Mercantile Bank Corporation (MBWM) Position Increased by Geode Capital Management LLC
Geode Capital Management LLC boosted its position in shares of Mercantile Bank Corporation (NASDAQ:MBWM) by 12.6% during the first quarter, Holdings Channel reports. The institutional investor owned 129,692 shares of the financial services provider’s stock after buying an additional 14,551 shares during the period. Geode Capital Management LLC’s holdings in Mercantile Bank Corporation were worth $4,461,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Highbridge Capital Management LLC purchased a new stake in Mercantile Bank Corporation during the fourth quarter worth $320,000. First National Bank of Omaha purchased a new stake in Mercantile Bank Corporation during the first quarter worth $785,000. Nationwide Fund Advisors increased its stake in Mercantile Bank Corporation by 12.0% in the first quarter. Nationwide Fund Advisors now owns 13,334 shares of the financial services provider’s stock worth $459,000 after buying an additional 1,430 shares in the last quarter. Independent Portfolio Consultants Inc. purchased a new stake in Mercantile Bank Corporation during the first quarter worth $562,000. Finally, Dubuque Bank & Trust Co. purchased a new stake in Mercantile Bank Corporation during the first quarter worth $140,000. 52.81% of the stock is owned by institutional investors and hedge funds.
Shares of Mercantile Bank Corporation (NASDAQ MBWM) traded up 0.333% during mid-day trading on Tuesday, hitting $31.635. 2,184 shares of the stock traded hands. The stock has a market cap of $521.41 million, a price-to-earnings ratio of 16.782 and a beta of 0.67. Mercantile Bank Corporation has a 52 week low of $25.06 and a 52 week high of $38.68. The firm’s 50-day moving average is $31.82 and its 200-day moving average is $32.62.
Mercantile Bank Corporation (NASDAQ:MBWM) last posted its earnings results on Tuesday, July 18th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.45. Mercantile Bank Corporation had a return on equity of 8.85% and a net margin of 22.25%. The firm had revenue of $31.24 million for the quarter, compared to analysts’ expectations of $31.27 million. On average, analysts forecast that Mercantile Bank Corporation will post $1.88 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 20th. Stockholders of record on Friday, September 8th will be paid a dividend of $0.19 per share. The ex-dividend date of this dividend is Thursday, September 7th. This is a boost from Mercantile Bank Corporation’s previous quarterly dividend of $0.18. This represents a $0.76 annualized dividend and a dividend yield of 2.41%. Mercantile Bank Corporation’s payout ratio is 38.30%.
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A number of analysts have weighed in on MBWM shares. Zacks Investment Research downgraded shares of Mercantile Bank Corporation from a “buy” rating to a “hold” rating in a research report on Saturday, April 22nd. ValuEngine raised shares of Mercantile Bank Corporation from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Finally, DA Davidson started coverage on shares of Mercantile Bank Corporation in a research report on Wednesday, July 5th. They set a “neutral” rating and a $35.00 target price for the company. One analyst has rated the stock with a sell rating and five have given a hold rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $32.60.
In other news, Director Thomas R. Sullivan sold 2,797 shares of the business’s stock in a transaction that occurred on Tuesday, June 13th. The stock was sold at an average price of $33.24, for a total transaction of $92,972.28. Following the transaction, the director now directly owns 19,523 shares of the company’s stock, valued at $648,944.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Thomas R. Sullivan sold 3,801 shares of the business’s stock in a transaction that occurred on Monday, June 12th. The shares were sold at an average price of $34.23, for a total value of $130,108.23. Following the transaction, the director now directly owns 19,523 shares in the company, valued at $668,272.29. The disclosure for this sale can be found here. Insiders have sold 13,711 shares of company stock worth $463,144 over the last three months. Insiders own 3.44% of the company’s stock.
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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