Modern Wealth Management LLC Acquires New Holdings in Mercantile Bank Corporation $MBWM

Modern Wealth Management LLC bought a new position in shares of Mercantile Bank Corporation (NASDAQ:MBWM) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 8,606 shares of the financial services provider’s stock, valued at approximately $439,000.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Daytona Street Capital LLC acquired a new position in shares of Mercantile Bank during the fourth quarter worth $589,000. JPMorgan Chase & Co. grew its stake in shares of Mercantile Bank by 37.7% in the third quarter. JPMorgan Chase & Co. now owns 214,647 shares of the financial services provider’s stock worth $9,659,000 after purchasing an additional 58,743 shares during the last quarter. North Star Asset Management Inc. increased its holdings in 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 during the period. Discipline Wealth Solutions LLC acquired a new stake in Mercantile Bank in the first quarter valued at $1,001,000. Finally, Elizabeth Park Capital Advisors Ltd. bought a new position in Mercantile Bank during the 4th quarter worth $2,452,000. 58.63% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on MBWM shares. Hovde Group downgraded Mercantile Bank from an “outperform” rating to a “market perform” rating and set a $62.00 target price on the stock. in a report 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 lifted their price objective on Mercantile Bank from $60.00 to $64.00 and gave the stock 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 report on Wednesday, July 22nd. Three equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $60.40.

Mercantile Bank Stock Performance

Shares of MBWM stock opened at $58.62 on Tuesday. The firm has a 50 day moving average of $55.25 and a 200-day moving average of $52.91. The company has a market cap of $1.01 billion, a price-to-earnings ratio of 10.32 and a beta of 0.80. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.62. Mercantile Bank Corporation has a 52 week low of $42.75 and a 52 week high of $60.40.

Mercantile Bank (NASDAQ:MBWM) last released its earnings results on Tuesday, July 21st. The financial services provider reported $1.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.32 by $0.21. The company had revenue of $68.76 million for 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 13.90%. On average, equities analysts forecast that Mercantile Bank Corporation will post 5.7 earnings per share for the current year.

Mercantile Bank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Friday, September 4th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.7%. 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. Mercantile Bank’s payout ratio is presently 28.17%.

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.