Northern Trust Corp Has $8.48 Million Holdings in Mercantile Bank Co. (NASDAQ:MBWM)

Northern Trust Corp increased its stake in Mercantile Bank Co. (NASDAQ:MBWM) by 5.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 190,490 shares of the financial services provider’s stock after purchasing an additional 10,491 shares during the period. Northern Trust Corp owned approximately 1.18% of Mercantile Bank worth $8,475,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Quantbot Technologies LP boosted its stake in Mercantile Bank by 14.6% in the 4th 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. Victory Capital Management Inc. boosted its stake 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 buying an additional 410 shares during the last quarter. Janney Montgomery Scott LLC boosted its stake 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 buying an additional 430 shares during the last quarter. Sterling Capital Management LLC boosted its stake 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 buying an additional 449 shares during the last quarter. Finally, Pitcairn Co. boosted its stake 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 buying an additional 463 shares during the last quarter. 58.63% of the stock is owned by institutional investors and hedge funds.

Mercantile Bank Trading Down 1.1%

Mercantile Bank stock opened at $45.81 on Monday. The firm has a 50-day moving average of $42.71 and a 200-day moving average of $45.80. Mercantile Bank Co. has a one year low of $35.61 and a one year high of $52.98. 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 company has a market cap of $743.73 million, a price-to-earnings ratio of 9.25 and a beta of 0.87.

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

Mercantile Bank Announces Dividend

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on MBWM shares. Piper Sandler reduced 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 note on Wednesday, April 23rd. Hovde Group upgraded shares of Mercantile Bank from a “market perform” rating to an “outperform” rating and set a $54.00 price objective for the company in a research note on Wednesday, January 22nd. Finally, Keefe, Bruyette & Woods increased their price objective 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.

Mercantile Bank 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.