Allspring Global Investments Holdings LLC Buys 2,911 Shares of Mercantile Bank Co. (NASDAQ:MBWM)

Allspring Global Investments Holdings LLC lifted its stake in shares of Mercantile Bank Co. (NASDAQ:MBWM) by 214.5% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 4,268 shares of the financial services provider’s stock after acquiring an additional 2,911 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Mercantile Bank were worth $172,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Public Employees Retirement System of Ohio raised its holdings in shares of Mercantile Bank by 29.0% during the third quarter. Public Employees Retirement System of Ohio now owns 3,953 shares of the financial services provider’s stock valued at $122,000 after purchasing an additional 889 shares during the period. Huntington National Bank raised its stake in Mercantile Bank by 55.2% during 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 during the period. DekaBank Deutsche Girozentrale acquired a new position in Mercantile Bank during the 3rd quarter worth approximately $166,000. Denali Advisors LLC bought a new position in Mercantile Bank in the third quarter worth approximately $179,000. Finally, Advisor Partners II LLC acquired a new position in shares of Mercantile Bank during the third quarter worth approximately $206,000. 58.63% of the stock is owned by institutional investors.

Mercantile Bank Price Performance

Mercantile Bank stock opened at $36.19 on Monday. The company has a debt-to-equity ratio of 1.16, a current ratio of 1.04 and a quick ratio of 1.04. Mercantile Bank Co. has a one year low of $23.89 and a one year high of $42.82. The firm has a market capitalization of $583.38 million, a P/E ratio of 7.01 and a beta of 0.97. The business has a fifty day moving average price of $36.69 and a 200-day moving average price of $36.89.

Mercantile Bank Dividend Announcement

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

Wall Street Analyst Weigh In

A number of research firms recently commented on MBWM. Janney Montgomery Scott raised Mercantile Bank from a “neutral” rating to a “buy” rating in a research report on Tuesday, January 16th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $47.00 target price on shares of Mercantile Bank in a report on Wednesday, April 17th. Finally, Hovde Group downgraded Mercantile Bank from an “outperform” rating to a “market perform” rating in a research note on Monday, March 4th.

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.