Modern Wealth Management LLC Takes Position in Mercantile Bank Corporation $MBWM

Modern Wealth Management LLC bought a new position in shares of Mercantile Bank Corporation (NASDAQ:MBWM) during the first quarter, Holdings Channel reports. The firm bought 8,606 shares of the financial services provider’s stock, valued at approximately $439,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MBWM. Sei Investments Co. increased its holdings in Mercantile Bank by 76.8% during the first quarter. Sei Investments Co. now owns 14,507 shares of the financial services provider’s stock worth $733,000 after buying an additional 6,300 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in Mercantile Bank by 29.9% in the first quarter. PNC Financial Services Group Inc. now owns 1,682 shares of the financial services provider’s stock valued at $85,000 after acquiring an additional 387 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in Mercantile Bank by 11.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 8,361 shares of the financial services provider’s stock valued at $422,000 after acquiring an additional 863 shares during the last quarter. Fifth Third Bancorp boosted its stake in Mercantile Bank by 1,035.2% in the first quarter. Fifth Third Bancorp now owns 8,571 shares of the financial services provider’s stock valued at $433,000 after acquiring an additional 7,816 shares during the last quarter. Finally, DGS Capital Management LLC grew its position in shares of Mercantile Bank by 6.8% during the 1st quarter. DGS Capital Management LLC now owns 4,676 shares of the financial services provider’s stock valued at $236,000 after acquiring an additional 299 shares during the period. 58.63% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Piper Sandler set a $65.00 price target on shares of Mercantile Bank in a research note on Wednesday, July 22nd. Keefe, Bruyette & Woods upped their price objective on Mercantile Bank from $60.00 to $64.00 and gave the company an “outperform” rating in a research note on Wednesday, July 22nd. Weiss Ratings reissued a “buy (b)” rating on shares of Mercantile Bank in a report on Friday, June 12th. Finally, Hovde Group downgraded Mercantile Bank from an “outperform” rating to a “market perform” rating and set a $62.00 target price for the company. in a research report on Wednesday, July 22nd. Three research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $60.40.

Mercantile Bank Trading Up 0.2%

NASDAQ:MBWM opened at $58.62 on Tuesday. Mercantile Bank Corporation has a 1 year low of $42.75 and a 1 year high of $60.40. The stock’s fifty day moving average price is $55.25 and its two-hundred day moving average price is $52.91. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.93 and a quick ratio of 0.93. The company has a market cap of $1.01 billion, a P/E ratio of 10.32 and a beta of 0.80.

Mercantile Bank (NASDAQ:MBWM) last announced its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $1.53 earnings per share for the quarter, beating the consensus estimate of $1.32 by $0.21. Mercantile Bank had a return on equity of 13.90% and a net margin of 24.75%.The company had revenue of $68.76 million during the quarter, compared to analysts’ expectations of $68.81 million. As a group, analysts expect that Mercantile Bank Corporation will post 5.7 EPS for the current year.

Mercantile Bank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Friday, September 4th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Friday, September 4th. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.39. Mercantile Bank’s payout ratio is presently 28.17%.

Mercantile Bank Profile

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.