Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Mercantile Bank Corporation (NASDAQ:MBWM – Free Report) in the second quarter, HoldingsChannel.com reports. The firm bought 48,392 shares of the financial services provider’s stock, valued at approximately $2,779,000.
Other large investors also recently modified their holdings of the company. Quantbot Technologies LP bought a new stake in shares of Mercantile Bank in the 2nd quarter worth approximately $258,000. De Lisle Partners LLP acquired a new stake in shares of Mercantile Bank during the 2nd quarter worth about $4,346,000. Ieq Capital LLC bought a new position in shares of Mercantile Bank in the second quarter valued at approximately $1,017,000. Burnham & Co LLC bought a new position in Mercantile Bank in the 2nd quarter valued at $29,000. Finally, First National Bank of Omaha acquired a new position in Mercantile Bank during the 2nd quarter worth about $418,000. 58.63% of the stock is currently owned by institutional investors and hedge funds.
Mercantile Bank Stock Performance
NASDAQ MBWM opened at $60.21 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. The company has a market capitalization of $1.04 billion, a P/E ratio of 10.60 and a beta of 0.79. The firm has a 50-day moving average price of $58.89 and a two-hundred day moving average price of $54.45. Mercantile Bank Corporation has a 12-month low of $42.75 and a 12-month high of $62.39.
Mercantile Bank Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Friday, September 4th will be given a dividend of $0.40 per share. The ex-dividend date is Friday, September 4th. This represents a $1.60 annualized dividend and a dividend yield of 2.7%. This is an increase from Mercantile Bank’s previous quarterly dividend of $0.39. Mercantile Bank’s dividend payout ratio is currently 27.46%.
Analysts Set New Price Targets
MBWM has been the topic of several recent research reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Mercantile Bank in a report on Friday, June 12th. Hovde Group lowered Mercantile Bank from an “outperform” rating to a “market perform” rating and set a $62.00 target price on the stock. in a report on Wednesday, July 22nd. Keefe, Bruyette & Woods lifted their price target on shares of Mercantile Bank from $60.00 to $64.00 and gave the company an “outperform” rating in a research note on Wednesday, July 22nd. Finally, Piper Sandler set a $65.00 price objective on Mercantile Bank in a research report on Wednesday, July 22nd. Three investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $60.40.
Read Our Latest Stock Report on Mercantile Bank
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.
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