Bank of America Corp DE boosted its position in Mercantile Bank Corporation (NASDAQ:MBWM) by 2.1% during the first quarter, Holdings Channel reports. The institutional investor owned 45,900 shares of the financial services provider’s stock after buying an additional 926 shares during the period. Bank of America Corp DE’s holdings in Mercantile Bank Corporation were worth $1,579,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in MBWM. Dubuque Bank & Trust Co. purchased a new position in shares of Mercantile Bank Corporation during the first quarter worth approximately $140,000. TFS Capital LLC purchased a new position in shares of Mercantile Bank Corporation during the first quarter worth approximately $226,000. Envestnet Asset Management Inc. purchased a new position in shares of Mercantile Bank Corporation during the first quarter worth approximately $257,000. Menta Capital LLC purchased a new position in shares of Mercantile Bank Corporation during the first quarter worth approximately $328,000. Finally, Parametric Portfolio Associates LLC increased its position in shares of 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 worth $336,000 after buying an additional 2,866 shares in the last quarter. Institutional investors and hedge funds own 52.81% of the company’s stock.
Shares of Mercantile Bank Corporation (NASDAQ:MBWM) traded up 1.35% during trading on Wednesday, reaching $31.49. 431 shares of the company’s stock were exchanged. The company has a market capitalization of $519.02 million, a P/E ratio of 16.71 and a beta of 0.67. The stock has a 50-day moving average price of $31.80 and a 200 day moving average price of $32.61. Mercantile Bank Corporation has a 12-month low of $25.06 and a 12-month high of $38.68.
Mercantile Bank Corporation (NASDAQ:MBWM) last posted its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.45. Mercantile Bank Corporation had a return on equity of 8.85% and a net margin of 22.25%. The company had revenue of $31.24 million for the quarter, compared to analyst estimates of $31.27 million. Equities analysts expect that Mercantile Bank Corporation will post $1.88 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 20th. Stockholders of record on Friday, September 8th will be given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 2.45%. The ex-dividend date is Thursday, September 7th. This is a positive change from Mercantile Bank Corporation’s previous quarterly dividend of $0.18. Mercantile Bank Corporation’s dividend payout ratio (DPR) is 38.30%.
A number of brokerages have commented on MBWM. ValuEngine downgraded shares of Mercantile Bank Corporation from a “buy” rating to a “hold” rating in a report on Friday, July 28th. DA Davidson began coverage on shares of Mercantile Bank Corporation in a report on Wednesday, July 5th. They issued a “neutral” rating and a $35.00 target price for the company. Finally, Zacks Investment Research downgraded shares of Mercantile Bank Corporation from a “hold” rating to a “sell” rating in a report on Friday, July 21st. One analyst has rated the stock with a sell rating and five have issued a hold rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $32.60.
In other news, Director Thomas R. Sullivan sold 7,113 shares of the firm’s stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $33.75, for a total transaction of $240,063.75. Following the sale, the director now owns 19,523 shares of the company’s stock, valued at approximately $658,901.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Thomas R. Sullivan sold 2,797 shares of the firm’s stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $33.24, for a total value of $92,972.28. Following the sale, the director now directly owns 19,523 shares in the company, valued at approximately $648,944.52. The disclosure for this sale can be found here. Insiders have sold a total of 13,711 shares of company stock worth $463,144 in the last three months. Corporate insiders own 3.44% of the company’s stock.
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.
Want to see what other hedge funds are holding MBWM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Mercantile Bank Corporation (NASDAQ:MBWM).
Receive News & Ratings for Mercantile Bank Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mercantile Bank Corporation and related companies with MarketBeat.com's FREE daily email newsletter.