Elizabeth Park Capital Advisors Ltd. Makes New Investment in Mercantile Bank Corporation $MBWM

Elizabeth Park Capital Advisors Ltd. purchased a new stake in shares of Mercantile Bank Corporation (NASDAQ:MBWM) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 50,971 shares of the financial services provider’s stock, valued at approximately $2,452,000. Mercantile Bank comprises approximately 2.0% of Elizabeth Park Capital Advisors Ltd.’s investment portfolio, making the stock its 24th largest holding.

A number of other institutional investors also recently modified their holdings of MBWM. Siena Capital Partners GP LLC bought a new stake in shares of Mercantile Bank during the 3rd quarter worth $900,000. Daytona Street Capital LLC bought a new position in Mercantile Bank in the 4th quarter worth $589,000. JPMorgan Chase & Co. raised its holdings in Mercantile Bank by 37.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 214,647 shares of the financial services provider’s stock worth $9,659,000 after acquiring an additional 58,743 shares during the period. Semanteon Capital Management LP bought a new position in Mercantile Bank in the 3rd quarter worth $444,000. Finally, American Century Companies Inc. raised its holdings in Mercantile Bank by 9.2% in the 3rd quarter. American Century Companies Inc. now owns 494,367 shares of the financial services provider’s stock worth $22,247,000 after acquiring an additional 41,540 shares during the period. Institutional investors own 58.63% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of Mercantile Bank in a report on Friday, June 12th. Wall Street Zen upgraded shares of Mercantile Bank to a “hold” rating in a report on Saturday, March 28th. Finally, Stephens assumed coverage on shares of Mercantile Bank in a report on Wednesday, March 25th. They issued an “equal weight” rating and a $54.00 target price on the stock. Four analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $56.20.

Mercantile Bank Stock Down 2.0%

Shares of MBWM stock opened at $53.26 on Thursday. Mercantile Bank Corporation has a 12 month low of $42.69 and a 12 month high of $55.77. The firm has a market cap of $919.80 million, a PE ratio of 9.56 and a beta of 0.81. The stock has a 50 day moving average of $52.36 and a 200-day moving average of $51.19. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.62.

Mercantile Bank (NASDAQ:MBWM) last issued its quarterly earnings results on Tuesday, April 21st. The financial services provider reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $1.33 by $0.13. Mercantile Bank had a return on equity of 13.73% and a net margin of 24.19%.The company had revenue of $67.59 million during the quarter, compared to analyst estimates of $67.41 million. On average, equities analysts predict that Mercantile Bank Corporation will post 5.63 EPS for the current year.

Mercantile Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Friday, June 5th were issued a dividend of $0.39 per share. The ex-dividend date was Friday, June 5th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.9%. Mercantile Bank’s payout ratio is 28.01%.

Mercantile Bank Company 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.