Mercantile Bank Corporation $MBWM Shares Sold by SG Americas Securities LLC

SG Americas Securities LLC cut its holdings in shares of Mercantile Bank Corporation (NASDAQ:MBWM) by 81.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,279 shares of the financial services provider’s stock after selling 32,763 shares during the quarter. SG Americas Securities LLC’s holdings in Mercantile Bank were worth $328,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Focus Partners Advisor Solutions LLC lifted its stake in Mercantile Bank by 1.3% in 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 purchasing an additional 300 shares in the last quarter. Cerity Partners LLC increased its holdings in shares of Mercantile Bank by 1.4% in the second quarter. Cerity Partners LLC now owns 21,779 shares of the financial services provider’s stock valued at $1,011,000 after purchasing an additional 308 shares during the last quarter. Federated Hermes Inc. lifted its position in Mercantile Bank by 4.5% during the second quarter. Federated Hermes Inc. now owns 7,178 shares of the financial services provider’s stock worth $333,000 after buying an additional 309 shares in the last quarter. Engineers Gate Manager LP boosted its stake in Mercantile Bank by 3.2% during the second quarter. Engineers Gate Manager LP now owns 11,579 shares of the financial services provider’s stock worth $537,000 after buying an additional 357 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Mercantile Bank by 4.3% during 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 buying an additional 382 shares during the last quarter. Hedge funds and other institutional investors own 58.63% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Hovde Group lifted their price target on Mercantile Bank from $53.00 to $56.00 and gave the stock an “outperform” rating in a report on Thursday, December 18th. Keefe, Bruyette & Woods lifted 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. Piper Sandler set a $57.00 price objective on Mercantile Bank in a research report on Wednesday, January 21st. Weiss Ratings restated a “buy (b-)” rating on shares of Mercantile Bank in a research report on Monday, December 29th. Finally, Raymond James Financial set a $57.00 price target on Mercantile Bank in a report on Wednesday, January 21st. Four equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.75.

Insiders Place Their Bets

In related news, Director Nelson F. Sanchez purchased 1,000 shares of Mercantile Bank stock in a transaction on Friday, October 31st. The shares were bought at an average price of $43.50 per share, with a total value of $43,500.00. Following the transaction, the director directly owned 3,502 shares of the company’s stock, valued at approximately $152,337. This trade represents a 39.97% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.20% of the stock is currently owned by company insiders.

Mercantile Bank Trading Down 0.2%

NASDAQ MBWM opened at $51.02 on Tuesday. Mercantile Bank Corporation has a one year low of $37.76 and a one year high of $54.60. The firm has a 50 day simple moving average of $48.42 and a 200-day simple moving average of $47.12. The firm has a market cap of $876.52 million, a price-to-earnings ratio of 9.34 and a beta of 0.89. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.97 and a current ratio of 0.98.

Mercantile Bank (NASDAQ:MBWM) last issued its quarterly earnings results on Tuesday, January 20th. The financial services provider reported $1.40 EPS for the quarter, beating the consensus estimate of $1.37 by $0.03. The company had revenue of $62.07 million during the quarter, compared to analysts’ expectations of $62.25 million. Mercantile Bank had a net margin of 23.87% and a return on equity of 14.03%. Equities research analysts anticipate that Mercantile Bank Corporation will post 4.83 EPS for the current fiscal year.

Mercantile Bank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 18th. Shareholders of record on Friday, March 6th will be issued a dividend of $0.39 per share. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.38. The ex-dividend date is Friday, March 6th. This represents a $1.56 annualized dividend and a yield of 3.1%. Mercantile Bank’s dividend payout ratio (DPR) is currently 27.84%.

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.