Mercantile Bank Corporation $MBWM Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans decreased its position in shares of Mercantile Bank Corporation (NASDAQ:MBWM) by 45.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,129 shares of the financial services provider’s stock after selling 13,656 shares during the quarter. Thrivent Financial for Lutherans owned approximately 0.10% of Mercantile Bank worth $726,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the company. Tributary Capital Management LLC boosted its holdings in Mercantile Bank by 92.6% in the 3rd quarter. Tributary Capital Management LLC now owns 497,402 shares of the financial services provider’s stock valued at $22,383,000 after purchasing an additional 239,193 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Mercantile Bank by 73.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 155,904 shares of the financial services provider’s stock valued at $7,236,000 after buying an additional 65,823 shares during the period. American Century Companies Inc. lifted its holdings in Mercantile Bank by 6.1% in the second quarter. American Century Companies Inc. now owns 452,827 shares of the financial services provider’s stock valued at $21,016,000 after acquiring an additional 26,202 shares during the last quarter. Envestnet Asset Management Inc. lifted its holdings in Mercantile Bank by 37.2% in the second quarter. Envestnet Asset Management Inc. now owns 79,031 shares of the financial services provider’s stock valued at $3,668,000 after acquiring an additional 21,428 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in Mercantile Bank by 4.5% in the second quarter. Geode Capital Management LLC now owns 405,863 shares of the financial services provider’s stock worth $18,839,000 after acquiring an additional 17,580 shares during the period. Hedge funds and other institutional investors own 58.63% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on MBWM shares. Hovde Group lifted their target price on Mercantile Bank from $53.00 to $56.00 and gave the company an “outperform” rating in a research report on Thursday, December 18th. Weiss Ratings restated a “buy (b-)” rating on shares of Mercantile Bank in a report on Monday, December 29th. Keefe, Bruyette & Woods upped their target price on shares of Mercantile Bank from $56.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, January 21st. Raymond James Financial set a $57.00 price target on shares of Mercantile Bank in a research report on Wednesday, January 21st. Finally, Piper Sandler set a $57.00 price target on shares of Mercantile Bank in a research note on Wednesday, January 21st. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $56.75.

Mercantile Bank Stock Performance

Shares of Mercantile Bank stock opened at $53.92 on Tuesday. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.98 and a quick ratio of 0.97. The stock has a market capitalization of $926.35 million, a price-to-earnings ratio of 9.88 and a beta of 0.89. The business has a 50-day moving average of $50.62 and a 200 day moving average of $47.69. Mercantile Bank Corporation has a 12 month low of $37.76 and a 12 month high of $55.77.

Mercantile Bank (NASDAQ:MBWM) last issued its quarterly earnings results on Tuesday, January 20th. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.37 by $0.03. The business had revenue of $62.07 million for the quarter, compared to analysts’ expectations of $62.25 million. Mercantile Bank had a net margin of 23.87% and a return on equity of 14.03%. As a group, sell-side analysts forecast that Mercantile Bank Corporation will post 4.83 earnings per share for the current year.

Mercantile Bank Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 18th. Shareholders of record on Friday, March 6th will be given a $0.39 dividend. The ex-dividend date of this dividend is Friday, March 6th. This represents a $1.56 annualized dividend and a yield of 2.9%. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.38. Mercantile Bank’s dividend payout ratio is 27.84%.

About Mercantile Bank

Mercantile Bank Corporation (NASDAQ: MBWM) is the bank holding company for Mercantile Bank of Michigan, a full-service commercial bank headquartered in Grand Rapids, Michigan. Through its state-chartered subsidiary, the company provides a broad range of financial products and services to small and mid-sized businesses, professionals and consumers across West and Central Michigan.

The bank’s core offerings include deposit products such as checking, savings and money market accounts, alongside commercial and consumer loan portfolios.