Swiss National Bank maintained its stake in shares of Mercantile Bank Corporation (NASDAQ:MBWM) during the first quarter, Holdings Channel reports. The fund owned 26,700 shares of the financial services provider’s stock at the end of the first quarter. Swiss National Bank’s holdings in Mercantile Bank Corporation were worth $918,000 as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in MBWM. Bank of New York Mellon Corp boosted its stake in shares of Mercantile Bank Corporation by 3.0% in the first quarter. Bank of New York Mellon Corp now owns 106,235 shares of the financial services provider’s stock worth $3,654,000 after buying an additional 3,104 shares in the last quarter. Wells Fargo & Company MN boosted its stake in shares of Mercantile Bank Corporation by 7.8% in the first quarter. Wells Fargo & Company MN now owns 34,855 shares of the financial services provider’s stock worth $1,199,000 after buying an additional 2,534 shares in the last quarter. Greenleaf Trust purchased a new stake in shares of Mercantile Bank Corporation during the first quarter worth approximately $379,000. Russell Investments Group Ltd. boosted its stake in shares of Mercantile Bank Corporation by 3.2% in the first quarter. Russell Investments Group Ltd. now owns 18,759 shares of the financial services provider’s stock worth $645,000 after buying an additional 575 shares in the last quarter. Finally, Dubuque Bank & Trust Co. purchased a new stake in shares of Mercantile Bank Corporation during the first quarter worth approximately $140,000. Hedge funds and other institutional investors own 52.77% of the company’s stock.
Shares of Mercantile Bank Corporation (NASDAQ MBWM) opened at 32.31 on Monday. Mercantile Bank Corporation has a 1-year low of $23.60 and a 1-year high of $38.68. The stock’s 50 day moving average is $31.96 and its 200-day moving average is $33.55. The firm has a market cap of $531.98 million, a PE ratio of 17.03 and a beta of 0.67.
Mercantile Bank Corporation (NASDAQ:MBWM) last issued its quarterly earnings results on Tuesday, April 18th. The financial services provider reported $0.46 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.03. The company had revenue of $31.36 million for the quarter, compared to the consensus estimate of $30.64 million. Mercantile Bank Corporation had a net margin of 22.44% and a return on equity of 8.96%. Analysts expect that Mercantile Bank Corporation will post $1.90 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, June 21st. Investors of record on Friday, June 9th were issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date was Wednesday, June 7th. Mercantile Bank Corporation’s dividend payout ratio (DPR) is currently 38.10%.
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A number of brokerages have commented on MBWM. DA Davidson began coverage on shares of Mercantile Bank Corporation in a research note on Wednesday, July 5th. They issued a “neutral” rating and a $35.00 price target for the company. ValuEngine upgraded shares of Mercantile Bank Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Zacks Investment Research cut shares of Mercantile Bank Corporation from a “buy” rating to a “hold” rating in a research note on Saturday, April 22nd. Finally, Keefe, Bruyette & Woods set a $35.00 price target on shares of Mercantile Bank Corporation and gave the company a “hold” rating in a research note on Monday, April 10th. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Mercantile Bank Corporation presently has an average rating of “Hold” and a consensus price target of $32.60.
In related news, Chairman Michael H. Price sold 9,535 shares of the business’s stock in a transaction dated Tuesday, April 25th. The shares were sold at an average price of $35.04, for a total value of $334,106.40. Following the transaction, the chairman now directly owns 46,726 shares of the company’s stock, valued at approximately $1,637,279.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Thomas R. Sullivan sold 7,113 shares of the business’s stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $33.75, for a total transaction of $240,063.75. Following the completion of the transaction, the director now directly owns 19,523 shares in the company, valued at $658,901.25. The disclosure for this sale can be found here. Insiders sold a total of 23,246 shares of company stock worth $797,251 over the last three months. 3.44% of the stock is owned by insiders.
About Mercantile Bank Corporation
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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