7,687 Shares in Mercantile Bank Co. (NASDAQ:MBWM) Purchased by Principal Financial Group Inc.

Principal Financial Group Inc. acquired a new position in Mercantile Bank Co. (NASDAQ:MBWMFree Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,687 shares of the financial services provider’s stock, valued at approximately $296,000.

Several other institutional investors have also bought and sold shares of the stock. Allspring Global Investments Holdings LLC lifted its holdings in Mercantile Bank by 9.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 4,660 shares of the financial services provider’s stock worth $179,000 after purchasing an additional 392 shares during the period. Public Employees Retirement System of Ohio lifted 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 valued at $122,000 after acquiring an additional 889 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in Mercantile Bank by 104.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,772 shares of the financial services provider’s stock valued at $72,000 after acquiring an additional 904 shares during the last quarter. Voisard Asset Management Group Inc. acquired a new stake in Mercantile Bank in the 4th quarter valued at about $38,000. Finally, Hennion & Walsh Asset Management Inc. lifted its holdings in Mercantile Bank by 16.7% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 10,653 shares of the financial services provider’s stock valued at $410,000 after acquiring an additional 1,523 shares during the last quarter. Institutional investors and hedge funds own 58.63% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Janney Montgomery Scott downgraded shares of Mercantile Bank from a “buy” rating to a “neutral” rating in a report on Wednesday, May 8th. Piper Sandler raised shares of Mercantile Bank to a “hold” rating in a report on Tuesday, June 11th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and set a $47.00 price objective on shares of Mercantile Bank in a report on Wednesday, April 17th. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $47.00.

Read Our Latest Report on Mercantile Bank

Mercantile Bank Price Performance

NASDAQ MBWM opened at $38.28 on Monday. The stock’s 50-day moving average price is $38.16 and its two-hundred day moving average price is $38.01. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.09. The company has a market cap of $617.07 million, a PE ratio of 7.42 and a beta of 0.98. Mercantile Bank Co. has a 1 year low of $26.95 and a 1 year high of $42.82.

Mercantile Bank (NASDAQ:MBWMGet Free Report) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.20. The firm had revenue of $58.23 million for the quarter, compared to the consensus estimate of $55.20 million. Mercantile Bank had a return on equity of 16.39% and a net margin of 25.58%. On average, analysts predict that Mercantile Bank Co. will post 4.81 EPS for the current year.

Mercantile Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 19th. Stockholders of record on Friday, June 7th were issued a $0.35 dividend. The ex-dividend date was Friday, June 7th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.66%. Mercantile Bank’s dividend payout ratio is 27.13%.

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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