Wealth Enhancement Advisory Services LLC Makes New Investment in Mercantile Bank Corporation $MBWM

Wealth Enhancement Advisory Services LLC purchased a new stake in Mercantile Bank Corporation (NASDAQ:MBWM) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 4,760 shares of the financial services provider’s stock, valued at approximately $237,000.

Several other institutional investors have also recently added to or reduced their stakes in MBWM. Virtus Advisers LLC purchased a new stake in Mercantile Bank in the 1st quarter valued at approximately $39,000. EntryPoint Capital LLC purchased a new stake in Mercantile Bank in the 1st quarter valued at approximately $223,000. EP Wealth Advisors LLC boosted 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 valued at $224,000 after purchasing an additional 650 shares in the last quarter. Ieq Capital LLC purchased a new stake in Mercantile Bank in the 1st quarter valued at approximately $227,000. Finally, CWM LLC boosted its holdings in Mercantile Bank by 61.3% in the 1st quarter. CWM LLC now owns 5,279 shares of the financial services provider’s stock valued at $229,000 after purchasing an additional 2,007 shares in the last quarter. Institutional investors and hedge funds own 58.63% of the company’s stock.

Mercantile Bank Stock Performance

Shares of Mercantile Bank stock opened at $45.02 on Friday. The firm has a market cap of $731.58 million, a PE ratio of 8.93 and a beta of 0.87. The firm’s 50-day simple moving average is $46.84 and its 200-day simple moving average is $45.31. 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 1 year low of $37.76 and a 1 year high of $52.98.

Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings data on Tuesday, July 22nd. The financial services provider reported $1.39 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $60.02 million. Equities analysts forecast that Mercantile Bank Corporation will post 4.83 earnings per share for the current fiscal year.

Mercantile Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 17th. Investors of record on Friday, September 5th were paid a dividend of $0.38 per share. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.37. This represents a $1.52 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend was Friday, September 5th. Mercantile Bank’s dividend payout ratio (DPR) is currently 30.16%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on MBWM. Weiss Ratings reiterated a “buy (b)” rating on shares of Mercantile Bank in a research report on Saturday, September 27th. Piper Sandler lifted their price target on shares of Mercantile Bank from $47.50 to $56.00 and gave the company a “neutral” rating in a research report on Wednesday, July 23rd. Keefe, Bruyette & Woods lifted their price objective on Mercantile Bank from $53.00 to $56.00 and gave the stock an “outperform” rating in a research report 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 objective for the company in a research report on Thursday, July 24th. Finally, Zacks Research downgraded Mercantile Bank from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 22nd. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Mercantile Bank has an average rating of “Moderate Buy” and an average price target 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.