Comerica Bank Has $266,000 Stock Position in Mercantile Bank Co. (NASDAQ:MBWM)

Comerica Bank decreased its position in Mercantile Bank Co. (NASDAQ:MBWM) by 4.6% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 5,988 shares of the financial services provider’s stock after selling 290 shares during the period. Comerica Bank’s holdings in Mercantile Bank were worth $266,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Quantbot Technologies LP lifted its position in Mercantile Bank by 14.6% during the 4th quarter. Quantbot Technologies LP now owns 2,328 shares of the financial services provider’s stock worth $104,000 after buying an additional 297 shares in the last quarter. Victory Capital Management Inc. grew its position in shares of Mercantile Bank by 2.4% during the 4th quarter. Victory Capital Management Inc. now owns 17,550 shares of the financial services provider’s stock worth $781,000 after purchasing an additional 410 shares in the last quarter. Janney Montgomery Scott LLC grew its position in shares of Mercantile Bank by 3.8% during the 4th quarter. Janney Montgomery Scott LLC now owns 11,864 shares of the financial services provider’s stock worth $528,000 after purchasing an additional 430 shares in the last quarter. Sterling Capital Management LLC grew its position in shares of Mercantile Bank by 5.0% during the 4th quarter. Sterling Capital Management LLC now owns 9,345 shares of the financial services provider’s stock worth $416,000 after purchasing an additional 449 shares in the last quarter. Finally, Pitcairn Co. lifted its holdings in shares of Mercantile Bank by 7.5% during the 4th quarter. Pitcairn Co. now owns 6,639 shares of the financial services provider’s stock worth $295,000 after acquiring an additional 463 shares during the period. 58.63% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on MBWM. Keefe, Bruyette & Woods upped their price target on shares of Mercantile Bank from $56.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, January 22nd. Piper Sandler decreased their price objective on shares of Mercantile Bank from $50.00 to $47.50 and set a “neutral” rating for the company in a research report on Wednesday, April 23rd. Finally, Hovde Group raised shares of Mercantile Bank from a “market perform” rating to an “outperform” rating and set a $54.00 price target for the company in a research note on Wednesday, January 22nd.

Mercantile Bank Trading Down 1.1%

NASDAQ:MBWM opened at $45.81 on Friday. 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 50-day moving average of $42.71 and a 200-day moving average of $45.77. The company has a market cap of $743.73 million, a PE ratio of 9.25 and a beta of 0.87. Mercantile Bank Co. has a one year low of $35.61 and a one year high of $52.98.

Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings results on Tuesday, April 22nd. The financial services provider reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.02. Mercantile Bank had a net margin of 21.99% and a return on equity of 14.29%. The business had revenue of $57.20 million for the quarter, compared to analysts’ expectations of $57.57 million. As a group, equities research analysts expect that Mercantile Bank Co. will post 4.83 EPS for the current fiscal year.

Mercantile Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Friday, June 6th will be paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 3.23%. The ex-dividend date of this dividend is Friday, June 6th. Mercantile Bank’s payout ratio is 30.71%.

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.