Mercantile Bank Corp. (MBWM) Shares Bought by Wells Fargo & Company MN

Wells Fargo & Company MN grew its stake in Mercantile Bank Corp. (NASDAQ:MBWM) by 32.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 58,911 shares of the financial services provider’s stock after buying an additional 14,313 shares during the period. Wells Fargo & Company MN owned 0.36% of Mercantile Bank worth $2,084,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Dimensional Fund Advisors LP raised its holdings in shares of Mercantile Bank by 2.4% in the third quarter. Dimensional Fund Advisors LP now owns 919,589 shares of the financial services provider’s stock worth $32,094,000 after buying an additional 21,408 shares during the last quarter. Thomson Horstmann & Bryant Inc. raised its holdings in shares of Mercantile Bank by 3.1% during the fourth quarter. Thomson Horstmann & Bryant Inc. now owns 89,619 shares of the financial services provider’s stock worth $3,169,000 after purchasing an additional 2,704 shares during the last quarter. Schwab Charles Investment Management Inc. raised its holdings in shares of Mercantile Bank by 11.8% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 71,125 shares of the financial services provider’s stock worth $2,516,000 after purchasing an additional 7,532 shares during the last quarter. First Trust Advisors LP raised its holdings in shares of Mercantile Bank by 81.0% during the fourth quarter. First Trust Advisors LP now owns 61,614 shares of the financial services provider’s stock worth $2,179,000 after purchasing an additional 27,581 shares during the last quarter. Finally, California Public Employees Retirement System raised its holdings in shares of Mercantile Bank by 7.2% during the fourth quarter. California Public Employees Retirement System now owns 57,055 shares of the financial services provider’s stock worth $2,018,000 after purchasing an additional 3,820 shares during the last quarter. 52.79% of the stock is owned by institutional investors and hedge funds.

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Several research analysts recently issued reports on MBWM shares. BidaskClub raised shares of Mercantile Bank from a “strong sell” rating to a “sell” rating in a report on Wednesday, March 7th. Keefe, Bruyette & Woods raised shares of Mercantile Bank from a “market perform” rating to an “outperform” rating in a report on Thursday, March 1st. Zacks Investment Research raised shares of Mercantile Bank from a “hold” rating to a “buy” rating and set a $41.00 target price for the company in a report on Tuesday, January 2nd. Sandler O’Neill set a $37.00 target price on shares of Mercantile Bank and gave the stock a “hold” rating in a report on Tuesday, March 27th. Finally, Hovde Group reissued a “hold” rating and set a $38.50 target price on shares of Mercantile Bank in a report on Thursday, January 18th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company’s stock. Mercantile Bank has a consensus rating of “Hold” and a consensus price target of $37.10.

Shares of Mercantile Bank stock opened at $34.10 on Friday. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.03 and a quick ratio of 1.03. Mercantile Bank Corp. has a 1 year low of $28.92 and a 1 year high of $38.08. The firm has a market cap of $573.63, a P/E ratio of 18.04, a price-to-earnings-growth ratio of 1.83 and a beta of 0.71.

Mercantile Bank (NASDAQ:MBWM) last issued its earnings results on Tuesday, January 16th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.50 by ($0.02). The business had revenue of $32.91 million for the quarter, compared to analysts’ expectations of $32.93 million. Mercantile Bank had a return on equity of 8.72% and a net margin of 21.64%. equities analysts anticipate that Mercantile Bank Corp. will post 2.37 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 21st. Investors of record on Friday, March 9th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.58%. The ex-dividend date was Thursday, March 8th. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.19. Mercantile Bank’s dividend payout ratio (DPR) is currently 46.56%.

In related news, Director Thomas R. Sullivan sold 6,930 shares of the firm’s stock in a transaction on Friday, March 2nd. The shares were sold at an average price of $34.28, for a total transaction of $237,560.40. Following the sale, the director now owns 20,143 shares in the company, valued at $690,502.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 3.20% of the stock is currently owned by company insiders.

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About Mercantile Bank

Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan that provides commercial and retail banking services for 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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Institutional Ownership by Quarter for Mercantile Bank (NASDAQ:MBWM)

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