North Star Asset Management Inc. Invests $21.67 Million in Mercantile Bank Corporation $MBWM

North Star Asset Management Inc. acquired a new stake in shares of Mercantile Bank Corporation (NASDAQ:MBWM) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 377,427 shares of the financial services provider’s stock, valued at approximately $21,672,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. De Lisle Partners LLP bought a new stake in shares of Mercantile Bank during the second quarter worth $4,346,000. Focus Partners Advisor Solutions LLC acquired a new stake in shares of Mercantile Bank during the second quarter worth $1,305,000. Discipline Wealth Solutions LLC bought a new stake in Mercantile Bank in the 1st quarter valued at $1,001,000. Elizabeth Park Capital Advisors Ltd. bought a new stake in Mercantile Bank in the 4th quarter valued at $2,452,000. Finally, Modern Wealth Management LLC acquired a new position in Mercantile Bank in the 1st quarter worth $439,000. 58.63% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Mercantile Bank Price Performance

NASDAQ MBWM opened at $59.74 on Friday. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.59. Mercantile Bank Corporation has a 12-month low of $42.75 and a 12-month high of $62.39. The company has a market capitalization of $1.03 billion, a PE ratio of 10.52 and a beta of 0.79. The firm’s 50 day moving average is $58.76 and its 200-day moving average is $54.41.

Mercantile Bank (NASDAQ:MBWM) last announced its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $1.53 EPS for the quarter, topping analysts’ consensus estimates of $1.32 by $0.21. The business had revenue of $68.76 million for the quarter, compared to analyst estimates of $68.81 million. Mercantile Bank had a net margin of 24.75% and a return on equity of 13.66%. Equities research analysts anticipate that Mercantile Bank Corporation will post 5.7 earnings per share for the current fiscal year.

Mercantile Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Friday, September 4th will be paid a dividend of $0.40 per share. The ex-dividend date is Friday, September 4th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.7%. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.39. Mercantile Bank’s dividend payout ratio (DPR) is currently 27.46%.

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.