Susquehanna Fundamental Investments LLC Purchases New Holdings in Mercantile Bank Corporation $MBWM

Susquehanna Fundamental Investments LLC acquired a new position in shares of Mercantile Bank Corporation (NASDAQ:MBWM) during the 2nd quarter, Holdings Channel.com reports. The fund acquired 10,098 shares of the financial services provider’s stock, valued at approximately $580,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of MBWM. Kestra Advisory Services LLC bought a new position in shares of Mercantile Bank during the fourth quarter valued at approximately $26,000. Burnham & Co LLC bought a new stake in shares of Mercantile Bank in the 2nd quarter worth approximately $29,000. Quadrant Capital Group LLC grew its stake in shares of Mercantile Bank by 63.8% in the 4th quarter. Quadrant Capital Group LLC now owns 891 shares of the financial services provider’s stock worth $43,000 after buying an additional 347 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Mercantile Bank by 29.9% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,682 shares of the financial services provider’s stock worth $85,000 after buying an additional 387 shares during the last quarter. Finally, Aquatic Capital Management LLC increased its position in Mercantile Bank by 94.9% during the 3rd quarter. Aquatic Capital Management LLC now owns 3,235 shares of the financial services provider’s stock valued at $146,000 after buying an additional 1,575 shares in the last quarter. Hedge funds and other institutional investors own 58.63% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on MBWM shares. Keefe, Bruyette & Woods lifted their price objective on Mercantile Bank from $60.00 to $64.00 and gave the company an “outperform” rating in a research note on Wednesday, July 22nd. Weiss Ratings reissued a “buy (b)” rating on shares of Mercantile Bank in a research note on Friday, June 12th. Hovde Group downgraded Mercantile Bank from an “outperform” rating to a “market perform” rating and set a $62.00 price target for the company. in a report on Wednesday, July 22nd. Piper Sandler set a $65.00 price target on Mercantile Bank in a research report on Wednesday, July 22nd. Finally, Raymond James Financial began coverage on shares of Mercantile Bank in a research note on Tuesday. They issued an “outperform” rating and a $65.00 price target on the stock. Three investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $62.00.

Mercantile Bank Stock Performance

MBWM stock opened at $61.00 on Thursday. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.93 and a quick ratio of 0.93. Mercantile Bank Corporation has a 1 year low of $42.75 and a 1 year high of $62.39. The company has a market cap of $1.05 billion, a P/E ratio of 10.74 and a beta of 0.80. The stock’s fifty day moving average price is $59.20 and its 200-day moving average price is $54.58.

Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $1.53 EPS for the quarter, beating analysts’ consensus estimates of $1.32 by $0.21. Mercantile Bank had a return on equity of 13.66% and a net margin of 24.75%.The company had revenue of $68.76 million during the quarter, compared to analysts’ expectations of $68.81 million. On average, equities analysts forecast that Mercantile Bank Corporation will post 5.7 earnings per share for the current year.

Mercantile Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Friday, September 4th will be paid a $0.40 dividend. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.39. The ex-dividend date is Friday, September 4th. This represents a $1.60 annualized dividend and a dividend yield of 2.6%. Mercantile Bank’s dividend payout ratio (DPR) is currently 27.46%.

About Mercantile Bank

Mercantile Bank Corporation (NASDAQ: MBWM) is the bank holding company for Mercantile Bank of Michigan, a full-service commercial bank headquartered in Grand Rapids, Michigan. Through its state-chartered subsidiary, the company provides a broad range of financial products and services to small and mid-sized businesses, professionals and consumers across West and Central Michigan.

The bank’s core offerings include deposit products such as checking, savings and money market accounts, alongside commercial and consumer loan portfolios.