Rhumbline Advisers Lowers Stock Position in Mercantile Bank Corporation $MBWM

Rhumbline Advisers lowered its position in shares of Mercantile Bank Corporation (NASDAQ:MBWM) by 4.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 24,272 shares of the financial services provider’s stock after selling 1,147 shares during the quarter. Rhumbline Advisers owned about 0.15% of Mercantile Bank worth $1,054,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Virtus Advisers LLC purchased a new position in Mercantile Bank during the first quarter valued at $39,000. Point72 Asset Management L.P. bought a new position in shares of Mercantile Bank during the fourth quarter valued at $102,000. Squarepoint Ops LLC bought a new position in shares of Mercantile Bank during the fourth quarter valued at $211,000. EntryPoint Capital LLC bought a new stake in Mercantile Bank in the 1st quarter worth about $223,000. Finally, EP Wealth Advisors LLC increased its holdings in Mercantile Bank by 14.4% in the 1st quarter. EP Wealth Advisors LLC now owns 5,151 shares of the financial services provider’s stock worth $224,000 after buying an additional 650 shares in the last quarter. Hedge funds and other institutional investors own 58.63% of the company’s stock.

Mercantile Bank Price Performance

MBWM opened at $47.00 on Friday. Mercantile Bank Corporation has a 12-month low of $37.76 and a 12-month high of $52.98. The business’s fifty day simple moving average is $47.53 and its 200-day simple moving average is $45.24. The company has a market capitalization of $763.75 million, a price-to-earnings ratio of 9.33 and a beta of 0.95. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.79.

Mercantile Bank (NASDAQ:MBWM) last posted its earnings results on Tuesday, July 22nd. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.23 by $0.16. Mercantile Bank had a return on equity of 13.52% and a net margin of 22.11%.The company had revenue of $60.90 million for the quarter, compared to analyst estimates of $60.02 million. On average, equities research analysts anticipate that Mercantile Bank Corporation will post 4.83 earnings per share for the current fiscal year.

Mercantile Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 17th. Investors of record on Friday, September 5th were issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.2%. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend was Friday, September 5th. Mercantile Bank’s dividend payout ratio is presently 30.16%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Keefe, Bruyette & Woods boosted their price target on Mercantile Bank from $53.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday, July 23rd. Raymond James Financial upgraded Mercantile Bank from a “market perform” rating to an “outperform” rating and set a $55.00 price target for the company in a research note on Thursday, July 24th. Finally, Piper Sandler boosted their price target on Mercantile Bank from $47.50 to $56.00 and gave the company a “neutral” rating in a research note on Wednesday, July 23rd. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $55.25.

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.