TIAA CREF Investment Management LLC lowered its stake in shares of Mercantile Bank Corporation (NASDAQ:MBWM) by 16.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 43,102 shares of the financial services provider’s stock after selling 8,726 shares during the quarter. TIAA CREF Investment Management LLC owned about 0.26% of Mercantile Bank Corporation worth $1,357,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently bought and sold shares of MBWM. Wellington Management Group LLP acquired a new position in shares of Mercantile Bank Corporation during the first quarter valued at about $4,710,000. Dimensional Fund Advisors LP increased its holdings in shares of Mercantile Bank Corporation by 4.1% during 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. Tributary Capital Management LLC increased its holdings in shares of Mercantile Bank Corporation by 12.1% during 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. Alliancebernstein L.P. acquired a new position in shares of Mercantile Bank Corporation during the first quarter valued at about $619,000. Finally, Kennedy Capital Management Inc. increased its holdings in shares of Mercantile Bank Corporation by 9.3% during the second quarter. Kennedy Capital Management Inc. now owns 175,842 shares of the financial services provider’s stock valued at $5,536,000 after acquiring an additional 15,006 shares in the last quarter. Hedge funds and other institutional investors own 54.56% of the company’s stock.
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Several equities analysts have recently issued reports on MBWM shares. ValuEngine downgraded shares of Mercantile Bank Corporation from a “buy” rating to a “hold” rating in a report on Friday, July 28th. Keefe, Bruyette & Woods restated a “hold” rating and set a $34.00 price objective on shares of Mercantile Bank Corporation in a report on Tuesday, October 3rd. DA Davidson downgraded shares of Mercantile Bank Corporation from a “buy” rating to a “neutral” rating and set a $35.00 price objective on the stock. in a report on Thursday, September 28th. Finally, Zacks Investment Research downgraded shares of Mercantile Bank Corporation from a “hold” rating to a “sell” rating in a report on Friday, July 21st. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $35.25.
Mercantile Bank Corporation (NASDAQ MBWM) opened at $35.94 on Tuesday. Mercantile Bank Corporation has a fifty-two week low of $27.02 and a fifty-two week high of $38.68. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a market cap of $592.50, a P/E ratio of 18.81, a P/E/G ratio of 2.35 and a beta of 0.70.
Mercantile Bank Corporation (NASDAQ:MBWM) last issued its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.51 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.48 by $0.03. Mercantile Bank Corporation had a net margin of 22.18% and a return on equity of 9.00%. The company had revenue of $33.25 million for the quarter, compared to the consensus estimate of $32.20 million. analysts expect that Mercantile Bank Corporation will post 1.91 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 20th. Investors of record on Friday, December 8th will be issued a $0.19 dividend. The ex-dividend date is Thursday, December 7th. This represents a $0.76 annualized dividend and a yield of 2.11%. Mercantile Bank Corporation’s dividend payout ratio (DPR) is presently 39.79%.
In related news, Director Thomas R. Sullivan sold 10,739 shares of the stock in a transaction that occurred on Friday, October 20th. The shares were sold at an average price of $37.04, for a total value of $397,772.56. Following the transaction, the director now owns 20,273 shares in the company, valued at approximately $750,911.92. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Thomas R. Sullivan sold 5,800 shares of the stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $37.29, for a total transaction of $216,282.00. Following the completion of the transaction, the director now owns 20,273 shares in the company, valued at approximately $755,980.17. The disclosure for this sale can be found here. 3.20% of the stock is currently owned by corporate insiders.
Mercantile Bank Corporation Company 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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