Mercantile Bank (NASDAQ:MBWM) Trading Up 3.9%

Shares of Mercantile Bank Co. (NASDAQ:MBWM) traded up 3.9% on Friday . The company traded as high as $36.00 and last traded at $35.88. 43,792 shares changed hands during trading, a decline of 43% from the average session volume of 77,200 shares. The stock had previously closed at $34.53.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Hovde Group lowered Mercantile Bank from an “outperform” rating to a “market perform” rating in a research report on Monday, March 4th. Janney Montgomery Scott raised Mercantile Bank from a “neutral” rating to a “buy” rating in a report on Tuesday, January 16th. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $47.00 target price on shares of Mercantile Bank in a report on Wednesday.

Mercantile Bank Trading Up 4.0 %

The firm has a market cap of $578.87 million, a P/E ratio of 6.69 and a beta of 0.97. The stock has a fifty day simple moving average of $36.85 and a 200 day simple moving average of $36.57. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.04 and a current ratio of 1.04.

Mercantile Bank (NASDAQ:MBWM) last issued its quarterly earnings data on Tuesday, January 16th. The financial services provider reported $1.25 EPS for the quarter, topping the consensus estimate of $1.22 by $0.03. Mercantile Bank had a return on equity of 16.74% and a net margin of 25.58%. The company had revenue of $56.95 million during the quarter, compared to analyst estimates of $56.00 million. During the same quarter in the previous year, the company posted $1.37 earnings per share. On average, research analysts expect that Mercantile Bank Co. will post 4.79 earnings per share for the current fiscal year.

Mercantile Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 19th. Investors of record on Friday, June 7th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 3.90%. The ex-dividend date of this dividend is Friday, June 7th. Mercantile Bank’s payout ratio is currently 27.13%.

Institutional Trading of Mercantile Bank

Several large investors have recently modified their holdings of MBWM. Assenagon Asset Management S.A. lifted its position in Mercantile Bank by 95.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 70,793 shares of the financial services provider’s stock valued at $2,859,000 after purchasing an additional 34,567 shares in the last quarter. Hsbc Holdings PLC lifted its position in Mercantile Bank by 3.9% during the third quarter. Hsbc Holdings PLC now owns 9,059 shares of the financial services provider’s stock valued at $280,000 after purchasing an additional 338 shares in the last quarter. Swiss National Bank lifted its position in Mercantile Bank by 6.3% during the third quarter. Swiss National Bank now owns 35,200 shares of the financial services provider’s stock valued at $1,088,000 after purchasing an additional 2,100 shares in the last quarter. Trust Point Inc. purchased a new position in Mercantile Bank during the fourth quarter valued at $375,000. Finally, Vanguard Group Inc. lifted its position in Mercantile Bank by 1.7% during the third quarter. Vanguard Group Inc. now owns 799,865 shares of the financial services provider’s stock valued at $24,724,000 after purchasing an additional 13,400 shares in the last quarter. Institutional investors own 58.63% of the company’s stock.

About Mercantile Bank

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.