Alliancebernstein L.P. acquired a new stake in Mercantile Bank Corporation (NASDAQ:MBWM) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 18,000 shares of the financial services provider’s stock, valued at approximately $619,000. Alliancebernstein L.P. owned approximately 0.11% of Mercantile Bank Corporation at the end of the most recent reporting period.
A number of other large investors have also bought and sold shares of the company. State Street Corp raised its stake in Mercantile Bank Corporation by 7.3% in the fourth quarter. State Street Corp now owns 290,409 shares of the financial services provider’s stock valued at $10,949,000 after buying an additional 19,828 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Mercantile Bank Corporation by 3.0% in the first quarter. Bank of New York Mellon Corp now owns 106,235 shares of the financial services provider’s stock valued at $3,654,000 after buying an additional 3,104 shares during the last quarter. Seizert Capital Partners LLC purchased a new position in shares of Mercantile Bank Corporation during the first quarter valued at about $1,983,000. Victory Capital Management Inc. purchased a new position in shares of Mercantile Bank Corporation during the first quarter valued at about $1,420,000. Finally, Wells Fargo & Company MN increased its position in shares of Mercantile Bank Corporation by 7.8% in the first quarter. Wells Fargo & Company MN now owns 34,855 shares of the financial services provider’s stock valued at $1,199,000 after buying an additional 2,534 shares in the last quarter. 52.81% of the stock is currently owned by institutional investors and hedge funds.
Mercantile Bank Corporation (MBWM) opened at 29.87 on Friday. The stock has a 50 day moving average of $31.75 and a 200 day moving average of $32.58. Mercantile Bank Corporation has a 52 week low of $25.06 and a 52 week high of $38.68. The company has a market cap of $492.32 million, a P/E ratio of 15.85 and a beta of 0.67.
Mercantile Bank Corporation (NASDAQ:MBWM) last issued its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.45. Mercantile Bank Corporation had a net margin of 22.25% and a return on equity of 8.85%. The firm had revenue of $31.24 million for the quarter, compared to the consensus estimate of $31.27 million. On average, analysts expect that Mercantile Bank Corporation will post $1.88 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 20th. Stockholders of record on Friday, September 8th will be given a $0.19 dividend. The ex-dividend date is Thursday, September 7th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.52%. This is an increase from Mercantile Bank Corporation’s previous quarterly dividend of $0.18. Mercantile Bank Corporation’s payout ratio is presently 38.30%.
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Several brokerages have recently issued reports on MBWM. ValuEngine downgraded shares of Mercantile Bank Corporation from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Zacks Investment Research downgraded shares of Mercantile Bank Corporation from a “hold” rating to a “sell” rating in a research note on Friday, July 21st. Finally, DA Davidson began coverage on shares of Mercantile Bank Corporation in a research note on Wednesday, July 5th. They issued a “neutral” rating and a $35.00 target price on the stock. One research analyst has rated the stock with a sell rating and five have issued a hold rating to the company. The company presently has an average rating of “Hold” and an average price target of $32.60.
In other news, Director Thomas R. Sullivan sold 3,801 shares of Mercantile Bank Corporation stock in a transaction that occurred on Monday, June 12th. The shares were sold at an average price of $34.23, for a total value of $130,108.23. Following the transaction, the director now owns 19,523 shares of the company’s stock, valued at approximately $668,272.29. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Thomas R. Sullivan sold 2,797 shares of Mercantile Bank Corporation stock in a transaction that occurred on Tuesday, June 13th. The stock was sold at an average price of $33.24, for a total transaction of $92,972.28. Following the completion of the sale, the director now owns 19,523 shares of the company’s stock, valued at $648,944.52. The disclosure for this sale can be found here. In the last ninety days, insiders sold 13,711 shares of company stock worth $463,144. Insiders own 3.44% of the company’s stock.
About Mercantile Bank Corporation
Mercantile Bank Corporation is a bank holding company. The Company owns the Mercantile Bank of Michigan (the Bank). The Bank is a state banking company. The Bank provides commercial banking services primarily to small- to medium-sized businesses and retail banking services. The Bank makes secured and unsecured commercial, construction, mortgage and consumer loans, and accepts checking, savings and time deposits.
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