Mercantile Bank Corporation (MBWM) Stake Increased by LSV Asset Management
LSV Asset Management grew its stake in shares of Mercantile Bank Corporation (NASDAQ:MBWM) by 2.1% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 256,808 shares of the financial services provider’s stock after acquiring an additional 5,400 shares during the quarter. LSV Asset Management owned about 1.56% of Mercantile Bank Corporation worth $8,084,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Dubuque Bank & Trust Co. boosted its holdings in shares of Mercantile Bank Corporation by 9.0% during the 2nd quarter. Dubuque Bank & Trust Co. now owns 4,436 shares of the financial services provider’s stock valued at $140,000 after acquiring an additional 366 shares during the last quarter. TFS Capital LLC purchased a new stake in shares of Mercantile Bank Corporation during the 1st quarter valued at about $226,000. Envestnet Asset Management Inc. purchased a new stake in shares of Mercantile Bank Corporation during the 1st quarter valued at about $257,000. Menta Capital LLC purchased a new stake in shares of Mercantile Bank Corporation during the 1st quarter valued at about $328,000. Finally, Parametric Portfolio Associates LLC boosted its holdings in shares of Mercantile Bank Corporation by 41.5% during the 1st quarter. Parametric Portfolio Associates LLC now owns 9,767 shares of the financial services provider’s stock valued at $336,000 after acquiring an additional 2,866 shares during the last quarter. 52.86% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages have recently issued reports on MBWM. DA Davidson raised shares of Mercantile Bank Corporation from a “neutral” rating to a “buy” rating and set a $35.00 price target on the stock in a report on Monday, September 11th. ValuEngine raised shares of Mercantile Bank Corporation from a “hold” rating to a “buy” rating in a report on Friday, September 1st. 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. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $35.00.
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Shares of Mercantile Bank Corporation (MBWM) opened at 31.18 on Friday. The stock’s 50 day moving average is $30.91 and its 200-day moving average is $32.28. Mercantile Bank Corporation has a one year low of $26.30 and a one year high of $38.68. The stock has a market cap of $513.91 million, a P/E ratio of 16.54 and a beta of 0.68.
Mercantile Bank Corporation (NASDAQ:MBWM) last issued its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.45 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.45. Mercantile Bank Corporation had a return on equity of 8.85% and a net margin of 22.25%. The business had revenue of $31.24 million for the quarter, compared to analyst estimates of $31.27 million. On average, equities analysts forecast that Mercantile Bank Corporation will post $1.88 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 20th. Stockholders of record on Friday, September 8th will be paid a dividend of $0.19 per share. This is a positive change from Mercantile Bank Corporation’s previous quarterly dividend of $0.18. The ex-dividend date is Thursday, September 7th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.44%. Mercantile Bank Corporation’s payout ratio is presently 40.43%.
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.
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