Bridgeway Capital Management LLC Has $4.57 Million Stock Holdings in Mercantile Bank Co. (NASDAQ:MBWM)

Bridgeway Capital Management LLC raised its position in shares of Mercantile Bank Co. (NASDAQ:MBWM) by 2.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 102,776 shares of the financial services provider’s stock after purchasing an additional 2,659 shares during the period. Bridgeway Capital Management LLC owned approximately 0.64% of Mercantile Bank worth $4,573,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Quantbot Technologies LP lifted its position in shares of Mercantile Bank by 14.6% during the 4th quarter. Quantbot Technologies LP now owns 2,328 shares of the financial services provider’s stock worth $104,000 after buying an additional 297 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Mercantile Bank by 2.4% in the fourth quarter. Victory Capital Management Inc. now owns 17,550 shares of the financial services provider’s stock worth $781,000 after acquiring an additional 410 shares during the last quarter. Janney Montgomery Scott LLC boosted its stake in shares of Mercantile Bank by 3.8% in the 4th quarter. Janney Montgomery Scott LLC now owns 11,864 shares of the financial services provider’s stock valued at $528,000 after purchasing an additional 430 shares in the last quarter. Sterling Capital Management LLC grew its holdings in shares of Mercantile Bank by 5.0% during the 4th quarter. Sterling Capital Management LLC now owns 9,345 shares of the financial services provider’s stock valued at $416,000 after purchasing an additional 449 shares during the last quarter. Finally, Pitcairn Co. increased its position in Mercantile Bank by 7.5% during the 4th quarter. Pitcairn Co. now owns 6,639 shares of the financial services provider’s stock worth $295,000 after purchasing an additional 463 shares in the last quarter. 58.63% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on MBWM. Piper Sandler decreased their target price on shares of Mercantile Bank from $50.00 to $47.50 and set a “neutral” rating on the stock in a research note on Wednesday, April 23rd. Keefe, Bruyette & Woods boosted their price objective on Mercantile Bank from $56.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 22nd. Finally, Hovde Group upgraded Mercantile Bank from a “market perform” rating to an “outperform” rating and set a $54.00 target price for the company in a research report on Wednesday, January 22nd.

Insider Activity

In other Mercantile Bank news, Director Robert B. Kaminski sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $50.22, for a total value of $50,220.00. Following the transaction, the director now directly owns 11,810 shares of the company’s stock, valued at approximately $593,098.20. The trade was a 7.81 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 1,750 shares of company stock valued at $83,745 in the last ninety days. 3.20% of the stock is owned by company insiders.

Mercantile Bank Price Performance

Shares of NASDAQ:MBWM opened at $43.28 on Thursday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.01 and a current ratio of 1.02. Mercantile Bank Co. has a 52 week low of $35.61 and a 52 week high of $52.98. The firm has a market cap of $702.65 million, a PE ratio of 8.74 and a beta of 0.87. The firm’s fifty day moving average is $42.76 and its 200-day moving average is $45.69.

Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings results on Tuesday, April 22nd. The financial services provider reported $1.21 EPS for the quarter, beating analysts’ consensus estimates of $1.19 by $0.02. Mercantile Bank had a return on equity of 14.29% and a net margin of 21.99%. The firm had revenue of $57.20 million for the quarter, compared to analyst estimates of $57.57 million. Sell-side analysts predict that Mercantile Bank Co. will post 4.83 earnings per share for the current year.

Mercantile Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Friday, June 6th will be paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.42%. The ex-dividend date of this dividend is Friday, June 6th. Mercantile Bank’s dividend payout ratio is 30.71%.

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.