Mercantile Bank Co. (NASDAQ:MBWM) Shares Bought by Nuveen Asset Management LLC

Nuveen Asset Management LLC raised its position in Mercantile Bank Co. (NASDAQ:MBWM) by 12.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 44,936 shares of the financial services provider’s stock after acquiring an additional 5,045 shares during the quarter. Nuveen Asset Management LLC owned 0.28% of Mercantile Bank worth $1,999,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the company. Picton Mahoney Asset Management acquired a new stake in shares of Mercantile Bank during the fourth quarter worth approximately $29,000. Quantbot Technologies LP raised its stake 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 valued at $104,000 after purchasing an additional 297 shares in the last quarter. KLP Kapitalforvaltning AS bought a new stake in shares of Mercantile Bank during the fourth quarter valued at about $133,000. EP Wealth Advisors LLC acquired a new position in Mercantile Bank during the fourth quarter worth about $200,000. Finally, Sei Investments Co. purchased a new position in Mercantile Bank in the 4th quarter worth about $201,000. Institutional investors and hedge funds own 58.63% of the company’s stock.

Analyst Ratings Changes

Separately, Piper Sandler decreased 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.

Mercantile Bank Stock Up 1.1%

Shares of Mercantile Bank stock opened at $44.16 on Wednesday. The stock has a 50-day simple moving average of $42.70 and a 200-day simple moving average of $45.54. Mercantile Bank Co. has a 52-week low of $35.61 and a 52-week 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 firm has a market cap of $716.94 million, a price-to-earnings ratio of 8.92 and a beta of 0.87.

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 the consensus estimate 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 the consensus estimate of $57.57 million. On average, equities research analysts expect that Mercantile Bank Co. will post 4.83 earnings per share for the current fiscal year.

Mercantile Bank Announces Dividend

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 dividend of $0.37 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.48 annualized dividend and a yield of 3.35%. Mercantile Bank’s dividend payout ratio (DPR) is 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.