KLP Kapitalforvaltning AS Acquires New Position in Mercantile Bank Co. (NASDAQ:MBWM)

KLP Kapitalforvaltning AS bought a new position in shares of Mercantile Bank Co. (NASDAQ:MBWM) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 3,000 shares of the financial services provider’s stock, valued at approximately $133,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Picton Mahoney Asset Management acquired a new stake in shares of Mercantile Bank in the 4th quarter valued at approximately $29,000. Quantbot Technologies LP raised its position in shares of Mercantile Bank by 14.6% during the fourth quarter. Quantbot Technologies LP now owns 2,328 shares of the financial services provider’s stock worth $104,000 after purchasing an additional 297 shares during the period. Sei Investments Co. acquired a new stake in shares of Mercantile Bank during the fourth quarter worth about $201,000. Y Intercept Hong Kong Ltd bought a new position in shares of Mercantile Bank during the 3rd quarter valued at about $202,000. Finally, Intellus Advisors LLC acquired a new position in shares of Mercantile Bank in the 4th quarter valued at approximately $243,000. Institutional investors own 58.63% of the company’s stock.

Insider Activity at Mercantile Bank

In other news, Director Robert B. Kaminski sold 3,000 shares of the firm’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $49.14, for a total transaction of $147,420.00. Following the completion of the sale, the director now owns 16,810 shares in the company, valued at approximately $826,043.40. This trade represents a 15.14 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In the last ninety days, insiders sold 7,750 shares of company stock worth $382,695. Insiders own 3.08% of the company’s stock.

Mercantile Bank Price Performance

Shares of NASDAQ MBWM opened at $41.12 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 business has a 50-day moving average of $45.69 and a 200-day moving average of $45.94. The stock has a market capitalization of $667.42 million, a price-to-earnings ratio of 8.31 and a beta of 0.86. Mercantile Bank Co. has a fifty-two week low of $33.46 and a fifty-two week high of $52.98.

Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.07. Mercantile Bank had a return on equity of 14.29% and a net margin of 21.99%. As a group, sell-side analysts predict that Mercantile Bank Co. will post 4.83 earnings per share for the current fiscal year.

Mercantile Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Friday, March 7th were issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.60%. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.36. The ex-dividend date was Friday, March 7th. Mercantile Bank’s dividend payout ratio is presently 29.90%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on MBWM. Keefe, Bruyette & Woods upped their target price on shares of Mercantile Bank from $56.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 22nd. Hovde Group raised Mercantile Bank from a “market perform” rating to an “outperform” rating and set a $54.00 price objective for the company in a research report on Wednesday, January 22nd.

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.