Bank of America Corp DE Has $1.75 Million Stock Holdings in Mercantile Bank Co. (NASDAQ:MBWM)

Bank of America Corp DE raised its holdings in shares of Mercantile Bank Co. (NASDAQ:MBWM) by 5.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 39,259 shares of the financial services provider’s stock after purchasing an additional 2,032 shares during the quarter. Bank of America Corp DE owned approximately 0.24% of Mercantile Bank worth $1,747,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in MBWM. Picton Mahoney Asset Management acquired a new stake in shares of Mercantile Bank during the fourth quarter worth $29,000. Quantbot Technologies LP lifted its holdings 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 buying an additional 297 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new stake in shares of Mercantile Bank during the fourth quarter worth $133,000. Sei Investments Co. acquired a new stake in shares of Mercantile Bank during the fourth quarter worth $201,000. Finally, Intellus Advisors LLC acquired a new stake in shares of Mercantile Bank during the fourth quarter worth $243,000. Institutional investors and hedge funds own 58.63% of the company’s stock.

Mercantile Bank Stock Up 1.1%

MBWM opened at $44.16 on Wednesday. Mercantile Bank Co. has a fifty-two week low of $35.61 and a fifty-two week high of $52.98. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.01 and a current ratio of 1.02. The company has a market capitalization of $716.94 million, a P/E ratio of 8.92 and a beta of 0.87. The stock has a fifty day moving average of $42.70 and a 200-day moving average of $45.54.

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

Mercantile Bank Dividend Announcement

The business also recently declared 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. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date is Friday, June 6th. Mercantile Bank’s payout ratio is currently 30.71%.

Analysts Set New Price Targets

Separately, Piper Sandler dropped their target price on Mercantile Bank from $50.00 to $47.50 and set a “neutral” rating for the company in a report on Wednesday, April 23rd.

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.