Quadrature Capital Ltd Takes $408,000 Position in Mercantile Bank Co. (NASDAQ:MBWM)

Quadrature Capital Ltd purchased a new stake in shares of Mercantile Bank Co. (NASDAQ:MBWM – Get Rating) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 13,718 shares of the financial services provider’s stock, valued at approximately $408,000. Quadrature Capital Ltd owned approximately 0.09% of Mercantile Bank at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Dimensional Fund Advisors LP grew its stake in Mercantile Bank by 0.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,153,934 shares of the financial services provider’s stock valued at $40,873,000 after purchasing an additional 5,838 shares in the last quarter. Vanguard Group Inc. grew its stake in Mercantile Bank by 4.1% in the first quarter. Vanguard Group Inc. now owns 764,595 shares of the financial services provider’s stock valued at $27,082,000 after purchasing an additional 30,382 shares in the last quarter. State Street Corp grew its stake in Mercantile Bank by 34.0% in the first quarter. State Street Corp now owns 427,289 shares of the financial services provider’s stock valued at $15,135,000 after purchasing an additional 108,389 shares in the last quarter. North Star Asset Management Inc. grew its stake in Mercantile Bank by 6.6% in the third quarter. North Star Asset Management Inc. now owns 310,551 shares of the financial services provider’s stock valued at $9,226,000 after purchasing an additional 19,301 shares in the last quarter. Finally, Stieven Capital Advisors L.P. boosted its stake in shares of Mercantile Bank by 12.5% during the 3rd quarter. Stieven Capital Advisors L.P. now owns 296,408 shares of the financial services provider’s stock worth $8,806,000 after acquiring an additional 32,825 shares in the last quarter. Hedge funds and other institutional investors own 55.50% of the company’s stock.

Mercantile Bank Price Performance

NASDAQ MBWM opened at $32.67 on Monday. Mercantile Bank Co. has a twelve month low of $29.26 and a twelve month high of $39.03. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.00 and a current ratio of 1.00. The stock has a market capitalization of $522.39 million, a PE ratio of 8.49 and a beta of 0.98. The stock has a 50-day simple moving average of $34.36 and a 200 day simple moving average of $33.57.

Mercantile Bank (NASDAQ:MBWM – Get Rating) last posted its quarterly earnings data on Tuesday, January 17th. The financial services provider reported $1.37 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.18. Mercantile Bank had a return on equity of 14.18% and a net margin of 28.55%. The business had revenue of $58.46 million during the quarter, compared to analysts’ expectations of $53.70 million. Research analysts anticipate that Mercantile Bank Co. will post 4.46 EPS for the current year.

Mercantile Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 15th. Investors of record on Friday, March 3rd will be given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 4.04%. The ex-dividend date is Thursday, March 2nd. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.32. Mercantile Bank’s payout ratio is currently 34.29%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on MBWM shares. StockNews.com upgraded Mercantile Bank from a “hold” rating to a “buy” rating in a research note on Tuesday, March 7th. Raymond James downgraded Mercantile Bank from an “outperform” rating to a “market perform” rating in a research note on Wednesday, January 18th. Finally, Piper Sandler upgraded Mercantile Bank from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $38.00 to $40.00 in a research note on Tuesday, March 7th.

Insider Buying and Selling

In other Mercantile Bank news, Director David B. Ramaker acquired 1,500 shares of the business’s stock in a transaction that occurred on Friday, January 20th. The stock was acquired at an average price of $33.33 per share, with a total value of $49,995.00. Following the transaction, the director now owns 7,394 shares of the company’s stock, valued at $246,442.02. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 3.64% of the stock is owned by insiders.

Mercantile Bank Company Profile

(Get Rating)

Mercantile Bank Corp. operates as a bank holding company for Mercantile Bank of Michigan. It offers checking and savings accounts, credit and debit cards, mobile and Internet banking, business loans, mobile wallet, health savings account, and treasury management services. The company was founded on July 15, 1997 and is headquartered in Grand Rapids, MI.