Dimensional Fund Advisors LP increased its holdings in Mercantile Bank Corporation (NASDAQ:MBWM) by 3.7% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 898,181 shares of the financial services provider’s stock after acquiring an additional 31,823 shares during the quarter. Dimensional Fund Advisors LP owned approximately 5.45% of Mercantile Bank Corporation worth $28,275,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in MBWM. Dubuque Bank & Trust Co. lifted its stake in shares of Mercantile Bank Corporation by 9.0% in the second quarter. Dubuque Bank & Trust Co. now owns 4,436 shares of the financial services provider’s stock worth $140,000 after acquiring an additional 366 shares in the last quarter. American International Group Inc. increased its holdings in Mercantile Bank Corporation by 7.0% in the first quarter. American International Group Inc. now owns 9,781 shares of the financial services provider’s stock valued at $336,000 after buying an additional 640 shares during the last quarter. Parametric Portfolio Associates LLC increased its holdings in Mercantile Bank Corporation by 41.5% in the first quarter. Parametric Portfolio Associates LLC now owns 9,767 shares of the financial services provider’s stock valued at $336,000 after buying an additional 2,866 shares during the last quarter. IndexIQ Advisors LLC bought a new stake in Mercantile Bank Corporation in the second quarter valued at about $433,000. Finally, New York State Common Retirement Fund increased its holdings in Mercantile Bank Corporation by 9.3% in the second quarter. New York State Common Retirement Fund now owns 17,700 shares of the financial services provider’s stock valued at $557,000 after buying an additional 1,499 shares during the last quarter. Institutional investors and hedge funds own 52.69% of the company’s stock.
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Mercantile Bank Corporation (NASDAQ:MBWM) last announced its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.03. The firm had revenue of $33.25 million during the quarter, compared to analysts’ expectations of $32.20 million. Mercantile Bank Corporation had a net margin of 22.18% and a return on equity of 9.00%.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 20th. Stockholders of record on Friday, December 8th will be issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 2.10%. The ex-dividend date of this dividend is Thursday, December 7th. Mercantile Bank Corporation’s payout ratio is 39.79%.
In other news, Director Thomas R. Sullivan sold 5,800 shares of the firm’s stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $37.29, for a total transaction of $216,282.00. Following the completion of the sale, the director now owns 20,273 shares of the company’s stock, valued at $755,980.17. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Thomas R. Sullivan sold 10,739 shares of the firm’s stock in a transaction that occurred on Friday, October 20th. The stock was sold at an average price of $37.04, for a total transaction of $397,772.56. Following the sale, the director now directly owns 20,273 shares of the company’s stock, valued at approximately $750,911.92. The disclosure for this sale can be found here. Company insiders own 3.20% of the company’s stock.
Several analysts recently weighed in on the company. Zacks Investment Research lowered Mercantile Bank Corporation from a “hold” rating to a “sell” rating in a report on Friday, July 21st. ValuEngine lowered Mercantile Bank Corporation from a “buy” rating to a “hold” rating in a report on Friday, July 28th. DA Davidson raised Mercantile Bank Corporation from a “neutral” rating to a “buy” rating and set a $35.00 price objective for the company in a report on Monday, September 11th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and issued a $34.00 price objective on shares of Mercantile Bank Corporation in a report on Tuesday, October 3rd. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $35.25.
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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