Wells Fargo & Company MN increased its holdings in Mercantile Bank Corp. (NASDAQ:MBWM) by 19.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 44,598 shares of the financial services provider’s stock after purchasing an additional 7,376 shares during the quarter. Wells Fargo & Company MN’s holdings in Mercantile Bank were worth $1,557,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MBWM. SG Americas Securities LLC acquired a new position in Mercantile Bank in the 3rd quarter worth about $144,000. Essex Investment Management Co. LLC acquired a new position in Mercantile Bank in the 3rd quarter worth about $369,000. Parametric Portfolio Associates LLC raised its holdings in Mercantile Bank by 54.1% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 15,053 shares of the financial services provider’s stock worth $474,000 after purchasing an additional 5,286 shares during the period. PDT Partners LLC acquired a new position in Mercantile Bank in the 2nd quarter worth about $482,000. Finally, New York State Common Retirement Fund raised its holdings in Mercantile Bank by 9.3% in the 2nd quarter. New York State Common Retirement Fund now owns 17,700 shares of the financial services provider’s stock worth $557,000 after purchasing an additional 1,499 shares during the period. 52.11% of the stock is owned by institutional investors.
In other Mercantile Bank news, Director Thomas R. Sullivan sold 5,200 shares of the business’s stock in a transaction that occurred on Monday, November 20th. The stock was sold at an average price of $35.15, for a total transaction of $182,780.00. Following the completion of the sale, the director now directly owns 15,073 shares in the company, valued at approximately $529,815.95. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Thomas R. Sullivan sold 5,800 shares of the business’s stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $37.29, for a total value of $216,282.00. Following the sale, the director now owns 20,273 shares of the company’s stock, valued at $755,980.17. The disclosure for this sale can be found here. 3.20% of the stock is currently owned by insiders.
Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $0.51 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.48 by $0.03. Mercantile Bank had a return on equity of 8.78% and a net margin of 21.64%. The company had revenue of $33.25 million during the quarter, compared to analyst estimates of $32.20 million. equities analysts anticipate that Mercantile Bank Corp. will post 2.37 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 21st. Shareholders of record on Friday, March 9th will be paid a dividend of $0.22 per share. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.19. This represents a $0.88 annualized dividend and a yield of 2.41%. The ex-dividend date of this dividend is Thursday, March 8th. Mercantile Bank’s payout ratio is 40.00%.
A number of equities analysts recently weighed in on MBWM shares. Zacks Investment Research raised Mercantile Bank from a “hold” rating to a “buy” rating and set a $42.00 price target for the company in a report on Friday, October 20th. Sandler O’Neill set a $39.00 price target on Mercantile Bank and gave the stock a “hold” rating in a report on Wednesday, January 3rd. Hovde Group reaffirmed a “hold” rating and issued a $38.50 price target on shares of Mercantile Bank in a report on Thursday. ValuEngine cut Mercantile Bank from a “buy” rating to a “hold” rating in a report on Thursday, January 11th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $34.00 price target on shares of Mercantile Bank in a report on Tuesday, October 3rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $37.50.
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Mercantile Bank 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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