Alliancebernstein L.P. raised its position in shares of Mercantile Bank Corporation (NASDAQ:MBWM) by 4.4% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 18,800 shares of the financial services provider’s stock after buying an additional 800 shares during the quarter. Alliancebernstein L.P. owned 0.11% of Mercantile Bank Corporation worth $592,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Dubuque Bank & Trust Co. lifted its stake in Mercantile Bank Corporation by 9.0% during the second quarter. Dubuque Bank & Trust Co. now owns 4,436 shares of the financial services provider’s stock valued at $140,000 after buying an additional 366 shares in the last quarter. Parametric Portfolio Associates LLC lifted its stake in Mercantile Bank Corporation by 41.5% during the first quarter. Parametric Portfolio Associates LLC now owns 9,767 shares of the financial services provider’s stock valued at $336,000 after buying an additional 2,866 shares in the last quarter. American International Group Inc. lifted its stake in Mercantile Bank Corporation by 7.0% during the first quarter. American International Group Inc. now owns 9,781 shares of the financial services provider’s stock valued at $336,000 after buying an additional 640 shares in the last quarter. IndexIQ Advisors LLC purchased a new stake in Mercantile Bank Corporation during the second quarter valued at about $433,000. Finally, Russell Investments Group Ltd. lifted its position in shares of Mercantile Bank Corporation by 9.6% in the second quarter. Russell Investments Group Ltd. now owns 20,562 shares of the financial services provider’s stock worth $647,000 after purchasing an additional 1,803 shares in the last quarter. 52.69% of the stock is owned by institutional investors.

In other news, Director Thomas R. Sullivan sold 10,739 shares of the company’s stock in a transaction that occurred on Friday, October 20th. The stock was sold at an average price of $37.04, for a total transaction of $397,772.56. Following the sale, the director now owns 20,273 shares in the company, valued at approximately $750,911.92. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Thomas R. Sullivan sold 5,800 shares of the business’s stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $37.29, for a total value of $216,282.00. Following the transaction, the director now directly owns 20,273 shares in the company, valued at $755,980.17. The disclosure for this sale can be found here. Corporate insiders own 3.20% of the company’s stock.

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MBWM has been the subject of a number of research analyst reports. ValuEngine lowered shares of Mercantile Bank Corporation from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $34.00 price target on shares of Mercantile Bank Corporation in a research report on Tuesday, October 3rd. DA Davidson lowered shares of Mercantile Bank Corporation from a “buy” rating to a “neutral” rating and set a $35.00 price target for the company. in a research report on Thursday, September 28th. Finally, Zacks Investment Research lowered shares of Mercantile Bank Corporation from a “hold” rating to a “sell” rating in a research report on Friday, July 21st. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $35.25.

Mercantile Bank Corporation (NASDAQ:MBWM) last released its earnings results on Tuesday, October 17th. The financial services provider reported $0.51 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.48 by $0.03. Mercantile Bank Corporation had a return on equity of 9.00% and a net margin of 22.18%. The firm had revenue of $33.25 million for the quarter, compared to analysts’ expectations of $32.20 million.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 20th. Stockholders of record on Friday, December 8th will be paid a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date is Thursday, December 7th. Mercantile Bank Corporation’s dividend payout ratio is currently 39.79%.

Mercantile Bank Corporation Company Profile

Mercantile Bank Corporation is a bank holding company. The Company owns the Mercantile Bank of Michigan (the Bank). The Bank is a state banking company. The Bank provides commercial banking services primarily to small- to medium-sized businesses and retail banking services. The Bank makes secured and unsecured commercial, construction, mortgage and consumer loans, and accepts checking, savings and time deposits.

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Institutional Ownership by Quarter for Mercantile Bank Corporation (NASDAQ:MBWM)

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