Mercantile Bank Corporation (NASDAQ:MBWM) Shares Bought by Principal Financial Group Inc.

Principal Financial Group Inc. raised its stake in Mercantile Bank Corporation (NASDAQ:MBWM) by 3.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,675 shares of the financial services provider’s stock after acquiring an additional 340 shares during the period. Principal Financial Group Inc. owned 0.06% of Mercantile Bank worth $420,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in Mercantile Bank by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 869,777 shares of the financial services provider’s stock valued at $38,696,000 after acquiring an additional 2,252 shares in the last quarter. American Century Companies Inc. boosted its stake in Mercantile Bank by 8.2% in the fourth quarter. American Century Companies Inc. now owns 389,948 shares of the financial services provider’s stock valued at $17,349,000 after acquiring an additional 29,604 shares in the last quarter. LSV Asset Management boosted its stake in Mercantile Bank by 3.6% in the fourth quarter. LSV Asset Management now owns 286,710 shares of the financial services provider’s stock valued at $12,756,000 after acquiring an additional 10,081 shares in the last quarter. Northern Trust Corp boosted its stake in Mercantile Bank by 5.8% in the fourth quarter. Northern Trust Corp now owns 190,490 shares of the financial services provider’s stock valued at $8,475,000 after acquiring an additional 10,491 shares in the last quarter. Finally, Millennium Management LLC boosted its stake in 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. Institutional investors and hedge funds own 58.63% of the company’s stock.

Mercantile Bank Price Performance

Shares of MBWM opened at $48.58 on Monday. Mercantile Bank Corporation has a fifty-two week low of $37.76 and a fifty-two week high of $52.98. The company has a market capitalization of $788.94 million, a price-to-earnings ratio of 10.08 and a beta of 0.89. The firm has a 50-day simple moving average of $45.90 and a 200-day simple moving average of $45.13. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.99 and a current ratio of 0.99.

Mercantile Bank (NASDAQ:MBWM) last announced its earnings results on Tuesday, April 22nd. The financial services provider reported $1.21 earnings per share for the quarter, topping 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 business had revenue of $57.20 million during the quarter, compared to the consensus estimate of $57.57 million. On average, equities research analysts anticipate that Mercantile Bank Corporation will post 4.83 earnings per share for the current year.

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 for the company in a research note on Wednesday, April 23rd.

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.