Royal Bank of Canada Sells 17,576 Shares of Mercantile Bank Corporation $MBWM

Royal Bank of Canada decreased its position in shares of Mercantile Bank Corporation (NASDAQ:MBWM) by 60.3% during the 1st quarter, HoldingsChannel.com reports. The fund owned 11,564 shares of the financial services provider’s stock after selling 17,576 shares during the period. Royal Bank of Canada’s holdings in Mercantile Bank were worth $584,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in MBWM. Kestra Advisory Services LLC bought a new position in Mercantile Bank in the fourth quarter valued at approximately $26,000. Quadrant Capital Group LLC lifted its stake in Mercantile Bank by 63.8% during the fourth quarter. Quadrant Capital Group LLC now owns 891 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 347 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in Mercantile Bank by 29.9% during the first quarter. PNC Financial Services Group Inc. now owns 1,682 shares of the financial services provider’s stock worth $85,000 after purchasing an additional 387 shares during the last quarter. Aquatic Capital Management LLC boosted its holdings in shares of Mercantile Bank by 94.9% in the 3rd quarter. Aquatic Capital Management LLC now owns 3,235 shares of the financial services provider’s stock valued at $146,000 after purchasing an additional 1,575 shares in the last quarter. Finally, Quantbot Technologies LP boosted its holdings in shares of Mercantile Bank by 251.9% in the 2nd quarter. Quantbot Technologies LP now owns 4,370 shares of the financial services provider’s stock valued at $203,000 after purchasing an additional 3,128 shares in the last quarter. Institutional investors and hedge funds own 58.63% of the company’s stock.

Mercantile Bank Price Performance

Shares of NASDAQ:MBWM opened at $60.31 on Tuesday. Mercantile Bank Corporation has a one year low of $42.75 and a one year high of $62.39. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.93 and a quick ratio of 0.93. The company has a market cap of $1.04 billion, a price-to-earnings ratio of 10.62 and a beta of 0.79. The firm has a 50 day simple moving average of $58.39 and a 200 day simple moving average of $54.30.

Mercantile Bank (NASDAQ:MBWM) last announced its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $1.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.32 by $0.21. The company had revenue of $68.76 million during the quarter, compared to the consensus estimate of $68.81 million. Mercantile Bank had a net margin of 24.75% and a return on equity of 13.66%. Research analysts predict that Mercantile Bank Corporation will post 5.7 earnings per share for the current fiscal year.

Mercantile Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Friday, September 4th will be given a dividend of $0.40 per share. The ex-dividend date is Friday, September 4th. This represents a $1.60 dividend on an annualized basis and a yield of 2.7%. This is an increase from Mercantile Bank’s previous quarterly dividend of $0.39. Mercantile Bank’s dividend payout ratio is presently 27.46%.

Analyst Upgrades and Downgrades

MBWM has been the topic of several recent analyst reports. Hovde Group lowered Mercantile Bank from an “outperform” rating to a “market perform” rating and set a $62.00 price target on the stock. in a research note on Wednesday, July 22nd. Weiss Ratings restated a “buy (b)” rating on shares of Mercantile Bank in a research report on Friday, June 12th. Keefe, Bruyette & Woods raised 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. Finally, Piper Sandler set a $65.00 target price on Mercantile Bank in a research report on Wednesday, July 22nd. Three research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Mercantile Bank presently has an average rating of “Hold” and a consensus target price of $60.40.

Mercantile Bank 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.