Mercantile Bank Corporation $MBWM Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans lowered its stake in Mercantile Bank Corporation (NASDAQ:MBWM) by 45.8% during the third quarter, Holdings Channel.com reports. The firm owned 16,129 shares of the financial services provider’s stock after selling 13,656 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Mercantile Bank were worth $726,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in MBWM. State of Alaska Department of Revenue acquired a new stake in shares of Mercantile Bank in the 3rd quarter valued at $29,000. Farther Finance Advisors LLC raised its stake in Mercantile Bank by 76.4% in the third quarter. Farther Finance Advisors LLC now owns 2,041 shares of the financial services provider’s stock valued at $92,000 after buying an additional 884 shares in the last quarter. EMC Capital Management lifted its holdings in Mercantile Bank by 76.3% during the 2nd quarter. EMC Capital Management now owns 3,309 shares of the financial services provider’s stock worth $154,000 after buying an additional 1,432 shares during the last quarter. Police & Firemen s Retirement System of New Jersey lifted its holdings in Mercantile Bank by 18.6% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 3,839 shares of the financial services provider’s stock worth $178,000 after buying an additional 601 shares during the last quarter. Finally, Quantbot Technologies LP boosted its position in shares of Mercantile Bank by 251.9% during the 2nd quarter. Quantbot Technologies LP now owns 4,370 shares of the financial services provider’s stock worth $203,000 after acquiring an additional 3,128 shares in the last quarter. Institutional investors and hedge funds own 58.63% of the company’s stock.

Mercantile Bank Price Performance

MBWM stock opened at $53.92 on Tuesday. The company has a current ratio of 0.98, a quick ratio of 0.97 and a debt-to-equity ratio of 0.74. The company has a market capitalization of $926.35 million, a P/E ratio of 9.88 and a beta of 0.89. The business has a 50 day simple moving average of $50.62 and a 200-day simple moving average of $47.69. Mercantile Bank Corporation has a twelve month low of $37.76 and a twelve month high of $55.77.

Mercantile Bank (NASDAQ:MBWM) last announced its earnings results on Tuesday, January 20th. The financial services provider reported $1.40 EPS for the quarter, beating analysts’ consensus estimates of $1.37 by $0.03. Mercantile Bank had a net margin of 23.87% and a return on equity of 14.03%. The business had revenue of $62.07 million for the quarter, compared to analysts’ expectations of $62.25 million. As a group, equities analysts anticipate that Mercantile Bank Corporation will post 4.83 EPS for the current year.

Mercantile Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 18th. Shareholders of record on Friday, March 6th will be paid a $0.39 dividend. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.38. This represents a $1.56 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Friday, March 6th. Mercantile Bank’s dividend payout ratio (DPR) is presently 27.84%.

Analyst Upgrades and Downgrades

MBWM has been the topic of several research analyst reports. Keefe, Bruyette & Woods raised their target price on Mercantile Bank from $56.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 21st. Raymond James Financial set a $57.00 price target on shares of Mercantile Bank in a research note on Wednesday, January 21st. Hovde Group boosted their price objective on shares of Mercantile Bank from $53.00 to $56.00 and gave the stock an “outperform” rating in a research report on Thursday, December 18th. Piper Sandler set a $57.00 target price on shares of Mercantile Bank in a report on Wednesday, January 21st. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Mercantile Bank in a research report on Monday, December 29th. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $56.75.

About Mercantile Bank

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.