50,971 Shares in Mercantile Bank Corporation $MBWM Bought by Elizabeth Park Capital Advisors Ltd.

Elizabeth Park Capital Advisors Ltd. acquired a new position in Mercantile Bank Corporation (NASDAQ:MBWM) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 50,971 shares of the financial services provider’s stock, valued at approximately $2,452,000. Mercantile Bank accounts for approximately 2.0% of Elizabeth Park Capital Advisors Ltd.’s investment portfolio, making the stock its 24th biggest position. Elizabeth Park Capital Advisors Ltd. owned approximately 0.30% of Mercantile Bank at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in MBWM. Royal Bank of Canada boosted its holdings in Mercantile Bank by 5.6% in the first quarter. Royal Bank of Canada now owns 68,824 shares of the financial services provider’s stock worth $2,989,000 after purchasing an additional 3,621 shares during the period. AQR Capital Management LLC boosted its holdings in Mercantile Bank by 21.2% in the first quarter. AQR Capital Management LLC now owns 92,045 shares of the financial services provider’s stock worth $3,998,000 after purchasing an additional 16,092 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Mercantile Bank by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,360 shares of the financial services provider’s stock worth $407,000 after purchasing an additional 382 shares during the period. Empowered Funds LLC boosted its holdings in Mercantile Bank by 4.1% in the first quarter. Empowered Funds LLC now owns 57,731 shares of the financial services provider’s stock worth $2,508,000 after purchasing an additional 2,255 shares during the period. Finally, Jane Street Group LLC boosted its holdings in Mercantile Bank by 21.0% in the first quarter. Jane Street Group LLC now owns 15,952 shares of the financial services provider’s stock worth $693,000 after purchasing an additional 2,772 shares during the period. Institutional investors and hedge funds own 58.63% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on MBWM shares. Stephens started coverage on shares of Mercantile Bank in a report on Wednesday, March 25th. They issued an “equal weight” rating and a $54.00 price objective for the company. Wall Street Zen raised shares of Mercantile Bank to a “hold” rating in a report on Saturday, March 28th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mercantile Bank in a report on Friday, June 12th. Four research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $56.20.

Mercantile Bank Price Performance

NASDAQ MBWM opened at $53.26 on Thursday. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.62. Mercantile Bank Corporation has a 1 year low of $42.69 and a 1 year high of $55.77. The stock’s 50-day moving average price is $52.36 and its two-hundred day moving average price is $51.19. The company has a market cap of $919.80 million, a PE ratio of 9.56 and a beta of 0.81.

Mercantile Bank (NASDAQ:MBWM) last released its earnings results on Tuesday, April 21st. The financial services provider reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.33 by $0.13. Mercantile Bank had a return on equity of 13.73% and a net margin of 24.19%.The company had revenue of $67.59 million for the quarter, compared to analysts’ expectations of $67.41 million. On average, analysts predict that Mercantile Bank Corporation will post 5.63 EPS for the current year.

Mercantile Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Friday, June 5th were paid a $0.39 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.56 annualized dividend and a dividend yield of 2.9%. Mercantile Bank’s payout ratio is presently 28.01%.

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.