Allspring Global Investments Holdings LLC boosted its stake in Mercantile Bank Co. (NASDAQ:MBWM – Free Report) by 105.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,481 shares of the financial services provider’s stock after acquiring an additional 7,422 shares during the period. Allspring Global Investments Holdings LLC owned 0.09% of Mercantile Bank worth $400,000 at the end of the most recent quarter.
Several other institutional investors have also added to or reduced their stakes in MBWM. Martingale Asset Management L P lifted its stake in Mercantile Bank by 4.9% in the first quarter. Martingale Asset Management L P now owns 12,810 shares of the financial services provider’s stock valued at $392,000 after buying an additional 603 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Mercantile Bank by 121.6% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,107 shares of the financial services provider’s stock valued at $95,000 after buying an additional 1,705 shares during the period. Ameritas Advisory Services LLC acquired a new position in Mercantile Bank in the first quarter valued at approximately $75,000. LSV Asset Management lifted its stake in Mercantile Bank by 40.3% in the first quarter. LSV Asset Management now owns 211,382 shares of the financial services provider’s stock valued at $6,464,000 after buying an additional 60,762 shares during the period. Finally, SG Americas Securities LLC lifted its stake in Mercantile Bank by 20.0% in the first quarter. SG Americas Securities LLC now owns 5,832 shares of the financial services provider’s stock valued at $178,000 after buying an additional 971 shares during the period. 56.55% of the stock is currently owned by institutional investors.
Mercantile Bank Price Performance
Shares of NASDAQ:MBWM opened at $33.83 on Friday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.23. Mercantile Bank Co. has a twelve month low of $23.89 and a twelve month high of $37.00. The stock’s 50 day moving average is $32.11 and its 200-day moving average is $30.71. The firm has a market capitalization of $541.96 million, a price-to-earnings ratio of 6.44 and a beta of 1.02.
Mercantile Bank Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 13th. Stockholders of record on Friday, December 1st will be given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 4.02%. The ex-dividend date of this dividend is Thursday, November 30th. Mercantile Bank’s payout ratio is 25.90%.
Analyst Ratings Changes
Separately, StockNews.com initiated coverage on Mercantile Bank in a research note on Thursday, October 5th. They issued 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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