Mercantile Bank Corporation (MBWM) Stake Lessened by TIAA CREF Investment Management LLC

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.

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

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