The Manufacturers Life Insurance Company Sells 242 Shares of Mercantile Bank Co. (NASDAQ:MBWM)

The Manufacturers Life Insurance Company trimmed its position in shares of Mercantile Bank Co. (NASDAQ:MBWM) by 4.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,770 shares of the financial services provider’s stock after selling 242 shares during the period. The Manufacturers Life Insurance Company’s holdings in Mercantile Bank were worth $252,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of MBWM. SG Americas Securities LLC bought a new stake in Mercantile Bank in the second quarter valued at about $374,000. Hennion & Walsh Asset Management Inc. increased its holdings in Mercantile Bank by 33.3% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 14,197 shares of the financial services provider’s stock valued at $576,000 after purchasing an additional 3,544 shares during the last quarter. Tributary Capital Management LLC lifted its stake in Mercantile Bank by 0.3% in the second quarter. Tributary Capital Management LLC now owns 248,480 shares of the financial services provider’s stock valued at $10,081,000 after buying an additional 753 shares during the period. Bank of New York Mellon Corp boosted its holdings in Mercantile Bank by 2.8% during the second quarter. Bank of New York Mellon Corp now owns 120,689 shares of the financial services provider’s stock worth $4,896,000 after buying an additional 3,324 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its holdings in Mercantile Bank by 58.7% during the second quarter. Allspring Global Investments Holdings LLC now owns 7,397 shares of the financial services provider’s stock worth $300,000 after buying an additional 2,737 shares during the last quarter. Institutional investors own 58.63% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods increased their price target on shares of Mercantile Bank from $50.00 to $56.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th.

Mercantile Bank Trading Up 0.2 %

MBWM opened at $49.25 on Tuesday. The firm’s fifty day simple moving average is $47.26 and its 200 day simple moving average is $44.15. Mercantile Bank Co. has a 12 month low of $33.46 and a 12 month high of $52.98. The stock has a market capitalization of $794.99 million, a P/E ratio of 9.89 and a beta of 0.99. The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 0.95.

Mercantile Bank (NASDAQ:MBWM) last released its earnings results on Tuesday, October 15th. The financial services provider reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.18 by $0.04. The business had revenue of $93.08 million during the quarter, compared to the consensus estimate of $56.83 million. Mercantile Bank had a net margin of 22.77% and a return on equity of 14.59%. During the same quarter last year, the firm earned $1.30 earnings per share. As a group, research analysts anticipate that Mercantile Bank Co. will post 4.87 EPS for the current fiscal year.

Mercantile Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Friday, December 6th will be issued a $0.36 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.92%. Mercantile Bank’s payout ratio is 28.92%.

Insider Transactions at Mercantile Bank

In related news, Director Robert B. Kaminski sold 4,000 shares of Mercantile Bank stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $49.51, for a total transaction of $198,040.00. Following the completion of the sale, the director now owns 25,610 shares of the company’s stock, valued at approximately $1,267,951.10. The trade was a 13.51 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last three months, insiders sold 10,550 shares of company stock worth $531,660. 3.08% of the stock is owned by company insiders.

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.