Mercantile Bank Corp. (MBWM) Position Raised by Bank of New York Mellon Corp
Bank of New York Mellon Corp raised its position in shares of Mercantile Bank Corp. (NASDAQ:MBWM) by 5.2% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 87,336 shares of the financial services provider’s stock after buying an additional 4,325 shares during the period. Bank of New York Mellon Corp owned 0.54% of Mercantile Bank Corp. worth $2,083,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in MBWM. Geode Capital Management LLC boosted its stake in Mercantile Bank Corp. by 2.0% in the first quarter. Geode Capital Management LLC now owns 104,588 shares of the financial services provider’s stock worth $2,344,000 after buying an additional 2,009 shares during the last quarter. Huntington National Bank boosted its stake in Mercantile Bank Corp. by 200.0% in the second quarter. Huntington National Bank now owns 6,000 shares of the financial services provider’s stock worth $143,000 after buying an additional 4,000 shares during the last quarter. Bank of Montreal Can acquired a new stake in Mercantile Bank Corp. during the second quarter worth about $239,000. Gradient Investments LLC acquired a new stake in Mercantile Bank Corp. during the second quarter worth about $182,000. Finally, Renaissance Technologies LLC boosted its stake in Mercantile Bank Corp. by 4.3% in the first quarter. Renaissance Technologies LLC now owns 635,115 shares of the financial services provider’s stock worth $14,239,000 after buying an additional 26,128 shares during the last quarter. 46.88% of the stock is owned by institutional investors.
Shares of Mercantile Bank Corp. (NASDAQ:MBWM) traded up 0.48% during trading on Thursday, hitting $27.39. The stock had a trading volume of 12,856 shares. Mercantile Bank Corp. has a 52 week low of $20.41 and a 52 week high of $27.99. The company has a market capitalization of $445.88 million, a price-to-earnings ratio of 15.05 and a beta of 0.94. The company’s 50 day moving average price is $26.80 and its 200 day moving average price is $24.73.
Mercantile Bank Corp. (NASDAQ:MBWM) last issued its quarterly earnings data on Tuesday, July 19th. The financial services provider reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.04. The firm earned $31.20 million during the quarter, compared to analyst estimates of $30.10 million. Mercantile Bank Corp. had a return on equity of 8.86% and a net margin of 21.98%. Analysts predict that Mercantile Bank Corp. will post $1.90 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 21st. Stockholders of record on Friday, September 9th were paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.49%. The ex-dividend date of this dividend was Wednesday, September 7th. This is an increase from Mercantile Bank Corp.’s previous quarterly dividend of $0.16. Mercantile Bank Corp.’s payout ratio is presently 37.16%.
A number of equities analysts have recently weighed in on the company. Raymond James Financial Inc. upgraded Mercantile Bank Corp. from a “market perform” rating to an “outperform” rating and set a $23.00 target price on the stock in a research note on Thursday, August 25th. Zacks Investment Research lowered Mercantile Bank Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, June 22nd.
In other news, Chairman Michael H. Price sold 13,362 shares of the business’s stock in a transaction that occurred on Friday, August 19th. The stock was sold at an average price of $25.81, for a total value of $344,873.22. Following the transaction, the chairman now owns 59,712 shares in the company, valued at approximately $1,541,166.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Chairman Michael H. Price sold 11,520 shares of the business’s stock in a transaction that occurred on Thursday, July 28th. The stock was sold at an average price of $24.99, for a total value of $287,884.80. The disclosure for this sale can be found here. 3.44% of the stock is owned by insiders.
Mercantile Bank Corp. 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, through its approximately 50 office locations, provides commercial banking services primarily to small- to medium-sized businesses and retail banking services in and around the West and Central portions of Michigan.
Want to see what other hedge funds are holding MBWM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Mercantile Bank Corp. (NASDAQ:MBWM).
Receive News & Ratings for Mercantile Bank Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mercantile Bank Corp. and related companies with MarketBeat.com's FREE daily email newsletter.