North Star Asset Management Inc. reduced its stake in shares of Mercantile Bank Corp. (NASDAQ:MBWM) by 0.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 381,508 shares of the financial services provider’s stock after selling 925 shares during the period. North Star Asset Management Inc.’s holdings in Mercantile Bank Corp. were worth $9,103,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. Huntington National Bank raised 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 worth $143,000 after buying an additional 4,000 shares during the last quarter. Gradient Investments LLC bought a new position in shares of Mercantile Bank Corp. during the second quarter worth $182,000. Bank of Montreal Can bought a new position in shares of Mercantile Bank Corp. during the second quarter worth $239,000. Finally, Renaissance Technologies LLC raised its position in shares of Mercantile Bank Corp. by 4.3% in the first quarter. Renaissance Technologies LLC now owns 635,115 shares of the financial services provider’s stock worth $14,239,000 after buying an additional 26,128 shares during the last quarter. 46.69% of the stock is owned by institutional investors.
Mercantile Bank Corp. (NASDAQ:MBWM) traded down 2.12% during trading on Thursday, hitting $26.78. 6,961 shares of the stock were exchanged. Mercantile Bank Corp. has a 52 week low of $20.41 and a 52 week high of $27.99. The firm has a market cap of $435.95 million, a PE ratio of 14.71 and a beta of 0.94. The firm’s 50-day moving average is $26.99 and its 200 day moving average is $24.87.
Mercantile Bank Corp. (NASDAQ:MBWM) last released its quarterly earnings results on Tuesday, July 19th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.04. The firm earned $31.20 million during the quarter, compared to the consensus estimate of $30.10 million. Mercantile Bank Corp. had a net margin of 21.98% and a return on equity of 8.86%. Analysts expect that Mercantile Bank Corp. will post $1.90 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 21st. Stockholders of record on Friday, September 9th were paid a dividend of $0.17 per share. The ex-dividend date of this dividend was Wednesday, September 7th. This represents a $0.68 annualized dividend and a dividend yield of 2.49%. This is an increase from Mercantile Bank Corp.’s previous quarterly dividend of $0.16. Mercantile Bank Corp.’s dividend payout ratio (DPR) is presently 37.16%.
MBWM has been the subject of a number of research analyst reports. Zacks Investment Research lowered shares of Mercantile Bank Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, June 22nd. Raymond James Financial Inc. raised shares of Mercantile Bank Corp. from a “market perform” rating to an “outperform” rating and set a $23.00 target price for the company in a research note on Thursday, August 25th.
In other news, Chairman Michael H. Price sold 13,362 shares of the firm’s stock in a transaction on Friday, August 19th. The shares were sold at an average price of $25.81, for a total transaction of $344,873.22. Following the completion of the transaction, the chairman now owns 59,712 shares of the company’s stock, valued at $1,541,166.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Thomas R. Sullivan sold 5,000 shares of the firm’s stock in a transaction 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 directly owns 24,523 shares of the company’s stock, valued at approximately $658,933.01. The disclosure for this sale can be found here. Insiders own 3.44% of the company’s stock.
Mercantile Bank Corp. Company Profile
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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