UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Boosts Stake in Mercantile Bank Co. (NASDAQ:MBWM)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Mercantile Bank Co. (NASDAQ:MBWM) by 62.6% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 28,506 shares of the financial services provider’s stock after purchasing an additional 10,979 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.18% of Mercantile Bank worth $1,268,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MBWM. Squarepoint Ops LLC purchased a new stake in Mercantile Bank during the 4th quarter worth about $211,000. Two Sigma Investments LP increased its holdings in Mercantile Bank by 14.1% during the 4th quarter. Two Sigma Investments LP now owns 30,845 shares of the financial services provider’s stock worth $1,372,000 after purchasing an additional 3,809 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Mercantile Bank during the 4th quarter worth about $35,000. Point72 Asset Management L.P. purchased a new stake in Mercantile Bank during the 4th quarter worth about $102,000. Finally, Nuveen Asset Management LLC increased its holdings in Mercantile Bank by 12.6% during the 4th quarter. Nuveen Asset Management LLC now owns 44,936 shares of the financial services provider’s stock worth $1,999,000 after purchasing an additional 5,045 shares during the period. Hedge funds and other institutional investors own 58.63% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Piper Sandler lowered 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 Performance

Mercantile Bank stock opened at $44.64 on Tuesday. 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 stock has a fifty day moving average of $42.73 and a two-hundred day moving average of $45.38. The company has a market capitalization of $724.73 million, a price-to-earnings ratio of 9.02 and a beta of 0.88. Mercantile Bank Co. has a fifty-two week low of $35.61 and a fifty-two week high of $52.98.

Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings data on Tuesday, April 22nd. The financial services provider reported $1.21 earnings per share (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 business had revenue of $57.20 million for the quarter, compared to analysts’ expectations of $57.57 million. On average, analysts anticipate that Mercantile Bank Co. will post 4.83 EPS for the current fiscal year.

Mercantile Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Friday, June 6th will be paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.32%. The ex-dividend date of this dividend is Friday, June 6th. Mercantile Bank’s dividend payout ratio is presently 30.71%.

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.