17,704 Shares in Mercantile Bank Corporation $MBWM Bought by Ieq Capital LLC

Ieq Capital LLC purchased a new stake in Mercantile Bank Corporation (NASDAQ:MBWM) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 17,704 shares of the financial services provider’s stock, valued at approximately $1,017,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Burnham & Co LLC bought a new position in Mercantile Bank in the 2nd quarter worth $29,000. First National Bank of Omaha purchased a new position in shares of Mercantile Bank during the second quarter valued at about $418,000. BlackRock Inc. bought a new position in Mercantile Bank in the second quarter worth about $88,105,000. Deutsche Bank AG bought a new position in Mercantile Bank in the second quarter worth about $1,030,000. Finally, Bank of New York Mellon Corp purchased a new stake in Mercantile Bank in the second quarter worth about $5,633,000. 58.63% of the stock is owned by hedge funds and other institutional investors.

Mercantile Bank Price Performance

MBWM stock opened at $59.74 on Friday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.93 and a current ratio of 0.93. The firm has a 50 day moving average price of $58.76 and a 200-day moving average price of $54.41. Mercantile Bank Corporation has a 52-week low of $42.75 and a 52-week high of $62.39. The firm has a market capitalization of $1.03 billion, a price-to-earnings ratio of 10.52 and a beta of 0.79.

Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $1.53 earnings per share for the quarter, topping the consensus estimate of $1.32 by $0.21. Mercantile Bank had a return on equity of 13.66% and a net margin of 24.75%.The company had revenue of $68.76 million for the quarter, compared to the consensus estimate of $68.81 million. Equities research analysts forecast that Mercantile Bank Corporation will post 5.7 EPS for the current fiscal year.

Mercantile Bank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Friday, September 4th will be paid a $0.40 dividend. This is an increase from Mercantile Bank’s previous quarterly dividend of $0.39. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Friday, September 4th. Mercantile Bank’s payout ratio is currently 27.46%.

Analysts Set New Price Targets

A number of research analysts have weighed in on MBWM shares. Piper Sandler set a $65.00 target price on Mercantile Bank in a report on Wednesday, July 22nd. Weiss Ratings restated a “buy (b)” rating on shares of Mercantile Bank in a research note on Friday, June 12th. Hovde Group cut Mercantile Bank from an “outperform” rating to a “market perform” rating and set a $62.00 price target on the stock. in a research note on Wednesday, July 22nd. Finally, Keefe, Bruyette & Woods upped their price target on Mercantile Bank from $60.00 to $64.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 22nd. Three equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $60.40.

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.