Mercantile Bank Corporation $MBWM Shares Purchased by Geode Capital Management LLC

Geode Capital Management LLC boosted its stake in shares of Mercantile Bank Corporation (NASDAQ:MBWM - Free Report) by 4.5% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 405,863 shares of the financial services provider's stock after acquiring an additional 17,580 shares during the period. Geode Capital Management LLC owned about 2.50% of Mercantile Bank worth $18,839,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of MBWM. GSA Capital Partners LLP increased its stake in shares of Mercantile Bank by 103.3% during the first quarter. GSA Capital Partners LLP now owns 15,191 shares of the financial services provider's stock worth $660,000 after purchasing an additional 7,720 shares in the last quarter. LSV Asset Management lifted its stake in Mercantile Bank by 12.1% in the 1st quarter. LSV Asset Management now owns 321,486 shares of the financial services provider's stock valued at $13,965,000 after buying an additional 34,776 shares in the last quarter. West Michigan Advisors LLC acquired a new stake in Mercantile Bank in the 1st quarter worth about $256,000. Vanguard Group Inc. increased its stake in Mercantile Bank by 16.9% during the 1st quarter. Vanguard Group Inc. now owns 1,017,076 shares of the financial services provider's stock worth $44,182,000 after buying an additional 147,299 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in Mercantile Bank by 24.9% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 57,294 shares of the financial services provider's stock worth $2,489,000 after buying an additional 11,425 shares in the last quarter. Institutional investors and hedge funds own 58.63% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Raymond James Financial restated an "outperform" rating and issued a $52.00 target price (down previously from $55.00) on shares of Mercantile Bank in a research report on Wednesday, October 22nd. Zacks Research downgraded Mercantile Bank from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 22nd. Finally, Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Mercantile Bank in a research note on Tuesday, October 14th. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $54.50.

Read Our Latest Analysis on Mercantile Bank

Insider Activity

In other news, Director Nelson F. Sanchez purchased 1,000 shares of the business's stock in a transaction dated Friday, October 31st. The stock was acquired at an average price of $43.50 per share, for a total transaction of $43,500.00. Following the acquisition, the director directly owned 3,502 shares of the company's stock, valued at approximately $152,337. This represents a 39.97% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.20% of the stock is owned by corporate insiders.

Mercantile Bank Stock Down 1.0%

Shares of NASDAQ:MBWM opened at $46.03 on Monday. Mercantile Bank Corporation has a 52-week low of $37.76 and a 52-week high of $51.89. The stock has a market cap of $748.09 million, a P/E ratio of 8.72 and a beta of 0.94. The business has a fifty day moving average of $45.08 and a two-hundred day moving average of $46.10. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.79.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last announced its quarterly earnings results on Tuesday, October 21st. The financial services provider reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.38 by $0.08. Mercantile Bank had a net margin of 23.05% and a return on equity of 14.07%. The firm had revenue of $62.39 million for the quarter, compared to analysts' expectations of $61.33 million. On average, research analysts expect that Mercantile Bank Corporation will post 4.83 earnings per share for the current year.

Mercantile Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 17th. Stockholders of record on Friday, December 5th will be paid a $0.38 dividend. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.52 annualized dividend and a dividend yield of 3.3%. Mercantile Bank's dividend payout ratio is 28.79%.

Mercantile Bank Company Profile

Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan that provides commercial and retail banking services to small- to medium-sized businesses and individuals in the United States. It accepts various deposit products, including checking, savings, and term certificate accounts; time deposits; and certificates of deposit.

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