Envestnet Asset Management Inc. Has $3.05 Million Position in Mercantile Bank Corporation $MBWM

Envestnet Asset Management Inc. cut its position in Mercantile Bank Corporation (NASDAQ:MBWM) by 14.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 67,839 shares of the financial services provider’s stock after selling 11,192 shares during the quarter. Envestnet Asset Management Inc. owned about 0.42% of Mercantile Bank worth $3,053,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Allianz Asset Management GmbH lifted its holdings in shares of Mercantile Bank by 5.1% during the third quarter. Allianz Asset Management GmbH now owns 12,332 shares of the financial services provider’s stock worth $555,000 after buying an additional 600 shares in the last quarter. Jones Financial Companies Lllp raised its stake in Mercantile Bank by 116.0% in the 3rd quarter. Jones Financial Companies Lllp now owns 838 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 450 shares in the last quarter. Federated Hermes Inc. raised its stake in Mercantile Bank by 5.8% in the 3rd quarter. Federated Hermes Inc. now owns 7,594 shares of the financial services provider’s stock worth $342,000 after purchasing an additional 416 shares in the last quarter. Teacher Retirement System of Texas boosted its holdings in Mercantile Bank by 19.4% in the 3rd quarter. Teacher Retirement System of Texas now owns 15,884 shares of the financial services provider’s stock valued at $715,000 after purchasing an additional 2,578 shares during the period. Finally, Bailard Inc. grew its position in shares of Mercantile Bank by 5.6% during the 3rd quarter. Bailard Inc. now owns 17,001 shares of the financial services provider’s stock worth $765,000 after purchasing an additional 900 shares in the last quarter. 58.63% of the stock is owned by institutional investors and hedge funds.

Mercantile Bank Stock Up 2.3%

MBWM stock opened at $53.57 on Thursday. The firm has a 50-day moving average price of $51.23 and a 200-day moving average price of $48.11. Mercantile Bank Corporation has a 12 month low of $37.76 and a 12 month high of $55.77. The company has a current ratio of 0.98, a quick ratio of 0.97 and a debt-to-equity ratio of 0.74. The stock has a market capitalization of $920.33 million, a P/E ratio of 9.81 and a beta of 0.89.

Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings data on Tuesday, January 20th. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 net margin of 23.87% and a return on equity of 14.03%. As a group, equities research analysts anticipate that Mercantile Bank Corporation will post 4.83 EPS for the current fiscal year.

Mercantile Bank Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 18th. Stockholders of record on Friday, March 6th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Friday, March 6th. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.38. Mercantile Bank’s dividend payout ratio is currently 27.84%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on MBWM. Raymond James Financial set a $57.00 price target on shares of Mercantile Bank in a research report on Wednesday, January 21st. Keefe, Bruyette & Woods lifted their price objective on Mercantile Bank from $56.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, January 21st. Weiss Ratings reiterated a “buy (b-)” rating on shares of Mercantile Bank in a research report on Monday, December 29th. Hovde Group raised their price target on 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 price objective on shares of Mercantile Bank in a research report on Wednesday, January 21st. Four equities research 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 a consensus rating of “Moderate Buy” and a consensus price target 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.