EMC Capital Management Buys 1,432 Shares of Mercantile Bank Corporation $MBWM

EMC Capital Management increased its stake in shares of Mercantile Bank Corporation (NASDAQ:MBWM) by 76.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,309 shares of the financial services provider’s stock after buying an additional 1,432 shares during the quarter. EMC Capital Management’s holdings in Mercantile Bank were worth $154,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Virtus Advisers LLC bought a new stake in shares of Mercantile Bank during the 1st quarter valued at $39,000. Ameritas Advisory Services LLC acquired a new position in Mercantile Bank in the second quarter valued at about $42,000. Farther Finance Advisors LLC bought a new stake in Mercantile Bank during the second quarter worth about $54,000. Oliver Lagore Vanvalin Investment Group bought a new stake in Mercantile Bank during the second quarter worth about $80,000. Finally, Police & Firemen s Retirement System of New Jersey grew its stake in Mercantile Bank by 18.6% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 3,839 shares of the financial services provider’s stock worth $178,000 after buying an additional 601 shares in the last quarter. Institutional investors own 58.63% of the company’s stock.

Insider Buying and Selling

In other news, Director Nelson F. Sanchez bought 1,000 shares of the company’s stock in a transaction on Friday, October 31st. The stock was purchased at an average cost of $43.50 per share, for a total transaction of $43,500.00. Following the completion of the transaction, the director owned 3,502 shares of the company’s stock, valued at $152,337. This trade represents a 39.97% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 3.20% of the company’s stock.

Mercantile Bank Price Performance

Shares of NASDAQ:MBWM opened at $43.74 on Wednesday. Mercantile Bank Corporation has a one year low of $37.76 and a one year high of $52.98. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.98 and a quick ratio of 0.98. The company has a market cap of $710.95 million, a price-to-earnings ratio of 8.28 and a beta of 0.94. The firm has a 50 day simple moving average of $45.39 and a 200 day simple moving average of $46.03.

Mercantile Bank (NASDAQ:MBWM) last posted its earnings results on Tuesday, October 21st. The financial services provider reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $1.38 by $0.08. Mercantile Bank had a net margin of 23.05% and a return on equity of 14.07%. The firm had revenue of $62.39 million for the quarter, compared to analysts’ expectations of $61.33 million. Research analysts predict that Mercantile Bank Corporation will post 4.83 earnings per share for the current fiscal year.

Mercantile Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 17th. Shareholders of record on Friday, December 5th will be issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend is Friday, December 5th. Mercantile Bank’s dividend payout ratio is presently 28.79%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on MBWM. Zacks Research lowered shares of Mercantile Bank from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 22nd. Piper Sandler boosted their price objective on shares of Mercantile Bank from $47.50 to $56.00 and gave the company a “neutral” rating in a research report on Wednesday, July 23rd. Weiss Ratings restated a “buy (b-)” rating on shares of Mercantile Bank in a research note on Tuesday, October 14th. Raymond James Financial reaffirmed an “outperform” rating and issued a $52.00 target price (down previously from $55.00) on shares of Mercantile Bank in a report on Wednesday, October 22nd. Finally, Keefe, Bruyette & Woods lifted their price target on Mercantile Bank from $53.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday, July 23rd. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $54.50.

Mercantile Bank Company Profile

Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan that provides commercial and retail banking services to small- to medium-sized businesses and individuals in the United States. It accepts various deposit products, including checking, savings, and term certificate accounts; time deposits; and certificates of deposit.