Semanteon Capital Management LP Buys New Holdings in Mercantile Bank Corporation $MBWM

Semanteon Capital Management LP acquired a new position in shares of Mercantile Bank Corporation (NASDAQ:MBWM) in the 3rd quarter, according to its most recent disclosure with the SEC. The fund acquired 9,858 shares of the financial services provider’s stock, valued at approximately $444,000. Semanteon Capital Management LP owned about 0.06% of Mercantile Bank at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. State of Alaska Department of Revenue purchased a new position in Mercantile Bank in the third quarter valued at approximately $29,000. Jones Financial Companies Lllp raised its stake in Mercantile Bank by 116.0% during the 3rd quarter. Jones Financial Companies Lllp now owns 838 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 450 shares in the last quarter. Farther Finance Advisors LLC raised its stake in Mercantile Bank by 76.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 2,041 shares of the financial services provider’s stock worth $92,000 after acquiring an additional 884 shares in the last quarter. EMC Capital Management lifted its position in Mercantile Bank by 76.3% in the second quarter. EMC Capital Management now owns 3,309 shares of the financial services provider’s stock valued at $154,000 after acquiring an additional 1,432 shares during the last quarter. Finally, Police & Firemen s Retirement System of New Jersey boosted its stake in Mercantile Bank by 18.6% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 3,839 shares of the financial services provider’s stock valued at $178,000 after acquiring an additional 601 shares in the last quarter. 58.63% of the stock is owned by institutional investors and hedge funds.

Mercantile Bank Stock Up 0.8%

Shares of NASDAQ:MBWM opened at $54.12 on Monday. The company has a quick ratio of 0.97, a current ratio of 0.98 and a debt-to-equity ratio of 0.74. The firm’s 50-day simple moving average is $51.04 and its 200-day simple moving average is $47.95. Mercantile Bank Corporation has a fifty-two week low of $37.76 and a fifty-two week high of $55.77. The company has a market cap of $929.78 million, a price-to-earnings ratio of 9.91 and a beta of 0.89.

Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings results on Tuesday, January 20th. The financial services provider reported $1.40 EPS for the quarter, beating the consensus estimate of $1.37 by $0.03. The business had revenue of $62.07 million during the quarter, compared to analysts’ expectations of $62.25 million. Mercantile Bank had a return on equity of 14.03% and a net margin of 23.87%. As a group, equities research analysts predict that Mercantile Bank Corporation will post 4.83 earnings per share for the current year.

Mercantile Bank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 18th. Shareholders of record on Friday, March 6th will be issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 2.9%. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Friday, March 6th. Mercantile Bank’s dividend payout ratio is 27.84%.

Analyst Ratings Changes

A number of research firms have recently commented on MBWM. Keefe, Bruyette & Woods lifted their target price on Mercantile Bank from $56.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 21st. Raymond James Financial set a $57.00 price target on Mercantile Bank in a research report on Wednesday, January 21st. Weiss Ratings reiterated a “buy (b-)” rating on shares of Mercantile Bank in a research note on Monday, December 29th. Hovde Group raised their target price on shares of Mercantile Bank from $53.00 to $56.00 and gave the stock an “outperform” rating in a research report on Thursday, December 18th. Finally, Piper Sandler set a $57.00 target price on shares of Mercantile Bank in a report on Wednesday, January 21st. 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.com, Mercantile Bank presently has an average rating of “Moderate Buy” and an average target price of $56.75.

Mercantile Bank Company Profile

Mercantile Bank Corporation (NASDAQ: MBWM) is the bank holding company for Mercantile Bank of Michigan, a full-service commercial bank headquartered in Grand Rapids, Michigan. Through its state-chartered subsidiary, the company provides a broad range of financial products and services to small and mid-sized businesses, professionals and consumers across West and Central Michigan.

The bank’s core offerings include deposit products such as checking, savings and money market accounts, alongside commercial and consumer loan portfolios.