Victory Capital Management Inc. trimmed its holdings in Mercantile Bank Co. (NASDAQ:MBWM – Free Report) by 6.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,342 shares of the financial services provider’s stock after selling 2,158 shares during the quarter. Victory Capital Management Inc. owned about 0.20% of Mercantile Bank worth $866,000 at the end of the most recent reporting period.
Other large investors have also recently added to or reduced their stakes in the company. EA Series Trust bought a new position in shares of Mercantile Bank in the second quarter worth $995,000. Allspring Global Investments Holdings LLC increased its stake in Mercantile Bank by 105.1% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 14,481 shares of the financial services provider’s stock valued at $400,000 after buying an additional 7,422 shares during the period. Strategies Wealth Advisors LLC raised its position in shares of Mercantile Bank by 120.1% during the 1st quarter. Strategies Wealth Advisors LLC now owns 22,398 shares of the financial services provider’s stock worth $685,000 after buying an additional 12,221 shares in the last quarter. Brandywine Global Investment Management LLC lifted its stake in shares of Mercantile Bank by 326.2% in the 1st quarter. Brandywine Global Investment Management LLC now owns 39,128 shares of the financial services provider’s stock worth $1,197,000 after acquiring an additional 29,947 shares during the period. Finally, Ameriprise Financial Inc. boosted its holdings in shares of Mercantile Bank by 11.6% in the first quarter. Ameriprise Financial Inc. now owns 32,525 shares of the financial services provider’s stock valued at $995,000 after acquiring an additional 3,385 shares in the last quarter. 56.55% of the stock is currently owned by institutional investors and hedge funds.
Mercantile Bank Stock Performance
Shares of MBWM opened at $32.94 on Wednesday. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.04 and a quick ratio of 1.04. The stock has a market capitalization of $527.70 million, a P/E ratio of 6.27 and a beta of 1.03. Mercantile Bank Co. has a 12-month low of $23.89 and a 12-month high of $37.00. The firm’s 50 day moving average is $32.04 and its 200-day moving average is $30.45.
Mercantile Bank Announces Dividend
Wall Street Analysts Forecast Growth
Separately, StockNews.com started coverage on Mercantile Bank in a report on Thursday, October 5th. They set a “hold” rating on the stock.
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.
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