Essex Investment Management Co. LLC bought a new position in shares of Mercantile Bank Corporation (NASDAQ:MBWM) during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 10,563 shares of the financial services provider’s stock, valued at approximately $369,000. Essex Investment Management Co. LLC owned 0.06% of Mercantile Bank Corporation as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Dimensional Fund Advisors LP increased its stake in Mercantile Bank Corporation by 3.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 898,181 shares of the financial services provider’s stock worth $28,275,000 after buying an additional 31,823 shares during the period. Vanguard Group Inc. increased its stake in Mercantile Bank Corporation by 7.1% during the 2nd quarter. Vanguard Group Inc. now owns 681,367 shares of the financial services provider’s stock worth $21,449,000 after buying an additional 45,330 shares during the period. Renaissance Technologies LLC increased its stake in Mercantile Bank Corporation by 1.8% during the 2nd quarter. Renaissance Technologies LLC now owns 681,215 shares of the financial services provider’s stock worth $21,445,000 after buying an additional 12,300 shares during the period. North Star Asset Management Inc. increased its stake in Mercantile Bank Corporation by 1.4% during the 3rd quarter. North Star Asset Management Inc. now owns 320,769 shares of the financial services provider’s stock worth $11,035,000 after buying an additional 4,353 shares during the period. Finally, State Street Corp increased its stake in Mercantile Bank Corporation by 6.6% during the 2nd quarter. State Street Corp now owns 305,837 shares of the financial services provider’s stock worth $9,629,000 after buying an additional 19,017 shares during the period. 54.56% of the stock is currently owned by hedge funds and other institutional investors.

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Mercantile Bank Corporation (NASDAQ:MBWM) opened at $35.93 on Monday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.81. The firm has a market cap of $592.50, a PE ratio of 18.81, a price-to-earnings-growth ratio of 2.35 and a beta of 0.70.

Mercantile Bank Corporation (NASDAQ:MBWM) last issued its earnings results on Tuesday, October 17th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.03. Mercantile Bank Corporation had a net margin of 22.18% and a return on equity of 9.00%. The business had revenue of $33.25 million during the quarter, compared to analysts’ expectations of $32.20 million. research analysts forecast that Mercantile Bank Corporation will post 1.91 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 20th. Stockholders of record on Friday, December 8th will be issued a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 2.12%. The ex-dividend date of this dividend is Thursday, December 7th. Mercantile Bank Corporation’s payout ratio is 39.79%.

In related news, Director Thomas R. Sullivan sold 10,739 shares of the stock in a transaction on Friday, October 20th. The shares were sold at an average price of $37.04, for a total transaction of $397,772.56. Following the completion of 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 can be accessed through the SEC website. Also, Director Thomas R. Sullivan sold 5,800 shares of the stock in a transaction on Friday, October 27th. The stock was sold at an average price of $37.29, for a total transaction of $216,282.00. Following the sale, the director now owns 20,273 shares of the company’s stock, valued at approximately $755,980.17. The disclosure for this sale can be found here. Corporate insiders own 3.20% of the company’s stock.

A number of equities research analysts have commented on MBWM shares. Zacks Investment Research downgraded shares of Mercantile Bank Corporation from a “hold” rating to a “sell” rating in a research report on Friday, July 21st. ValuEngine downgraded shares of Mercantile Bank Corporation from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. DA Davidson raised shares of Mercantile Bank Corporation from a “neutral” rating to a “buy” rating and set a $35.00 price objective on the stock in a research report on Monday, September 11th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and issued a $34.00 price objective on shares of Mercantile Bank Corporation in a research report on Tuesday, October 3rd. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Mercantile Bank Corporation has an average rating of “Hold” and a consensus price target of $35.25.

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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