De Lisle Partners LLP Makes New $4.35 Million Investment in Mercantile Bank Corporation $MBWM

De Lisle Partners LLP acquired a new stake in shares of Mercantile Bank Corporation (NASDAQ:MBWM) during the 2nd quarter, Holdings Channel reports. The firm acquired 75,649 shares of the financial services provider’s stock, valued at approximately $4,346,000.

A number of other large investors also recently modified their holdings of MBWM. Focus Partners Advisor Solutions LLC bought a new stake in Mercantile Bank during the 2nd quarter valued at $1,305,000. North Star Asset Management Inc. lifted its holdings in shares of Mercantile Bank by 5.4% in the fourth quarter. North Star Asset Management Inc. now owns 374,544 shares of the financial services provider’s stock valued at $18,016,000 after purchasing an additional 19,204 shares in the last quarter. Discipline Wealth Solutions LLC purchased a new position in shares of Mercantile Bank during the first quarter valued at approximately $1,001,000. Elizabeth Park Capital Advisors Ltd. bought a new stake in Mercantile Bank during the fourth quarter worth $2,452,000. Finally, Modern Wealth Management LLC bought a new stake in Mercantile Bank during the first quarter worth $439,000. 58.63% of the stock is currently owned by institutional investors.

Mercantile Bank Stock Performance

Shares of Mercantile Bank stock opened at $59.61 on Friday. The business’s fifty day simple moving average is $58.26 and its 200 day simple moving average is $54.25. The firm has a market capitalization of $1.03 billion, a P/E ratio of 10.49 and a beta of 0.79. Mercantile Bank Corporation has a 12 month low of $42.75 and a 12 month high of $62.39. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.59.

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

Mercantile Bank Increases Dividend

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

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Piper Sandler set a $65.00 price objective on Mercantile Bank in a research note on Wednesday, July 22nd. Keefe, Bruyette & Woods upped their target price on shares of Mercantile Bank from $60.00 to $64.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 22nd. Weiss Ratings reiterated a “buy (b)” rating on shares of Mercantile Bank in a report on Friday, June 12th. Finally, Hovde Group lowered shares of Mercantile Bank from an “outperform” rating to a “market perform” rating and set a $62.00 price target on the stock. in a research report on Wednesday, July 22nd. Three research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $60.40.

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.