The Manufacturers Life Insurance Company Has $240,000 Stake in Mercantile Bank Co. (NASDAQ:MBWM)

The Manufacturers Life Insurance Company lowered its position in Mercantile Bank Co. (NASDAQ:MBWM) by 6.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,384 shares of the financial services provider’s stock after selling 386 shares during the period. The Manufacturers Life Insurance Company’s holdings in Mercantile Bank were worth $240,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its position in shares of Mercantile Bank by 35.1% in the third quarter. JPMorgan Chase & Co. now owns 82,357 shares of the financial services provider’s stock valued at $3,601,000 after acquiring an additional 21,411 shares during the period. Assenagon Asset Management S.A. bought a new stake in shares of Mercantile Bank in the fourth quarter valued at approximately $3,646,000. Janney Montgomery Scott LLC boosted its position in shares of Mercantile Bank by 3.8% in the fourth quarter. Janney Montgomery Scott LLC now owns 11,864 shares of the financial services provider’s stock valued at $528,000 after acquiring an additional 430 shares during the period. Tributary Capital Management LLC boosted its position in shares of Mercantile Bank by 16.2% in the fourth quarter. Tributary Capital Management LLC now owns 287,487 shares of the financial services provider’s stock valued at $12,790,000 after acquiring an additional 40,055 shares during the period. Finally, Empowered Funds LLC boosted its position in shares of Mercantile Bank by 5.0% in the fourth quarter. Empowered Funds LLC now owns 55,476 shares of the financial services provider’s stock valued at $2,468,000 after acquiring an additional 2,659 shares during the period. Institutional investors and hedge funds own 58.63% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on MBWM. Piper Sandler reduced their price objective on Mercantile Bank from $50.00 to $47.50 and set a “neutral” rating for the company in a research report on Wednesday, April 23rd. 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. Finally, Keefe, Bruyette & Woods increased their price objective on Mercantile Bank from $56.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, January 22nd.

Mercantile Bank Stock Down 1.1%

Shares of MBWM stock opened at $45.81 on Monday. The stock has a market cap of $743.73 million, a P/E 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. The stock has a fifty day moving average price of $42.71 and a 200 day moving average price of $45.80. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.02 and a quick ratio of 1.01.

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

Mercantile Bank Dividend Announcement

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

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.