Mercantile Bank Co. (NASDAQ:MBWM) Shares Purchased by Fmr LLC

Fmr LLC raised its stake in shares of Mercantile Bank Co. (NASDAQ:MBWM) by 95.7% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 13,356 shares of the financial services provider’s stock after acquiring an additional 6,531 shares during the period. Fmr LLC owned approximately 0.08% of Mercantile Bank worth $584,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MBWM. Renaissance Technologies LLC raised its position in Mercantile Bank by 1.5% during the 2nd quarter. Renaissance Technologies LLC now owns 530,913 shares of the financial services provider’s stock worth $21,539,000 after buying an additional 8,100 shares during the last quarter. North Star Asset Management Inc. grew its holdings in Mercantile Bank by 0.7% in the second quarter. North Star Asset Management Inc. now owns 363,806 shares of the financial services provider’s stock valued at $14,760,000 after purchasing an additional 2,532 shares during the last quarter. American Century Companies Inc. raised its stake in shares of Mercantile Bank by 18.2% during the 2nd quarter. American Century Companies Inc. now owns 308,849 shares of the financial services provider’s stock worth $12,530,000 after buying an additional 47,528 shares during the last quarter. LSV Asset Management boosted its position in shares of Mercantile Bank by 15.4% in the 2nd quarter. LSV Asset Management now owns 260,129 shares of the financial services provider’s stock worth $10,553,000 after buying an additional 34,725 shares in the last quarter. Finally, Tributary Capital Management LLC grew its stake in Mercantile Bank by 0.3% in the 2nd quarter. Tributary Capital Management LLC now owns 248,480 shares of the financial services provider’s stock valued at $10,081,000 after acquiring an additional 753 shares during the last quarter. 58.63% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Insider Transactions at Mercantile Bank

In related news, Director Robert B. Kaminski sold 5,800 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $51.75, for a total transaction of $300,150.00. Following the completion of the sale, the director now directly owns 19,810 shares of the company’s stock, valued at approximately $1,025,167.50. This represents a 22.65 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 10,550 shares of company stock worth $531,660 in the last ninety days. Insiders own 3.08% of the company’s stock.

Mercantile Bank Stock Performance

NASDAQ:MBWM opened at $45.14 on Thursday. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.02 and a quick ratio of 1.01. The firm has a market cap of $728.65 million, a PE ratio of 9.06 and a beta of 0.99. The firm has a 50 day simple moving average of $47.45 and a 200-day simple moving average of $44.22. Mercantile Bank Co. has a 1-year low of $33.46 and a 1-year high of $52.98.

Mercantile Bank (NASDAQ:MBWM) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.18 by $0.04. Mercantile Bank had a return on equity of 14.59% and a net margin of 22.77%. The company had revenue of $93.08 million during the quarter, compared to the consensus estimate of $56.83 million. During the same period in the previous year, the firm posted $1.30 EPS. On average, equities analysts expect that Mercantile Bank Co. will post 4.87 EPS for the current year.

Mercantile Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 18th. Investors of record on Friday, December 6th were given a $0.36 dividend. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.44 annualized dividend and a dividend yield of 3.19%. Mercantile Bank’s dividend payout ratio is presently 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.