ProShare Advisors LLC Lowers Holdings in Mercantile Bank Corporation $MBWM

ProShare Advisors LLC reduced its position in shares of Mercantile Bank Corporation (NASDAQ:MBWM) by 12.8% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 138,480 shares of the financial services provider’s stock after selling 20,292 shares during the quarter. ProShare Advisors LLC owned about 0.85% of Mercantile Bank worth $6,427,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of MBWM. Focus Partners Advisor Solutions LLC grew its position in shares of Mercantile Bank by 1.3% during the 2nd quarter. Focus Partners Advisor Solutions LLC now owns 22,877 shares of the financial services provider’s stock worth $1,062,000 after buying an additional 300 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of Mercantile Bank by 3.6% in the first quarter. Principal Financial Group Inc. now owns 9,675 shares of the financial services provider’s stock valued at $420,000 after acquiring an additional 340 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Mercantile Bank by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,360 shares of the financial services provider’s stock worth $407,000 after acquiring an additional 382 shares during the period. Envestnet Asset Management Inc. grew its holdings in Mercantile Bank by 0.8% during the 1st 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 in the last quarter. Finally, Inspire Investing LLC grew its holdings in Mercantile Bank by 6.3% during the 2nd quarter. Inspire Investing LLC now owns 8,382 shares of the financial services provider’s stock worth $389,000 after acquiring an additional 495 shares in the last quarter. 58.63% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on MBWM shares. Piper Sandler boosted their price target on shares of Mercantile Bank from $47.50 to $56.00 and gave the company a “neutral” rating in a report on Wednesday, July 23rd. Zacks Research lowered shares of Mercantile Bank from a “strong-buy” rating to a “hold” rating in a report on Monday, September 22nd. Weiss Ratings restated a “buy (b-)” rating on shares of Mercantile Bank in a report on Tuesday, October 14th. Keefe, Bruyette & Woods increased their target price on 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 reiterated an “outperform” rating and issued a $52.00 price target (down from $55.00) on shares of Mercantile Bank in a report on Wednesday, October 22nd. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $54.50.

Mercantile Bank Trading Down 0.3%

NASDAQ:MBWM opened at $45.55 on Friday. The firm has a 50 day moving average of $45.63 and a 200 day moving average of $45.95. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.79. Mercantile Bank Corporation has a 52 week low of $37.76 and a 52 week high of $52.98. The stock has a market capitalization of $740.37 million, a price-to-earnings ratio of 8.63 and a beta of 0.94.

Mercantile Bank (NASDAQ:MBWM) last issued its quarterly 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. Mercantile Bank had a return on equity of 14.07% and a net margin of 23.05%.The business had revenue of $62.39 million for the quarter, compared to the consensus estimate of $61.33 million. As a group, sell-side analysts anticipate that Mercantile Bank Corporation will post 4.83 earnings per share for the current fiscal year.

Mercantile Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 17th. Shareholders of record on Friday, December 5th will be paid a $0.38 dividend. The ex-dividend date is Friday, December 5th. This represents a $1.52 dividend on an annualized basis and a yield of 3.3%. Mercantile Bank’s dividend payout ratio (DPR) is 28.79%.

Insiders Place Their Bets

In other Mercantile Bank news, Director Nelson F. Sanchez purchased 1,000 shares of the company’s stock in a transaction dated Friday, October 31st. The shares were acquired at an average price of $43.50 per share, for a total transaction of $43,500.00. Following the completion of the purchase, the director owned 3,502 shares of the company’s stock, valued at approximately $152,337. The trade was a 39.97% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate 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 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.