Allspring Global Investments Holdings LLC Takes $288,000 Position in Mercantile Bank Corporation (NASDAQ:MBWM)

Allspring Global Investments Holdings LLC bought a new stake in Mercantile Bank Corporation (NASDAQ:MBWM) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 6,627 shares of the financial services provider’s stock, valued at approximately $288,000.

Several other hedge funds and other institutional investors have also made changes to their positions in MBWM. Millennium Management LLC boosted its holdings in shares of Mercantile Bank by 54.0% in the fourth quarter. Millennium Management LLC now owns 132,777 shares of the financial services provider’s stock valued at $5,907,000 after acquiring an additional 46,559 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Mercantile Bank by 48.8% during the fourth quarter. JPMorgan Chase & Co. now owns 122,532 shares of the financial services provider’s stock worth $5,451,000 after buying an additional 40,175 shares in the last quarter. SG Americas Securities LLC boosted its holdings in Mercantile Bank by 279.8% during the first quarter. SG Americas Securities LLC now owns 46,093 shares of the financial services provider’s stock worth $2,002,000 after buying an additional 33,956 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in Mercantile Bank during the fourth quarter worth about $1,392,000. Finally, American Century Companies Inc. boosted its holdings in Mercantile Bank by 8.2% during the fourth quarter. American Century Companies Inc. now owns 389,948 shares of the financial services provider’s stock worth $17,349,000 after buying an additional 29,604 shares in the last quarter. Hedge funds and other institutional investors own 58.63% of the company’s stock.

Analysts Set New Price Targets

Separately, Piper Sandler decreased their price objective on shares of Mercantile Bank from $50.00 to $47.50 and set a “neutral” rating on the stock in a report on Wednesday, April 23rd.

Mercantile Bank Stock Down 3.0%

MBWM stock opened at $48.44 on Friday. The company has a market cap of $786.67 million, a P/E ratio of 10.05 and a beta of 0.89. Mercantile Bank Corporation has a 52 week low of $37.76 and a 52 week high of $52.98. The company’s 50-day moving average price is $45.40 and its 200 day moving average price is $44.99. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.83.

Mercantile Bank (NASDAQ:MBWM) last announced its quarterly earnings results on Tuesday, April 22nd. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.02. Mercantile Bank had a net margin of 21.35% and a return on equity of 13.33%. The company had revenue of $57.20 million for the quarter, compared to the consensus estimate of $57.57 million. On average, research analysts expect that Mercantile Bank Corporation will post 4.83 earnings per share for the current fiscal year.

Mercantile Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Friday, June 6th were issued a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 3.06%. The ex-dividend date of this dividend was Friday, June 6th. Mercantile Bank’s dividend payout ratio (DPR) is presently 30.71%.

Mercantile Bank Company 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.