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

Vanguard Group Inc. increased its holdings in shares of Mercantile Bank Corporation (NASDAQ:MBWM) by 2.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,066,368 shares of the financial services provider’s stock after buying an additional 27,403 shares during the period. Vanguard Group Inc. owned 0.06% 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 modified their holdings of the business. West Michigan Advisors LLC raised its stake in shares of Mercantile Bank by 17.0% during the fourth quarter. West Michigan Advisors LLC now owns 6,887 shares of the financial services provider’s stock worth $331,000 after buying an additional 1,000 shares during the last quarter. Daytona Street Capital LLC bought a new stake in shares of Mercantile Bank during the fourth quarter worth approximately $589,000. Wedge Capital Management L L P NC raised its stake in shares of Mercantile Bank by 1.4% during the fourth quarter. Wedge Capital Management L L P NC now owns 17,954 shares of the financial services provider’s stock worth $864,000 after buying an additional 256 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Mercantile Bank by 37.7% during the third quarter. JPMorgan Chase & Co. now owns 214,647 shares of the financial services provider’s stock worth $9,659,000 after buying an additional 58,743 shares during the last quarter. Finally, Voleon Capital Management LP bought a new stake in shares of Mercantile Bank during the third quarter worth approximately $477,000. 58.63% of the stock is owned by institutional investors.

Mercantile Bank Stock Performance

Shares of MBWM stock opened at $49.87 on Friday. The stock has a market cap of $861.25 million, a P/E ratio of 8.95 and a beta of 0.81. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.93 and a quick ratio of 0.93. The company has a fifty day moving average price of $51.16 and a two-hundred day moving average price of $49.88. Mercantile Bank Corporation has a one year low of $42.17 and a one year high of $55.77.

Mercantile Bank (NASDAQ:MBWM) last announced its quarterly earnings results on Tuesday, April 21st. The financial services provider reported $1.46 EPS for the quarter, beating analysts’ consensus estimates of $1.33 by $0.13. The firm had revenue of $67.59 million during the quarter, compared to analysts’ expectations of $67.41 million. Mercantile Bank had a net margin of 24.19% and a return on equity of 13.73%. As a group, equities analysts predict that Mercantile Bank Corporation will post 5.63 EPS for the current year.

Mercantile Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 17th. Shareholders of record on Friday, June 5th will be paid a $0.39 dividend. The ex-dividend date is Friday, June 5th. This represents a $1.56 dividend on an annualized basis and a yield of 3.1%. Mercantile Bank’s dividend payout ratio (DPR) is currently 28.01%.

Analyst Ratings Changes

Several research firms have weighed in on MBWM. Piper Sandler set a $57.00 target price on shares of Mercantile Bank in a report on Wednesday, January 21st. 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 report on Wednesday, January 21st. Stephens began coverage on shares of Mercantile Bank in a report on Wednesday, March 25th. They issued an “equal weight” rating and a $54.00 price target for the company. Raymond James Financial set a $57.00 price target on shares of Mercantile Bank in a report on Wednesday, January 21st. Finally, Wall Street Zen raised shares of Mercantile Bank to a “hold” rating in a research report on Saturday, March 28th. Four research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $56.20.

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.