stake in shares of Mercantile Bank Corporation by 7.0% in the first quarter. American International Group Inc. now owns 9,781 shares of the financial services provider’s stock worth $336,000 after buying an additional 640 shares during the last quarter. Teachers Advisors LLC increased its stake in shares of Mercantile Bank Corporation by 3.1% in the first quarter. Teachers Advisors LLC now owns 25,787 shares of the financial services provider’s stock worth $887,000 after buying an additional 771 shares during the last quarter. Finally, Alliancebernstein L.P. increased its stake in shares of Mercantile Bank Corporation by 4.4% in the second quarter. Alliancebernstein L.P. now owns 18,800 shares of the financial services provider’s stock worth $592,000 after buying an additional 800 shares during the last quarter. Institutional investors own 52.86% of the company’s stock.

Shares of Mercantile Bank Corporation (NASDAQ:MBWM) opened at 35.84 on Thursday. The company has a 50 day moving average of $32.57 and a 200-day moving average of $32.45. The company has a market cap of $590.71 million, a price-to-earnings ratio of 19.01 and a beta of 0.72. Mercantile Bank Corporation has a 52 week low of $26.50 and a 52 week 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 analysts’ consensus estimates of $0.45. Mercantile Bank Corporation had a return on equity of 8.85% and a net margin of 22.25%. The company had revenue of $31.24 million during the quarter, compared to analyst estimates of $31.27 million. On average, equities research analysts expect that Mercantile Bank Corporation will post $1.89 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 20th. Investors of record on Friday, September 8th were paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.12%. This is a positive change from Mercantile Bank Corporation’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Thursday, September 7th. Mercantile Bank Corporation’s dividend payout ratio is presently 40.43%.

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A number of analysts recently issued reports on the stock. DA Davidson lowered shares of Mercantile Bank Corporation from a “buy” rating to a “neutral” rating and set a $35.00 price target for the company. in a research note on Thursday, September 28th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $34.00 price target on shares of Mercantile Bank Corporation in a research note on Tuesday, October 3rd. ValuEngine lowered shares of Mercantile Bank Corporation from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Finally, Zacks Investment Research lowered shares of Mercantile Bank Corporation from a “hold” rating to a “sell” rating in a research note on Friday, July 21st. One analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $33.67.

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.

Institutional Ownership by Quarter for Mercantile Bank Corporation (NASDAQ:MBWM)

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