Assenagon Asset Management S.A. Grows Stock Holdings in Mercantile Bank Co. (NASDAQ:MBWM)

Assenagon Asset Management S.A. raised its position in shares of Mercantile Bank Co. (NASDAQ:MBWMFree Report) by 95.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 70,793 shares of the financial services provider’s stock after purchasing an additional 34,567 shares during the period. Assenagon Asset Management S.A. owned approximately 0.44% of Mercantile Bank worth $2,859,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. BlackRock Inc. raised its position in Mercantile Bank by 4.3% during the second quarter. BlackRock Inc. now owns 1,443,161 shares of the financial services provider’s stock valued at $39,860,000 after purchasing an additional 59,394 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Mercantile Bank by 0.5% during 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 buying an additional 5,838 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Mercantile Bank by 1.7% during the third quarter. Vanguard Group Inc. now owns 799,865 shares of the financial services provider’s stock valued at $24,724,000 after buying an additional 13,400 shares during the last quarter. State Street Corp grew its stake in shares of Mercantile Bank by 34.0% during the first quarter. State Street Corp now owns 427,289 shares of the financial services provider’s stock valued at $15,135,000 after buying an additional 108,389 shares during the last quarter. Finally, North Star Asset Management Inc. grew its stake in shares of Mercantile Bank by 0.7% during the third quarter. North Star Asset Management Inc. now owns 360,632 shares of the financial services provider’s stock valued at $11,147,000 after buying an additional 2,398 shares during the last quarter. Hedge funds and other institutional investors own 58.63% of the company’s stock.

Mercantile Bank Stock Down 1.7 %

Shares of NASDAQ:MBWM opened at $36.84 on Wednesday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.16. The stock has a market capitalization of $593.86 million, a P/E ratio of 7.18 and a beta of 0.97. Mercantile Bank Co. has a 12-month low of $23.89 and a 12-month high of $42.82. The stock’s 50-day moving average price is $37.80 and its 200-day moving average price is $36.25.

Mercantile Bank (NASDAQ:MBWMGet Free Report) last posted its earnings results on Tuesday, January 16th. The financial services provider reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.03. The company had revenue of $56.95 million for the quarter, compared to analysts’ expectations of $56.00 million. Mercantile Bank had a return on equity of 16.85% and a net margin of 27.09%. During the same period last year, the firm earned $1.37 earnings per share. On average, equities analysts anticipate that Mercantile Bank Co. will post 4.55 earnings per share for the current year.

Mercantile Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 13th. Investors of record on Friday, March 1st were paid a $0.35 dividend. The ex-dividend date of this dividend was Thursday, February 29th. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.34. This represents a $1.40 annualized dividend and a dividend yield of 3.80%. Mercantile Bank’s dividend payout ratio (DPR) is presently 27.29%.

Analyst Upgrades and Downgrades

MBWM has been the topic of a number of recent research reports. Janney Montgomery Scott raised Mercantile Bank from a “neutral” rating to a “buy” rating in a research note on Tuesday, January 16th. Hovde Group cut Mercantile Bank from an “outperform” rating to a “market perform” rating in a research note on Monday, March 4th.

Get Our Latest Report on MBWM

About Mercantile Bank

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Mercantile Bank (NASDAQ:MBWM)

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