Rhumbline Advisers Has $1.05 Million Holdings in Mercantile Bank Corporation (NASDAQ:MBWM)

Rhumbline Advisers cut its position in shares of Mercantile Bank Corporation (NASDAQ:MBWM) by 4.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 24,272 shares of the financial services provider’s stock after selling 1,147 shares during the quarter. Rhumbline Advisers owned 0.15% of Mercantile Bank worth $1,054,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the company. Picton Mahoney Asset Management purchased a new stake in shares of Mercantile Bank in the 4th quarter valued at approximately $29,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Mercantile Bank in the fourth quarter valued at $35,000. Point72 Asset Management L.P. purchased a new stake in shares of Mercantile Bank in the fourth quarter valued at $102,000. Quantbot Technologies LP boosted its position in shares of Mercantile Bank by 14.6% in 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 during the period. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of Mercantile Bank in the fourth quarter worth $133,000. 58.63% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, 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 note on Wednesday, April 23rd.

Mercantile Bank Stock Up 1.1%

MBWM stock opened at $43.56 on Friday. The company has a 50 day moving average of $43.39 and a two-hundred day moving average of $45.09. The company has a market cap of $707.41 million, a price-to-earnings ratio of 9.04 and a beta of 0.88. Mercantile Bank Corporation has a 12-month low of $36.50 and a 12-month high of $52.98. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.83.

Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings data 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. Mercantile Bank had a return on equity of 13.33% and a net margin of 21.35%. The firm had revenue of $57.20 million during the quarter, compared to analysts’ expectations of $57.57 million. On average, equities analysts anticipate that Mercantile Bank Corporation will post 4.83 earnings per share for the current fiscal year.

Mercantile Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Friday, June 6th were issued a dividend of $0.37 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.48 annualized dividend and a dividend yield of 3.40%. Mercantile Bank’s dividend payout ratio 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.