Strs Ohio Sells 800 Shares of Mercantile Bank Co. (NASDAQ:MBWM)

Strs Ohio trimmed its holdings in Mercantile Bank Co. (NASDAQ:MBWM) by 5.7% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 13,200 shares of the financial services provider’s stock after selling 800 shares during the quarter. Strs Ohio owned about 0.08% of Mercantile Bank worth $533,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Public Employees Retirement System of Ohio increased its holdings in Mercantile Bank by 29.0% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 3,953 shares of the financial services provider’s stock worth $122,000 after buying an additional 889 shares in the last quarter. Huntington National Bank increased its holdings in Mercantile Bank by 55.2% in the 3rd quarter. Huntington National Bank now owns 3,997 shares of the financial services provider’s stock worth $124,000 after buying an additional 1,422 shares in the last quarter. DekaBank Deutsche Girozentrale bought a new stake in Mercantile Bank in the 3rd quarter worth about $166,000. Allspring Global Investments Holdings LLC increased its holdings in Mercantile Bank by 214.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 4,268 shares of the financial services provider’s stock worth $172,000 after buying an additional 2,911 shares in the last quarter. Finally, Denali Advisors LLC purchased a new position in Mercantile Bank in the third quarter worth about $179,000. 58.63% of the stock is currently owned by institutional investors.

Mercantile Bank Stock Down 0.8 %

MBWM stock opened at $36.19 on Friday. Mercantile Bank Co. has a twelve month low of $23.89 and a twelve month high of $42.82. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.16. The stock has a market cap of $583.38 million, a P/E ratio of 7.01 and a beta of 0.97. The business’s 50-day moving average price is $36.69 and its 200-day moving average price is $36.85.

Mercantile Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 19th. Stockholders of record on Friday, June 7th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.87%. Mercantile Bank’s payout ratio is currently 27.13%.

Analyst Upgrades and Downgrades

MBWM has been the topic of several research reports. Janney Montgomery Scott raised Mercantile Bank from a “neutral” rating to a “buy” rating in a research report on Tuesday, January 16th. Hovde Group cut Mercantile Bank from an “outperform” rating to a “market perform” rating in a research report on Monday, March 4th. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $47.00 target price on shares of Mercantile Bank in a research report on Wednesday, April 17th.

About Mercantile Bank

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.