Menta Capital LLC boosted its stake in Mercantile Bank Corporation (NASDAQ:MBWM) by 312.2% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 39,342 shares of the financial services provider’s stock after buying an additional 29,797 shares during the period. Menta Capital LLC owned approximately 0.24% of Mercantile Bank Corporation worth $1,238,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. New York State Common Retirement Fund grew its stake in Mercantile Bank Corporation 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 valued at $557,000 after buying an additional 1,499 shares during the last quarter. Teachers Advisors LLC grew its stake in Mercantile Bank Corporation by 11.3% in the 2nd quarter. Teachers Advisors LLC now owns 28,707 shares of the financial services provider’s stock valued at $904,000 after buying an additional 2,920 shares during the last quarter. Alliancebernstein L.P. grew its stake in Mercantile Bank Corporation by 4.4% in the 2nd quarter. Alliancebernstein L.P. now owns 18,800 shares of the financial services provider’s stock valued at $592,000 after buying an additional 800 shares during the last quarter. Wells Fargo & Company MN grew its stake in Mercantile Bank Corporation by 6.8% in the 2nd quarter. Wells Fargo & Company MN now owns 37,222 shares of the financial services provider’s stock valued at $1,172,000 after buying an additional 2,367 shares during the last quarter. Finally, Kennedy Capital Management Inc. grew its stake in Mercantile Bank Corporation by 9.3% in the 2nd quarter. Kennedy Capital Management Inc. now owns 175,842 shares of the financial services provider’s stock valued at $5,536,000 after buying an additional 15,006 shares during the last quarter. Institutional investors and hedge funds own 52.86% of the company’s stock.

Mercantile Bank Corporation (NASDAQ MBWM) opened at 33.50 on Friday. Mercantile Bank Corporation has a 52 week low of $26.30 and a 52 week high of $38.68. The company has a 50-day moving average of $30.94 and a 200-day moving average of $32.25. The firm has a market cap of $552.15 million, a price-to-earnings ratio of 17.77 and a beta of 0.68.

Mercantile Bank Corporation (NASDAQ:MBWM) last posted its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.45. Mercantile Bank Corporation had a net margin of 22.25% and a return on equity of 8.85%. The company had revenue of $31.24 million for the quarter, compared to analyst estimates of $31.27 million. Equities research analysts forecast that Mercantile Bank Corporation will post $1.88 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 20th. Stockholders of record on Friday, September 8th were given a $0.19 dividend. The ex-dividend date of this dividend was Thursday, September 7th. This represents a $0.76 annualized dividend and a dividend yield of 2.27%. This is a positive change from Mercantile Bank Corporation’s previous quarterly dividend of $0.18. Mercantile Bank Corporation’s payout ratio is 40.43%.

A number of brokerages recently commented on MBWM. Zacks Investment Research lowered shares of Mercantile Bank Corporation from a “hold” rating to a “sell” rating in a research note on Friday, July 21st. ValuEngine lowered shares of Mercantile Bank Corporation from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Finally, DA Davidson began coverage on shares of Mercantile Bank Corporation in a research note on Wednesday, July 5th. They issued a “neutral” rating and a $35.00 price target on the stock. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $35.00.

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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.

Institutional Ownership by Quarter for Mercantile Bank Corporation (NASDAQ:MBWM)

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