Farther Finance Advisors LLC Acquires Shares of 1,157 Mercantile Bank Corporation $MBWM

Farther Finance Advisors LLC bought a new position in shares of Mercantile Bank Corporation (NASDAQ:MBWM) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,157 shares of the financial services provider’s stock, valued at approximately $54,000.

A number of other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Mercantile Bank by 16.9% during the 1st quarter. Vanguard Group Inc. now owns 1,017,076 shares of the financial services provider’s stock worth $44,182,000 after buying an additional 147,299 shares during the period. Nuveen LLC purchased a new stake in shares of Mercantile Bank during the first quarter worth about $3,209,000. Hotchkis & Wiley Capital Management LLC lifted its stake in shares of Mercantile Bank by 72.7% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 131,310 shares of the financial services provider’s stock worth $5,704,000 after acquiring an additional 55,290 shares in the last quarter. American Century Companies Inc. boosted its holdings in Mercantile Bank by 9.4% in the first quarter. American Century Companies Inc. now owns 426,625 shares of the financial services provider’s stock valued at $18,533,000 after purchasing an additional 36,677 shares during the last quarter. Finally, LSV Asset Management grew its stake in Mercantile Bank by 12.1% during the 1st quarter. LSV Asset Management now owns 321,486 shares of the financial services provider’s stock valued at $13,965,000 after purchasing an additional 34,776 shares in the last quarter. 58.63% of the stock is owned by institutional investors and hedge funds.

Mercantile Bank Stock Up 1.9%

Mercantile Bank stock opened at $45.74 on Tuesday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.98 and a current ratio of 0.98. Mercantile Bank Corporation has a one year low of $37.76 and a one year high of $52.98. The company has a 50-day simple moving average of $46.91 and a 200-day simple moving average of $45.32. The firm has a market capitalization of $743.28 million, a P/E ratio of 9.08 and a beta of 0.87.

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 analysts’ consensus estimates of $1.23 by $0.16. Mercantile Bank had a net margin of 22.11% and a return on equity of 13.52%. The firm had revenue of $60.90 million during the quarter, compared to analyst estimates of $60.02 million. As a group, equities analysts expect that Mercantile Bank Corporation will post 4.83 earnings per share for the current year.

Mercantile Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 17th. Investors of record on Friday, September 5th were issued a $0.38 dividend. 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. This represents a $1.52 dividend on an annualized basis and a yield of 3.3%. Mercantile Bank’s dividend payout ratio is currently 30.16%.

Analyst Upgrades and Downgrades

MBWM has been the topic of a number of recent analyst reports. Piper Sandler upped their target price on Mercantile Bank from $47.50 to $56.00 and gave the company a “neutral” rating in a research report on Wednesday, July 23rd. Raymond James Financial upgraded shares of 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. Weiss Ratings reiterated a “buy (b)” rating on shares of Mercantile Bank in a research note on Saturday, September 27th. Keefe, Bruyette & Woods raised their price objective on shares of Mercantile Bank from $53.00 to $56.00 and gave the stock an “outperform” rating in a report on Wednesday, July 23rd. Finally, Zacks Research lowered shares of Mercantile Bank from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 22nd. Four equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus 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.