Wells Fargo & Company MN lifted its position in shares of Mercantile Bank Corporation (NASDAQ:MBWM) by 6.8% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 37,222 shares of the financial services provider’s stock after buying an additional 2,367 shares during the quarter. Wells Fargo & Company MN owned approximately 0.23% of Mercantile Bank Corporation worth $1,172,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MBWM. Dubuque Bank & Trust Co. lifted its stake 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 buying an additional 366 shares in the last quarter. American International Group Inc. lifted its stake in shares of Mercantile Bank Corporation by 7.0% during the 1st quarter. American International Group Inc. now owns 9,781 shares of the financial services provider’s stock valued at $336,000 after buying an additional 640 shares in the last quarter. Parametric Portfolio Associates LLC lifted its stake 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 buying an additional 2,866 shares in the last quarter. IndexIQ Advisors LLC purchased a new position in shares of Mercantile Bank Corporation during the 2nd quarter valued at $433,000. Finally, Alliancebernstein L.P. purchased a new position in shares of Mercantile Bank Corporation during the 1st quarter valued at $619,000. Institutional investors own 52.69% of the company’s stock.

In related news, Director Thomas R. Sullivan sold 5,800 shares of the stock in a transaction on Friday, October 27th. The shares were sold at an average price of $37.29, for a total transaction of $216,282.00. Following the sale, the director now directly owns 20,273 shares of the company’s stock, valued at $755,980.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Thomas R. Sullivan sold 10,739 shares of the stock in a transaction on Friday, October 20th. The stock was sold at an average price of $37.04, for a total transaction of $397,772.56. Following the sale, the director now directly owns 20,273 shares in the company, valued at $750,911.92. The disclosure for this sale can be found here. Corporate insiders own 3.20% of the company’s stock.

WARNING: This story was published by Daily Political and is owned by of Daily Political. If you are viewing this story on another site, it was illegally stolen and republished in violation of international copyright & trademark laws. The legal version of this story can be viewed at https://www.dailypolitical.com/2017/11/02/wells-fargo-company-mn-has-1-17-million-position-in-mercantile-bank-corporation-mbwm.html.

MBWM has been the topic of a number of analyst reports. Zacks Investment Research cut shares of Mercantile Bank Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday. Keefe, Bruyette & Woods restated a “hold” rating and set a $34.00 target price on shares of Mercantile Bank Corporation in a research note on Tuesday, October 3rd. DA Davidson cut shares of Mercantile Bank Corporation from a “buy” rating to a “neutral” rating and set a $35.00 target price on the stock. in a research note on Thursday, September 28th. Finally, ValuEngine upgraded shares of Mercantile Bank Corporation from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $35.25.

Mercantile Bank Corporation (NASDAQ:MBWM) last announced its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.03. Mercantile Bank Corporation had a net margin of 22.18% and a return on equity of 9.00%. The firm had revenue of $33.25 million for the quarter, compared to the consensus estimate of $32.20 million.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 20th. Investors of record on Friday, December 8th will be issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date is Thursday, December 7th. Mercantile Bank Corporation’s dividend payout ratio (DPR) is presently 39.79%.

About Mercantile Bank Corporation

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)

Receive News & Ratings for Mercantile Bank Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mercantile Bank Corporation and related companies with MarketBeat.com's FREE daily email newsletter.