Vanguard Group Inc. Acquires 27,403 Shares of Mercantile Bank Corporation $MBWM

Vanguard Group Inc. boosted its holdings in Mercantile Bank Corporation (NASDAQ:MBWM) by 2.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,066,368 shares of the financial services provider’s stock after acquiring an additional 27,403 shares during the quarter. Vanguard Group Inc. owned 6.21% of Mercantile Bank worth $51,292,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. American Century Companies Inc. boosted its position in Mercantile Bank by 9.2% in the third quarter. American Century Companies Inc. now owns 494,367 shares of the financial services provider’s stock valued at $22,247,000 after buying an additional 41,540 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Mercantile Bank by 37.7% in the third quarter. JPMorgan Chase & Co. now owns 214,647 shares of the financial services provider’s stock valued at $9,659,000 after buying an additional 58,743 shares in the last quarter. Hotchkis & Wiley Capital Management LLC boosted its position in Mercantile Bank by 36.9% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 201,713 shares of the financial services provider’s stock valued at $9,077,000 after buying an additional 54,373 shares in the last quarter. Bridgeway Capital Management LLC boosted its position in Mercantile Bank by 5.1% in the third quarter. Bridgeway Capital Management LLC now owns 113,164 shares of the financial services provider’s stock valued at $5,092,000 after buying an additional 5,522 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV boosted its position in Mercantile Bank by 3.9% in the third quarter. Mercer Global Advisors Inc. ADV now owns 110,593 shares of the financial services provider’s stock valued at $4,977,000 after buying an additional 4,200 shares in the last quarter. Institutional investors own 58.63% of the company’s stock.

Mercantile Bank Price Performance

Shares of MBWM stock opened at $49.87 on Friday. Mercantile Bank Corporation has a 1 year low of $42.17 and a 1 year high of $55.77. The firm’s 50 day moving average is $51.16 and its 200-day moving average is $49.88. The firm has a market capitalization of $861.25 million, a price-to-earnings ratio of 8.95 and a beta of 0.81. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.62.

Mercantile Bank (NASDAQ:MBWM) last announced its earnings results on Tuesday, April 21st. The financial services provider reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.33 by $0.13. Mercantile Bank had a net margin of 24.19% and a return on equity of 13.73%. The company had revenue of $67.59 million for the quarter, compared to analyst estimates of $67.41 million. Sell-side analysts forecast that Mercantile Bank Corporation will post 5.63 EPS for the current fiscal year.

Mercantile Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 17th. Stockholders of record on Friday, June 5th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Friday, June 5th. Mercantile Bank’s dividend payout ratio is presently 28.01%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on MBWM shares. Piper Sandler set a $57.00 price target on shares of Mercantile Bank in a research report on Wednesday, January 21st. Raymond James Financial set a $57.00 price target on shares of Mercantile Bank in a research report on Wednesday, January 21st. Stephens started coverage on shares of Mercantile Bank in a research report on Wednesday, March 25th. They issued an “equal weight” rating and a $54.00 price target on the stock. Keefe, Bruyette & Woods boosted their price target on shares of Mercantile Bank from $56.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, January 21st. Finally, Wall Street Zen upgraded shares of Mercantile Bank to a “hold” rating in a research report on Saturday, March 28th. Four equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, Mercantile Bank has an average rating of “Moderate Buy” and a consensus price target of $56.20.

Mercantile Bank Company Profile

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.