JPMorgan Chase & Co. Purchases 58,743 Shares of Mercantile Bank Corporation $MBWM

JPMorgan Chase & Co. lifted its position in Mercantile Bank Corporation (NASDAQ:MBWM) by 37.7% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 214,647 shares of the financial services provider’s stock after purchasing an additional 58,743 shares during the period. JPMorgan Chase & Co.’s holdings in Mercantile Bank were worth $9,659,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. State of Alaska Department of Revenue bought a new position in Mercantile Bank in the third quarter valued at about $29,000. Jones Financial Companies Lllp grew its stake in shares of Mercantile Bank by 116.0% during the 3rd quarter. Jones Financial Companies Lllp now owns 838 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 450 shares during the period. Farther Finance Advisors LLC increased its position in shares of Mercantile Bank by 76.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 2,041 shares of the financial services provider’s stock valued at $92,000 after purchasing an additional 884 shares during the last quarter. EMC Capital Management lifted its stake in shares of Mercantile Bank by 76.3% in the 2nd quarter. EMC Capital Management now owns 3,309 shares of the financial services provider’s stock worth $154,000 after purchasing an additional 1,432 shares during the period. Finally, Police & Firemen s Retirement System of New Jersey lifted its stake in shares of Mercantile Bank by 18.6% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 3,839 shares of the financial services provider’s stock worth $178,000 after purchasing an additional 601 shares during the period. Hedge funds and other institutional investors own 58.63% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Mercantile Bank Stock Performance

NASDAQ:MBWM opened at $50.33 on Friday. The company has a current ratio of 0.93, a quick ratio of 0.97 and a debt-to-equity ratio of 0.64. Mercantile Bank Corporation has a 12-month low of $37.76 and a 12-month high of $55.77. The stock has a 50-day moving average price of $51.64 and a 200 day moving average price of $48.37. The stock has a market capitalization of $869.20 million, a P/E ratio of 9.22 and a beta of 0.89.

Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings results on Tuesday, January 20th. The financial services provider reported $1.40 EPS for the quarter, topping analysts’ consensus estimates of $1.37 by $0.03. Mercantile Bank had a return on equity of 13.54% and a net margin of 23.87%.The company had revenue of $62.07 million for the quarter, compared to analysts’ expectations of $62.25 million. Equities research analysts forecast that Mercantile Bank Corporation will post 4.83 EPS for the current fiscal year.

Mercantile Bank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 18th. Stockholders of record on Friday, March 6th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 3.1%. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Friday, March 6th. Mercantile Bank’s payout ratio is presently 27.84%.

Mercantile Bank Company 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.