Creative Planning Cuts Stake in Mercantile Bank Corporation $MBWM

Creative Planning decreased its position in Mercantile Bank Corporation (NASDAQ:MBWM) by 9.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 20,971 shares of the financial services provider’s stock after selling 2,083 shares during the period. Creative Planning owned about 0.13% of Mercantile Bank worth $973,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Allspring Global Investments Holdings LLC boosted its holdings in Mercantile Bank by 56.5% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 10,369 shares of the financial services provider’s stock valued at $481,000 after purchasing an additional 3,742 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Mercantile Bank in the 1st quarter valued at approximately $460,000. Y Intercept Hong Kong Ltd boosted its stake in shares of Mercantile Bank by 41.7% in the second quarter. Y Intercept Hong Kong Ltd now owns 14,292 shares of the financial services provider’s stock valued at $663,000 after buying an additional 4,203 shares in the last quarter. Cubist Systematic Strategies LLC grew its holdings in Mercantile Bank by 184.5% during the first quarter. Cubist Systematic Strategies LLC now owns 13,894 shares of the financial services provider’s stock worth $604,000 after acquiring an additional 9,010 shares during the period. Finally, Vanguard Group Inc. raised its position in Mercantile Bank by 16.9% in the first quarter. Vanguard Group Inc. now owns 1,017,076 shares of the financial services provider’s stock worth $44,182,000 after acquiring an additional 147,299 shares in the last quarter. 58.63% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Mercantile Bank

In other Mercantile Bank news, Director Nelson F. Sanchez acquired 1,000 shares of the company’s stock in a transaction dated Friday, October 31st. The stock was acquired at an average cost of $43.50 per share, with a total value of $43,500.00. Following the purchase, the director directly owned 3,502 shares in the company, valued at approximately $152,337. This trade represents a 39.97% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. 3.20% of the stock is owned by corporate insiders.

Mercantile Bank Trading Down 1.0%

Shares of MBWM stock opened at $46.03 on Monday. The stock has a market cap of $748.09 million, a P/E ratio of 8.72 and a beta of 0.94. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.79. Mercantile Bank Corporation has a fifty-two week low of $37.76 and a fifty-two week high of $51.89. The business has a fifty day simple moving average of $45.08 and a 200-day simple moving average of $46.10.

Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings data on Tuesday, October 21st. The financial services provider reported $1.46 EPS for the quarter, topping the consensus estimate of $1.38 by $0.08. Mercantile Bank had a net margin of 23.05% and a return on equity of 14.07%. The business had revenue of $62.39 million for the quarter, compared to analyst estimates of $61.33 million. On average, analysts forecast that Mercantile Bank Corporation will post 4.83 earnings per share for the current fiscal year.

Mercantile Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 17th. Stockholders of record on Friday, December 5th will be given a $0.38 dividend. The ex-dividend date is Friday, December 5th. This represents a $1.52 annualized dividend and a dividend yield of 3.3%. Mercantile Bank’s dividend payout ratio is currently 28.79%.

Wall Street Analysts Forecast Growth

MBWM has been the topic of several research analyst reports. Zacks Research lowered shares of Mercantile Bank from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 22nd. Weiss Ratings reiterated a “buy (b-)” rating on shares of Mercantile Bank in a research note on Tuesday, October 14th. Finally, Raymond James Financial reissued an “outperform” rating and set a $52.00 price objective (down previously from $55.00) on shares of Mercantile Bank in a report on Wednesday, October 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.com, Mercantile Bank currently has an average rating of “Moderate Buy” and an average target price of $54.50.

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.