Swiss National Bank Buys Shares of 22,600 Mercantile Bank Corp. (MBWM)
Swiss National Bank purchased a new stake in Mercantile Bank Corp. (NASDAQ:MBWM) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 22,600 shares of the financial services provider’s stock, valued at approximately $539,000. Swiss National Bank owned 0.14% of Mercantile Bank Corp. at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of MBWM. Bank of New York Mellon Corp raised its stake in Mercantile Bank Corp. by 5.2% in the second quarter. Bank of New York Mellon Corp now owns 87,336 shares of the financial services provider’s stock valued at $2,083,000 after buying an additional 4,325 shares in the last quarter. Huntington National Bank raised 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 valued at $143,000 after buying an additional 4,000 shares in the last quarter. Bank of Montreal Can purchased a new stake in Mercantile Bank Corp. during the second quarter valued at about $239,000. Gradient Investments LLC purchased a new stake in Mercantile Bank Corp. during the second quarter valued at about $182,000. Finally, Renaissance Technologies LLC raised 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 valued at $14,239,000 after buying an additional 26,128 shares in the last quarter. Institutional investors and hedge funds own 46.69% of the company’s stock.
Shares of Mercantile Bank Corp. (NASDAQ:MBWM) traded up 0.75% during mid-day trading on Friday, reaching $26.72. 21,425 shares of the company’s stock were exchanged. The firm has a market cap of $434.97 million, a P/E ratio of 14.68 and a beta of 0.94. The company has a 50 day moving average price of $27.01 and a 200 day moving average price of $24.91. Mercantile Bank Corp. has a 52-week low of $20.84 and a 52-week high of $27.99.
Mercantile Bank Corp. (NASDAQ:MBWM) last posted its quarterly earnings data on Tuesday, July 19th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.04. The company had revenue of $31.20 million for the quarter, compared to the consensus estimate of $30.10 million. Mercantile Bank Corp. had a net margin of 21.98% and a return on equity of 8.86%. Analysts forecast that Mercantile Bank Corp. will post $1.90 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 21st. Investors of record on Friday, September 9th were issued a $0.17 dividend. This is an increase from Mercantile Bank Corp.’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend was Wednesday, September 7th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.54%. Mercantile Bank Corp.’s dividend payout ratio (DPR) is presently 37.16%.
Several analysts recently issued reports on the stock. Raymond James Financial Inc. upgraded shares of Mercantile Bank Corp. from a “market perform” rating to an “outperform” rating and set a $23.00 price target on the stock in a research report on Thursday, August 25th. Zacks Investment Research lowered shares of Mercantile Bank Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, June 22nd.
In related news, Chairman Michael H. Price sold 11,520 shares of the firm’s stock in a transaction that occurred on Thursday, July 28th. The shares were sold at an average price of $24.99, for a total value of $287,884.80. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Thomas R. Sullivan sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, August 26th. The stock was sold at an average price of $26.87, for a total transaction of $134,350.00. Following the completion of the transaction, the director now directly owns 24,523 shares in the company, valued at approximately $658,933.01. The disclosure for this sale can be found here. 3.44% of the stock is currently owned by corporate 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.
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