Mercantile Bank Corporation $MBWM Shares Sold by Intech Investment Management LLC

Intech Investment Management LLC trimmed its stake in shares of Mercantile Bank Corporation (NASDAQ:MBWM) by 34.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,860 shares of the financial services provider’s stock after selling 3,654 shares during the period. Intech Investment Management LLC’s holdings in Mercantile Bank were worth $318,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of MBWM. Police & Firemen s Retirement System of New Jersey boosted its position in shares of Mercantile Bank by 18.6% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 3,839 shares of the financial services provider’s stock worth $178,000 after buying an additional 601 shares in the last quarter. Bailard Inc. lifted its holdings in shares of Mercantile Bank by 13.4% in the second quarter. Bailard Inc. now owns 16,101 shares of the financial services provider’s stock valued at $747,000 after purchasing an additional 1,900 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Mercantile Bank by 4.5% in the second quarter. Geode Capital Management LLC now owns 405,863 shares of the financial services provider’s stock valued at $18,839,000 after purchasing an additional 17,580 shares during the last quarter. Y Intercept Hong Kong Ltd grew its position 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 purchasing an additional 4,203 shares during the last quarter. Finally, Envestnet Asset Management Inc. increased its stake in shares of Mercantile Bank by 37.2% during the 2nd quarter. Envestnet Asset Management Inc. now owns 79,031 shares of the financial services provider’s stock worth $3,668,000 after purchasing an additional 21,428 shares in the last quarter. Hedge funds and other institutional investors own 58.63% of the company’s stock.

Mercantile Bank Stock Performance

Shares of Mercantile Bank stock opened at $46.03 on Monday. 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 $51.89. The firm’s 50-day simple moving average is $45.08 and its 200-day simple moving average is $46.10. The firm has a market cap of $748.09 million, a PE ratio of 8.72 and a beta of 0.94.

Mercantile Bank (NASDAQ:MBWM) last announced its quarterly earnings data on Tuesday, October 21st. The financial services provider reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.38 by $0.08. The firm had revenue of $62.39 million for the quarter, compared to analysts’ expectations of $61.33 million. Mercantile Bank had a return on equity of 14.07% and a net margin of 23.05%. Equities 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 disclosed a quarterly dividend, which will be paid on Wednesday, December 17th. Shareholders of record on Friday, December 5th will be issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend is Friday, December 5th. Mercantile Bank’s payout ratio is currently 28.79%.

Insiders Place Their Bets

In other Mercantile Bank news, Director Nelson F. Sanchez bought 1,000 shares of the stock in a transaction on Friday, October 31st. The stock was purchased at an average price of $43.50 per share, for a total transaction of $43,500.00. Following the completion of 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 ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.20% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Weiss Ratings reissued a “buy (b-)” rating on shares of Mercantile Bank in a research report on Tuesday, October 14th. Raymond James Financial reiterated an “outperform” rating and set a $52.00 price objective (down previously from $55.00) on shares of Mercantile Bank in a research report on Wednesday, October 22nd. Finally, Zacks Research downgraded shares of Mercantile Bank from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 22nd. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Mercantile Bank presently has a consensus 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.