Teacher Retirement System of Texas Sells 11,833 Shares of Mercantile Bank Corporation (NASDAQ:MBWM)

Teacher Retirement System of Texas lowered its position in Mercantile Bank Corporation (NASDAQ:MBWM) by 38.8% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 18,688 shares of the financial services provider’s stock after selling 11,833 shares during the period. Teacher Retirement System of Texas owned 0.12% of Mercantile Bank worth $812,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Picton Mahoney Asset Management purchased a new stake in Mercantile Bank during the 4th quarter valued at $29,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Mercantile Bank in the fourth quarter worth about $35,000. Point72 Asset Management L.P. purchased a new position in Mercantile Bank in the fourth quarter worth about $102,000. Quantbot Technologies LP grew its position in 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 acquiring an additional 297 shares in the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new position in shares of Mercantile Bank during the fourth quarter valued at approximately $133,000. Institutional investors own 58.63% of the company’s stock.

Analysts Set New Price Targets

Separately, Piper Sandler reduced their price objective on shares of 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 Performance

Shares of MBWM stock opened at $49.44 on Tuesday. 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 Corporation has a 52 week low of $37.76 and a 52 week high of $52.98. The stock has a market capitalization of $802.91 million, a PE ratio of 10.26 and a beta of 0.89. The firm has a 50 day moving average of $45.40 and a two-hundred day moving average of $44.99.

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

Mercantile Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Friday, June 6th were issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 2.99%. The ex-dividend date was Friday, June 6th. Mercantile Bank’s dividend payout ratio is currently 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.