WBI Investments Inc. acquired a new position in shares of Mercantile Bank Corp. (NASDAQ:MBWM) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 18,513 shares of the financial services provider’s stock, valued at approximately $684,000.
Other institutional investors and hedge funds also recently modified their holdings of the company. SG Americas Securities LLC acquired a new stake in Mercantile Bank during the first quarter worth approximately $102,000. US Bancorp DE grew its stake in Mercantile Bank by 119.1% during the first quarter. US Bancorp DE now owns 4,333 shares of the financial services provider’s stock worth $144,000 after purchasing an additional 2,355 shares during the period. Well Done LLC acquired a new stake in Mercantile Bank during the first quarter worth approximately $187,000. Trexquant Investment LP acquired a new stake in Mercantile Bank during the first quarter worth approximately $204,000. Finally, MetLife Investment Advisors LLC acquired a new stake in Mercantile Bank during the fourth quarter worth approximately $306,000. Institutional investors own 54.67% of the company’s stock.
MBWM has been the subject of several recent analyst reports. BidaskClub cut Mercantile Bank from a “buy” rating to a “hold” rating in a research note on Friday, July 20th. Keefe, Bruyette & Woods raised their price objective on Mercantile Bank from $40.00 to $41.00 and gave the company a “$36.20” rating in a research note on Wednesday, July 18th. Finally, Zacks Investment Research raised Mercantile Bank from a “hold” rating to a “buy” rating and set a $41.00 price objective for the company in a research note on Friday, July 20th. Six equities research analysts have rated the stock with a hold rating, The company has a consensus rating of “Hold” and a consensus target price of $38.20.
Mercantile Bank (NASDAQ:MBWM) last announced its quarterly earnings data on Tuesday, July 17th. The financial services provider reported $0.57 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.57. Mercantile Bank had a return on equity of 9.96% and a net margin of 23.91%. The firm had revenue of $33.78 million during the quarter, compared to analysts’ expectations of $33.87 million. research analysts predict that Mercantile Bank Corp. will post 2.45 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 19th. Shareholders of record on Friday, September 7th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.68%. The ex-dividend date is Thursday, September 6th. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.22. Mercantile Bank’s dividend payout ratio (DPR) is 46.56%.
In related news, Director Michael H. Price sold 3,000 shares of Mercantile Bank stock in a transaction that occurred on Wednesday, May 30th. The stock was sold at an average price of $36.32, for a total transaction of $108,960.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 3.20% of the company’s stock.
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 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.
Further Reading: Diversification in Investing
Want to see what other hedge funds are holding MBWM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Mercantile Bank Corp. (NASDAQ:MBWM).
Receive News & Ratings for Mercantile Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mercantile Bank and related companies with MarketBeat.com's FREE daily email newsletter.