12,254 Shares in Mercantile Bank Corporation $MBWM Acquired by Daytona Street Capital LLC

Daytona Street Capital LLC acquired a new position in Mercantile Bank Corporation (NASDAQ:MBWM) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 12,254 shares of the financial services provider’s stock, valued at approximately $589,000. Daytona Street Capital LLC owned about 0.08% of Mercantile Bank at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in MBWM. State of Alaska Department of Revenue purchased a new position in shares of Mercantile Bank in the third quarter worth approximately $29,000. Jones Financial Companies Lllp boosted its holdings in shares of Mercantile Bank by 116.0% in the third quarter. Jones Financial Companies Lllp now owns 838 shares of the financial services provider’s stock worth $38,000 after buying an additional 450 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of Mercantile Bank by 76.4% in the third quarter. Farther Finance Advisors LLC now owns 2,041 shares of the financial services provider’s stock worth $92,000 after buying an additional 884 shares during the last quarter. Aquatic Capital Management LLC boosted its holdings in shares of Mercantile Bank by 94.9% in the third quarter. Aquatic Capital Management LLC now owns 3,235 shares of the financial services provider’s stock worth $146,000 after buying an additional 1,575 shares during the last quarter. Finally, Quantbot Technologies LP boosted its holdings in shares of Mercantile Bank by 251.9% in the second quarter. Quantbot Technologies LP now owns 4,370 shares of the financial services provider’s stock worth $203,000 after buying an additional 3,128 shares during the last quarter. Hedge funds and other institutional investors own 58.63% of the company’s stock.

Mercantile Bank Price Performance

Shares of NASDAQ:MBWM opened at $51.53 on Tuesday. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.93 and a quick ratio of 0.93. Mercantile Bank Corporation has a 1-year low of $37.76 and a 1-year high of $55.77. The company has a market capitalization of $889.92 million, a P/E ratio of 9.44 and a beta of 0.85. The firm’s 50 day simple moving average is $51.85 and its two-hundred day simple moving average is $48.63.

Mercantile Bank (NASDAQ:MBWM) last issued its quarterly earnings results on Tuesday, January 20th. The financial services provider reported $1.40 earnings per share for the quarter, beating the consensus estimate of $1.37 by $0.03. Mercantile Bank had a net margin of 23.87% and a return on equity of 13.54%. The business had revenue of $62.07 million for the quarter, compared to the consensus estimate of $62.25 million. Research analysts expect that Mercantile Bank Corporation will post 4.83 EPS for the current fiscal year.

Mercantile Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 18th. Stockholders of record on Friday, March 6th were issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 3.0%. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Friday, March 6th. Mercantile Bank’s payout ratio is presently 28.57%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Weiss Ratings reissued a “buy (b-)” rating on shares of Mercantile Bank in a report on Monday, December 29th. Hovde Group lifted their price target on shares of Mercantile Bank from $53.00 to $56.00 and gave the company an “outperform” rating in a report on Thursday, December 18th. Keefe, Bruyette & Woods lifted their price target on shares of Mercantile Bank from $56.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, January 21st. Piper Sandler set a $57.00 price target on shares of Mercantile Bank in a report on Wednesday, January 21st. Finally, Wall Street Zen raised shares of Mercantile Bank to a “hold” rating in a report on Saturday, March 28th. Four analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $56.20.

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.