Mercantile Bank Corp. (MBWM) Position Held by North Star Asset Management Inc.
North Star Asset Management Inc. held its position in Mercantile Bank Corp. (NASDAQ:MBWM) during the second quarter, Holdings Channel reports. The fund owned 382,433 shares of the financial services provider’s stock at the end of the second quarter. North Star Asset Management Inc.’s holdings in Mercantile Bank Corp. were worth $8,574,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in the company. Huntington National Bank increased its position 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 valued at $143,000 after buying an additional 4,000 shares during the period. Bank of Montreal Can acquired a new position in Mercantile Bank Corp. during the second quarter valued at $239,000. Gradient Investments LLC acquired a new position in Mercantile Bank Corp. during the second quarter valued at $182,000. Renaissance Technologies LLC increased its position 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 valued at $14,239,000 after buying an additional 26,128 shares during the period. Finally, Geode Capital Management LLC increased its position 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 valued at $2,344,000 after buying an additional 2,009 shares during the period. Hedge funds and other institutional investors own 46.88% of the company’s stock.
Mercantile Bank Corp. (NASDAQ:MBWM) traded down 1.93% during trading on Friday, hitting $26.87. The stock had a trading volume of 20,747 shares. The firm has a market cap of $437.42 million, a price-to-earnings ratio of 14.76 and a beta of 0.94. The firm’s 50 day moving average is $26.83 and its 200 day moving average is $24.75. Mercantile Bank Corp. has a 1-year low of $20.41 and a 1-year high of $27.99.
Mercantile Bank Corp. (NASDAQ:MBWM) last issued its earnings results on Tuesday, July 19th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.04. The business had revenue of $31.20 million for the quarter, compared to analysts’ expectations of $30.10 million. Mercantile Bank Corp. had a return on equity of 8.86% and a net margin of 21.98%. On average, analysts anticipate that Mercantile Bank Corp. will post $1.90 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, September 21st. Investors of record on Friday, September 9th were issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.48%. This is a boost from Mercantile Bank Corp.’s previous quarterly dividend of $0.16. The ex-dividend date was Wednesday, September 7th. Mercantile Bank Corp.’s payout ratio is presently 37.16%.
A number of equities analysts have recently commented 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 price objective on the stock in a report on Thursday, August 25th. Zacks Investment Research downgraded Mercantile Bank Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, June 22nd.
In related news, Chairman Michael H. Price sold 11,520 shares of Mercantile Bank Corp. stock in a transaction on Thursday, July 28th. The stock was sold at an average price of $24.99, for a total value of $287,884.80. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Thomas R. Sullivan sold 5,000 shares of Mercantile Bank Corp. stock in a transaction on Friday, August 26th. The stock was sold at an average price of $26.87, for a total value of $134,350.00. Following the completion of the transaction, the director now owns 24,523 shares in the company, valued at $658,933.01. The disclosure for this sale can be found here. 3.44% of the stock is owned by corporate insiders.
About Mercantile Bank Corp.
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.
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