Janney Montgomery Scott LLC Sells 294 Shares of Mercantile Bank Corporation $MBWM

Janney Montgomery Scott LLC reduced its stake in Mercantile Bank Corporation (NASDAQ:MBWM) by 2.5% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 11,572 shares of the financial services provider’s stock after selling 294 shares during the quarter. Janney Montgomery Scott LLC owned approximately 0.07% of Mercantile Bank worth $537,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Virtus Advisers LLC bought a new position in shares of Mercantile Bank in the first quarter valued at approximately $39,000. Farther Finance Advisors LLC bought a new stake in Mercantile Bank during the second quarter valued at about $54,000. Oliver Lagore Vanvalin Investment Group bought a new stake in Mercantile Bank during the second quarter valued at about $80,000. EntryPoint Capital LLC bought a new stake in Mercantile Bank during the first quarter valued at about $223,000. Finally, EP Wealth Advisors LLC boosted its holdings in Mercantile Bank by 14.4% during the first quarter. EP Wealth Advisors LLC now owns 5,151 shares of the financial services provider’s stock valued at $224,000 after acquiring an additional 650 shares during the period. 58.63% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently weighed in on MBWM. Keefe, Bruyette & Woods boosted 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 raised Mercantile Bank from a “market perform” rating to an “outperform” rating and set a $55.00 price target on the stock in a research report on Thursday, July 24th. Weiss Ratings restated a “buy (b-)” rating on shares of Mercantile Bank in a research note on Tuesday. Zacks Research downgraded shares of Mercantile Bank from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 22nd. Finally, Piper Sandler raised their price objective on shares of Mercantile Bank from $47.50 to $56.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 23rd. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, Mercantile Bank has an average rating of “Moderate Buy” and an average price target of $55.25.

Mercantile Bank Price Performance

Shares of NASDAQ:MBWM opened at $43.14 on Friday. The firm has a market capitalization of $701.03 million, a PE ratio of 8.56 and a beta of 0.87. Mercantile Bank Corporation has a 1-year low of $37.76 and a 1-year high of $52.98. The business’s 50 day moving average is $46.86 and its 200-day moving average is $45.33. 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 issued its earnings results on Tuesday, July 22nd. The financial services provider reported $1.39 EPS for the quarter, topping 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 firm had revenue of $60.90 million during the quarter, compared to analysts’ expectations of $60.02 million. Sell-side analysts predict that Mercantile Bank Corporation will post 4.83 earnings per share for the current year.

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.