California Public Employees Retirement System decreased its stake in Mercantile Bank Corp. (NASDAQ:MBWM) by 2.4% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 61,600 shares of the financial services provider’s stock after selling 1,500 shares during the period. California Public Employees Retirement System owned 0.38% of Mercantile Bank Corp. worth $1,470,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also modified their holdings of MBWM. Huntington National Bank boosted its position in shares of Mercantile Bank Corp. by 200.0% in the second quarter. Huntington National Bank now owns 6,000 shares of the financial services provider’s stock valued at $143,000 after buying an additional 4,000 shares in the last quarter. Gradient Investments LLC acquired a new position in shares of Mercantile Bank Corp. during the second quarter valued at $182,000. Bank of Montreal Can acquired a new position in shares of Mercantile Bank Corp. during the second quarter valued at $239,000. Swiss National Bank acquired a new position in shares of Mercantile Bank Corp. during the second quarter valued at $539,000. Finally, Emerald Acquisition Ltd. acquired a new position in shares of Mercantile Bank Corp. during the second quarter valued at $1,009,000. Institutional investors and hedge funds own 46.69% of the company’s stock.
Shares of Mercantile Bank Corp. (NASDAQ:MBWM) traded up 0.91% during mid-day trading on Tuesday, hitting $27.77. 6,591 shares of the stock traded hands. The stock has a market cap of $452.07 million, a price-to-earnings ratio of 15.26 and a beta of 0.94. Mercantile Bank Corp. has a 12 month low of $20.41 and a 12 month high of $27.99. The firm has a 50 day moving average of $26.91 and a 200 day moving average of $24.83.
Mercantile Bank Corp. (NASDAQ:MBWM) last issued its quarterly earnings results on Tuesday, July 19th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.04. Mercantile Bank Corp. had a net margin of 21.98% and a return on equity of 8.86%. The business had revenue of $31.20 million for the quarter, compared to analyst estimates of $30.10 million. On average, equities analysts expect that Mercantile Bank Corp. will post $1.90 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, September 21st. Shareholders of record on Friday, September 9th were paid a dividend of $0.17 per share. This is a positive change from Mercantile Bank Corp.’s previous quarterly dividend of $0.16. The ex-dividend date was Wednesday, September 7th. This represents a $0.68 dividend on an annualized basis and a yield of 2.47%. Mercantile Bank Corp.’s dividend payout ratio is presently 37.16%.
Several research analysts have recently weighed in on the stock. Raymond James Financial Inc. upgraded shares of Mercantile Bank Corp. from a “market perform” rating to an “outperform” rating and set a $23.00 price objective on the stock in a research report on Thursday, August 25th. Zacks Investment Research downgraded shares of Mercantile Bank Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, June 22nd.
In other Mercantile Bank Corp. news, Chairman Michael H. Price sold 11,520 shares of the company’s stock in a transaction that occurred on Thursday, July 28th. The shares were sold at an average price of $24.99, for a total transaction of $287,884.80. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Thomas R. Sullivan sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, August 26th. The shares were sold at an average price of $26.87, for a total transaction of $134,350.00. Following the transaction, the director now owns 24,523 shares in the company, valued at approximately $658,933.01. The disclosure for this sale can be found here. Company insiders own 3.44% of the company’s stock.
About Mercantile Bank Corp.
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, through its approximately 50 office locations, provides commercial banking services primarily to small- to medium-sized businesses and retail banking services in and around the West and Central portions of Michigan.
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