6,050 Shares in Mercantile Bank Co. (NASDAQ:MBWM) Acquired by Well Done LLC

Well Done LLC bought a new position in shares of Mercantile Bank Co. (NASDAQ:MBWM) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 6,050 shares of the financial services provider’s stock, valued at approximately $244,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. ICA Group Wealth Management LLC acquired a new stake in Mercantile Bank during the 4th quarter worth approximately $26,000. Lazard Asset Management LLC acquired a new stake in Mercantile Bank during the 4th quarter worth approximately $30,000. Macquarie Group Ltd. acquired a new stake in Mercantile Bank during the 4th quarter worth approximately $33,000. Comerica Bank acquired a new stake in Mercantile Bank during the 3rd quarter worth approximately $62,000. Finally, Qube Research & Technologies Ltd acquired a new stake in Mercantile Bank in the third quarter valued at approximately $78,000. Institutional investors and hedge funds own 58.63% of the company’s stock.

Analysts Set New Price Targets

MBWM has been the subject of several recent research reports. Janney Montgomery Scott raised shares of Mercantile Bank from a “neutral” rating to a “buy” rating in a research report on Tuesday, January 16th. Hovde Group downgraded shares of Mercantile Bank from an “outperform” rating to a “market perform” rating in a research report on Monday, March 4th.

Mercantile Bank Stock Up 0.2 %

NASDAQ:MBWM traded up $0.09 during trading hours on Thursday, hitting $38.13. The stock had a trading volume of 17,974 shares, compared to its average volume of 78,177. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.16. Mercantile Bank Co. has a 1-year low of $23.89 and a 1-year high of $42.82. The business has a 50 day simple moving average of $37.97 and a two-hundred day simple moving average of $36.08. The company has a market cap of $614.66 million, a PE ratio of 7.43 and a beta of 0.97.

Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings results on Tuesday, January 16th. The financial services provider reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.03. Mercantile Bank had a net margin of 27.09% and a return on equity of 16.85%. The business had revenue of $56.95 million during the quarter, compared to the consensus estimate of $56.00 million. During the same quarter last year, the company earned $1.37 earnings per share. Analysts predict that Mercantile Bank Co. will post 4.55 EPS for the current year.

Mercantile Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 13th. Investors of record on Friday, March 1st were paid a dividend of $0.35 per share. The ex-dividend date of this dividend was Thursday, February 29th. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.34. This represents a $1.40 annualized dividend and a yield of 3.67%. Mercantile Bank’s dividend payout ratio (DPR) is 27.29%.

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.