Tributary Capital Management LLC Has $11.98 Million Position in Mercantile Bank Corporation $MBWM

Tributary Capital Management LLC lowered its stake in shares of Mercantile Bank Corporation (NASDAQ:MBWM) by 7.1% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 258,209 shares of the financial services provider’s stock after selling 19,612 shares during the period. Tributary Capital Management LLC owned approximately 1.59% of Mercantile Bank worth $11,983,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in MBWM. Virtus Advisers LLC bought a new stake in Mercantile Bank in the first quarter valued at about $39,000. Ameritas Advisory Services LLC bought a new stake in Mercantile Bank in the second quarter valued at about $42,000. Farther Finance Advisors LLC bought a new stake in Mercantile Bank in the second quarter valued at about $54,000. Oliver Lagore Vanvalin Investment Group bought a new stake in Mercantile Bank in the second quarter valued at about $80,000. Finally, EntryPoint Capital LLC bought a new stake in Mercantile Bank in the first quarter valued at about $223,000. Institutional investors own 58.63% of the company’s stock.

Mercantile Bank Price Performance

Shares of MBWM stock opened at $45.26 on Thursday. The firm’s 50 day moving average is $46.77 and its 200-day moving average is $45.41. Mercantile Bank Corporation has a 1 year low of $37.76 and a 1 year high of $52.98. The firm has a market capitalization of $735.48 million, a price-to-earnings ratio of 8.57 and a beta of 0.87. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.79.

Mercantile Bank (NASDAQ:MBWM) last announced its quarterly earnings data on Tuesday, October 21st. The financial services provider reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.38 by $0.08. Mercantile Bank had a net margin of 23.05% and a return on equity of 14.07%. The business had revenue of $65.48 million for the quarter, compared to analyst estimates of $61.33 million. Sell-side analysts forecast that Mercantile Bank Corporation will post 4.83 EPS for the current fiscal year.

Mercantile Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 17th. Shareholders of record on Friday, December 5th will be issued a $0.38 dividend. The ex-dividend date is Friday, December 5th. This represents a $1.52 annualized dividend and a yield of 3.4%. Mercantile Bank’s dividend payout ratio (DPR) is 30.16%.

Wall Street Analysts Forecast Growth

MBWM has been the topic of a number of analyst reports. Raymond James Financial reissued an “outperform” rating and issued a $52.00 target price (down previously from $55.00) on shares of Mercantile Bank in a research note on Wednesday. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Mercantile Bank in a research note on Tuesday, October 14th. Keefe, Bruyette & Woods upped their price objective on shares of Mercantile Bank from $53.00 to $56.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 23rd. Piper Sandler upped their price objective on shares of Mercantile Bank from $47.50 to $56.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 23rd. Finally, Zacks Research cut shares of Mercantile Bank from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 22nd. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Mercantile Bank has an average rating of “Moderate Buy” and a consensus price target of $54.50.

Mercantile Bank Company Profile

Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan that provides commercial and retail banking services to small- to medium-sized businesses and individuals in the United States. It accepts various deposit products, including checking, savings, and term certificate accounts; time deposits; and certificates of deposit.