Trexquant Investment LP Takes $204,000 Position in Mercantile Bank Co. (MBWM)

Trexquant Investment LP acquired a new position in shares of Mercantile Bank Co. (NASDAQ:MBWM) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,129 shares of the financial services provider’s stock, valued at approximately $204,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in MBWM. Millennium Management LLC acquired a new position in Mercantile Bank during the fourth quarter worth $3,255,000. BlackRock Inc. raised its holdings in Mercantile Bank by 3.8% during the fourth quarter. BlackRock Inc. now owns 967,524 shares of the financial services provider’s stock worth $34,220,000 after buying an additional 35,130 shares during the last quarter. First Trust Advisors LP raised its holdings in Mercantile Bank by 81.0% during the fourth quarter. First Trust Advisors LP now owns 61,614 shares of the financial services provider’s stock worth $2,179,000 after buying an additional 27,581 shares during the last quarter. Algert Global LLC purchased a new stake in shares of Mercantile Bank in the first quarter valued at about $781,000. Finally, Mackay Shields LLC purchased a new stake in shares of Mercantile Bank in the first quarter valued at about $770,000. Hedge funds and other institutional investors own 53.44% of the company’s stock.

Several brokerages have recently commented on MBWM. BidaskClub upgraded shares of Mercantile Bank from a “sell” rating to a “hold” rating in a report on Tuesday, April 24th. Hovde Group reiterated a “hold” rating and issued a $37.00 target price on shares of Mercantile Bank in a report on Wednesday, April 18th. ValuEngine upgraded shares of Mercantile Bank from a “hold” rating to a “buy” rating in a report on Saturday, February 3rd. Sandler O’Neill set a $37.00 target price on shares of Mercantile Bank and gave the company a “hold” rating in a report on Tuesday, March 27th. Finally, Zacks Investment Research downgraded shares of Mercantile Bank from a “buy” rating to a “hold” rating in a report on Wednesday, February 14th. Six research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Mercantile Bank has an average rating of “Hold” and an average target price of $36.80.

In other Mercantile Bank news, Director Thomas R. Sullivan sold 6,930 shares of Mercantile Bank stock in a transaction that occurred on Friday, March 2nd. The shares were sold at an average price of $34.28, for a total transaction of $237,560.40. Following the transaction, the director now directly owns 20,143 shares of the company’s stock, valued at $690,502.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 3.20% of the company’s stock.

Shares of MBWM stock opened at $35.89 on Monday. Mercantile Bank Co. has a one year low of $28.92 and a one year high of $38.08. The stock has a market capitalization of $595.70 million, a PE ratio of 18.99, a PEG ratio of 1.82 and a beta of 0.71. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.03 and a quick ratio of 1.03.

Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings results on Tuesday, April 17th. The financial services provider reported $0.66 EPS for the quarter, topping the consensus estimate of $0.56 by $0.10. The firm had revenue of $34.58 million for the quarter, compared to the consensus estimate of $33.03 million. Mercantile Bank had a net margin of 23.13% and a return on equity of 9.50%. equities research analysts anticipate that Mercantile Bank Co. will post 2.46 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 20th. Shareholders of record on Friday, June 8th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.45%. The ex-dividend date of this dividend is Thursday, June 7th. Mercantile Bank’s dividend payout ratio (DPR) is presently 46.56%.

About Mercantile Bank

Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan that provides commercial and retail banking services for 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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Institutional Ownership by Quarter for Mercantile Bank (NASDAQ:MBWM)

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