Tributary Capital Management LLC Has $11.98 Million Stock Holdings in Mercantile Bank Corporation $MBWM

Tributary Capital Management LLC cut its position in Mercantile Bank Corporation (NASDAQ:MBWM) by 7.1% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 258,209 shares of the financial services provider’s stock after selling 19,612 shares during the period. Tributary Capital Management LLC’s holdings in Mercantile Bank were worth $11,983,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in MBWM. Allspring Global Investments Holdings LLC acquired a new stake in shares of Mercantile Bank during the first quarter worth $288,000. Principal Financial Group Inc. raised its holdings in shares of Mercantile Bank by 3.6% during the first quarter. Principal Financial Group Inc. now owns 9,675 shares of the financial services provider’s stock worth $420,000 after acquiring an additional 340 shares during the period. Envestnet Asset Management Inc. raised its holdings in shares of Mercantile Bank by 0.8% during the first quarter. Envestnet Asset Management Inc. now owns 57,603 shares of the financial services provider’s stock worth $2,502,000 after acquiring an additional 446 shares during the period. CWM LLC raised its holdings in shares of Mercantile Bank by 61.3% during the first quarter. CWM LLC now owns 5,279 shares of the financial services provider’s stock worth $229,000 after acquiring an additional 2,007 shares during the period. Finally, Y Intercept Hong Kong Ltd acquired a new stake in shares of Mercantile Bank during the first quarter worth $438,000. 58.63% of the stock is currently owned by institutional investors and hedge funds.

Mercantile Bank Stock Performance

NASDAQ MBWM opened at $45.26 on Thursday. The firm has a 50-day moving average of $46.77 and a 200-day moving average of $45.41. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.98 and a current ratio of 0.98. The stock has a market cap of $735.48 million, a PE ratio of 8.57 and a beta of 0.87. Mercantile Bank Corporation has a 52-week low of $37.76 and a 52-week high of $52.98.

Mercantile Bank (NASDAQ:MBWM) last posted its earnings results on Tuesday, October 21st. The financial services provider reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.38 by $0.08. The company had revenue of $65.48 million during the quarter, compared to analysts’ expectations of $61.33 million. Mercantile Bank had a net margin of 23.05% and a return on equity of 14.07%. On average, sell-side analysts anticipate that Mercantile Bank Corporation will post 4.83 EPS for the current year.

Mercantile Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 17th. Stockholders of record on Friday, December 5th will be paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date is Friday, December 5th. Mercantile Bank’s dividend payout ratio (DPR) is currently 30.16%.

Analyst Upgrades and Downgrades

MBWM has been the topic of a number of research analyst reports. Weiss Ratings restated a “buy (b-)” rating on shares of Mercantile Bank in a report on Tuesday, October 14th. Zacks Research downgraded shares of Mercantile Bank from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 22nd. Piper Sandler raised their target price on shares of Mercantile Bank from $47.50 to $56.00 and gave the company a “neutral” rating in a research report on Wednesday, July 23rd. Keefe, Bruyette & Woods raised their target price on shares of Mercantile Bank from $53.00 to $56.00 and gave the company an “outperform” rating in a research report on Wednesday, July 23rd. Finally, Raymond James Financial reaffirmed an “outperform” rating and issued a $52.00 target price (down previously from $55.00) on shares of Mercantile Bank in a research report on Wednesday. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $54.50.

Mercantile Bank 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.