Allspring Global Investments Holdings LLC Sells 3,051 Shares of Mercantile Bank Co. (NASDAQ:MBWM)

Allspring Global Investments Holdings LLC lowered its stake in shares of Mercantile Bank Co. (NASDAQ:MBWM) by 41.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,346 shares of the financial services provider’s stock after selling 3,051 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Mercantile Bank were worth $190,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in MBWM. Gradient Investments LLC bought a new position in Mercantile Bank during the second quarter valued at about $28,000. Mattson Financial Services LLC purchased a new position in Mercantile Bank in the second quarter worth $28,000. EMC Capital Management bought a new position in Mercantile Bank during the first quarter valued at approximately $72,000. CWM LLC increased its holdings in shares of Mercantile Bank by 242.6% in the second quarter. CWM LLC now owns 2,799 shares of the financial services provider’s stock worth $114,000 after buying an additional 1,982 shares during the period. Finally, 626 Financial LLC bought a new stake in Mercantile Bank in the third quarter valued at approximately $213,000. Hedge funds and other institutional investors own 58.63% of the company’s stock.

Insider Transactions at Mercantile Bank

In related news, Director Michael H. Price sold 5,000 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $45.57, for a total value of $227,850.00. Following the completion of the transaction, the director now owns 21,556 shares of the company’s stock, valued at approximately $982,306.92. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.08% of the company’s stock.

Wall Street Analyst Weigh In

MBWM has been the topic of several recent analyst reports. Piper Sandler lifted their price target on shares of Mercantile Bank from $42.00 to $53.00 and gave the company a “neutral” rating in a report on Wednesday, July 17th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $51.00 target price (up previously from $47.00) on shares of Mercantile Bank in a report on Wednesday, July 17th.

Mercantile Bank Stock Up 0.8 %

Shares of MBWM stock opened at $43.21 on Monday. Mercantile Bank Co. has a 12 month low of $32.51 and a 12 month high of $51.21. The company has a 50 day simple moving average of $43.80 and a two-hundred day simple moving average of $41.61. The stock has a market cap of $697.41 million, a P/E ratio of 8.68 and a beta of 0.95. The company has a current ratio of 1.03, a quick ratio of 1.02 and a debt-to-equity ratio of 1.03.

Mercantile Bank (NASDAQ:MBWM) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.18 by $0.04. The firm had revenue of $93.08 million during the quarter, compared to analysts’ expectations of $56.83 million. Mercantile Bank had a net margin of 22.77% and a return on equity of 14.91%. During the same period in the prior year, the company posted $1.30 earnings per share. On average, research analysts expect that Mercantile Bank Co. will post 4.87 earnings per share for the current year.

Mercantile Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Friday, December 6th will be issued a $0.36 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.44 dividend on an annualized basis and a yield of 3.33%. Mercantile Bank’s dividend payout ratio is currently 28.92%.

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.