Wellington Management Group LLP trimmed its stake in Mercantile Bank Corporation (NASDAQ:MBWM – Free Report) by 8.5% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 1,087,998 shares of the financial services provider’s stock after selling 101,033 shares during the period. Wellington Management Group LLP owned approximately 0.06% of Mercantile Bank worth $62,473,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in the stock. North Star Asset Management Inc. purchased a new position in shares of Mercantile Bank during the second quarter worth approximately $21,672,000. Empowered Funds LLC purchased a new stake in shares of Mercantile Bank in the second quarter valued at approximately $1,778,000. Ruggaard & Associates LLC purchased a new stake in shares of Mercantile Bank in the second quarter valued at approximately $228,000. Public Employees Retirement System of Ohio bought a new position in Mercantile Bank in the second quarter worth approximately $178,000. Finally, Bank of America Corp DE bought a new position in Mercantile Bank in the second quarter worth approximately $1,380,000. 58.63% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of equities research analysts have weighed in on the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mercantile Bank in a research report on Friday, June 12th. Piper Sandler set a $65.00 price target on Mercantile Bank in a research report on Wednesday, July 22nd. Hovde Group lowered Mercantile Bank from an “outperform” rating to a “market perform” rating and set a $62.00 price target on the stock. in a research note on Wednesday, July 22nd. Raymond James Financial started coverage on Mercantile Bank in a report on Tuesday. They issued an “outperform” rating and a $65.00 price objective for the company. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Mercantile Bank from $60.00 to $64.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 22nd. Three equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $62.00.
Mercantile Bank Stock Up 3.1%
Mercantile Bank stock opened at $61.00 on Thursday. 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 firm has a market cap of $1.05 billion, a P/E ratio of 10.74 and a beta of 0.80. The business has a fifty day moving average of $59.20 and a two-hundred day moving average of $54.58. Mercantile Bank Corporation has a twelve month low of $42.75 and a twelve month high of $62.39.
Mercantile Bank (NASDAQ:MBWM – Get Free Report) last announced its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $1.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.32 by $0.21. The business had revenue of $68.76 million for the quarter, compared to the consensus estimate of $68.81 million. Mercantile Bank had a return on equity of 13.66% and a net margin of 24.75%. On average, analysts forecast that Mercantile Bank Corporation will post 5.7 earnings per share for the current fiscal year.
Mercantile Bank Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Friday, September 4th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.6%. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.39. The ex-dividend date is Friday, September 4th. Mercantile Bank’s payout ratio is presently 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.
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