Renaissance Technologies LLC Trims Stock Holdings in Mercantile Bank Corporation $MBWM

Renaissance Technologies LLC reduced its holdings in shares of Mercantile Bank Corporation (NASDAQ:MBWM) by 4.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 472,213 shares of the financial services provider’s stock after selling 24,000 shares during the quarter. Renaissance Technologies LLC’s holdings in Mercantile Bank were worth $23,847,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. MML Investors Services LLC grew its position in shares of Mercantile Bank by 4.2% in the fourth quarter. MML Investors Services LLC now owns 4,658 shares of the financial services provider’s stock valued at $224,000 after purchasing an additional 186 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Mercantile Bank by 0.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 23,548 shares of the financial services provider’s stock valued at $1,133,000 after buying an additional 208 shares during the period. Natixis Advisors LLC grew its holdings in shares of Mercantile Bank by 2.4% during the fourth quarter. Natixis Advisors LLC now owns 10,329 shares of the financial services provider’s stock worth $497,000 after purchasing an additional 246 shares in the last quarter. Wedge Capital Management L L P NC grew its stake in Mercantile Bank by 1.4% in the 4th quarter. Wedge Capital Management L L P NC now owns 17,954 shares of the financial services provider’s stock worth $864,000 after buying an additional 256 shares in the last quarter. Finally, DGS Capital Management LLC grew its position in Mercantile Bank by 6.8% in the first quarter. DGS Capital Management LLC now owns 4,676 shares of the financial services provider’s stock worth $236,000 after acquiring an additional 299 shares in the last quarter. Institutional investors own 58.63% of the company’s stock.

Mercantile Bank Stock Up 0.2%

Shares of NASDAQ:MBWM opened at $60.43 on Thursday. The stock’s 50-day moving average is $55.60 and its 200 day moving average is $53.07. The company has a market cap of $1.04 billion, a PE ratio of 10.64 and a beta of 0.80. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.93 and a quick ratio of 0.93. Mercantile Bank Corporation has a 1 year low of $42.75 and a 1 year high of $61.83.

Mercantile Bank (NASDAQ:MBWM) last released 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 during the quarter, compared to analysts’ expectations of $68.81 million. Mercantile Bank had a return on equity of 13.90% and a net margin of 24.75%. Sell-side analysts anticipate that Mercantile Bank Corporation will post 5.7 EPS for the current year.

Mercantile Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Friday, September 4th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.6%. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.39. The ex-dividend date is Friday, September 4th. Mercantile Bank’s dividend payout ratio (DPR) is 27.46%.

Analyst Ratings Changes

Several brokerages have issued reports on MBWM. Hovde Group lowered Mercantile Bank from an “outperform” rating to a “market perform” rating and set a $62.00 target price for the company. in a research note on Wednesday, July 22nd. Weiss Ratings restated a “buy (b)” rating on shares of Mercantile Bank in a report on Friday, June 12th. Piper Sandler set a $65.00 price target on Mercantile Bank in a research note on Wednesday, July 22nd. Finally, Keefe, Bruyette & Woods boosted their price objective on Mercantile Bank from $60.00 to $64.00 and gave the company an “outperform” rating in a research 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. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $60.40.

Mercantile Bank 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.