Mercantile Bank (NASDAQ:MBWM) Sees Large Volume Increase

Mercantile Bank Co. (NASDAQ:MBWMGet Rating) shares saw strong trading volume on Tuesday . 2,715 shares traded hands during mid-day trading, a decline of 90% from the previous session’s volume of 28,242 shares.The stock last traded at $34.87 and had previously closed at $35.36.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. StockNews.com raised shares of Mercantile Bank from a “hold” rating to a “buy” rating in a report on Thursday, October 20th. Piper Sandler lowered their price target on shares of Mercantile Bank to $33.00 in a report on Thursday, September 29th. Hovde Group raised shares of Mercantile Bank from a “market perform” rating to an “outperform” rating and set a $41.00 target price for the company in a report on Thursday, July 28th. Finally, Raymond James lifted their target price on shares of Mercantile Bank from $35.00 to $38.00 and gave the stock an “outperform” rating in a report on Wednesday, October 19th.

Mercantile Bank Stock Down 1.0 %

The business’s fifty day simple moving average is $32.93 and its 200 day simple moving average is $32.94. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.14. The stock has a market cap of $550.85 million, a price-to-earnings ratio of 10.78 and a beta of 1.01.

Mercantile Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 14th. Stockholders of record on Friday, December 2nd will be issued a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 3.69%. The ex-dividend date is Thursday, December 1st. Mercantile Bank’s dividend payout ratio (DPR) is 39.75%.

Hedge Funds Weigh In On Mercantile Bank

Institutional investors and hedge funds have recently made changes to their positions in the company. Oliver Lagore Vanvalin Investment Group acquired a new position in shares of Mercantile Bank in the 1st quarter valued at $42,000. SWS Partners acquired a new position in shares of Mercantile Bank in the 1st quarter valued at $43,000. Amalgamated Bank acquired a new position in shares of Mercantile Bank in the 1st quarter valued at $65,000. Nisa Investment Advisors LLC lifted its position in Mercantile Bank by 14.1% in the 2nd quarter. Nisa Investment Advisors LLC now owns 2,990 shares of the financial services provider’s stock valued at $96,000 after acquiring an additional 370 shares in the last quarter. Finally, UBS Group AG lifted its position in Mercantile Bank by 21.7% in the 3rd quarter. UBS Group AG now owns 3,436 shares of the financial services provider’s stock valued at $102,000 after acquiring an additional 612 shares in the last quarter. Institutional investors and hedge funds own 56.72% of the company’s stock.

About Mercantile Bank

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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.

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