Mercantile Bank Corporation (MBWM) Holdings Lifted by IndexIQ Advisors LLC

IndexIQ Advisors LLC grew its stake in Mercantile Bank Corporation (NASDAQ:MBWM) by 83.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 25,197 shares of the financial services provider’s stock after purchasing an additional 11,444 shares during the quarter. IndexIQ Advisors LLC owned approximately 0.15% of Mercantile Bank Corporation worth $879,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Dimensional Fund Advisors LP grew its position in shares of Mercantile Bank Corporation by 3.7% in the second quarter. Dimensional Fund Advisors LP now owns 898,181 shares of the financial services provider’s stock valued at $28,275,000 after purchasing an additional 31,823 shares during the period. Vanguard Group Inc. grew its position in shares of Mercantile Bank Corporation by 7.1% in the second quarter. Vanguard Group Inc. now owns 681,367 shares of the financial services provider’s stock valued at $21,449,000 after purchasing an additional 45,330 shares during the period. Renaissance Technologies LLC grew its position in shares of Mercantile Bank Corporation by 1.8% in the second quarter. Renaissance Technologies LLC now owns 681,215 shares of the financial services provider’s stock valued at $21,445,000 after purchasing an additional 12,300 shares during the period. North Star Asset Management Inc. grew its position in shares of Mercantile Bank Corporation by 1.4% in the third quarter. North Star Asset Management Inc. now owns 320,769 shares of the financial services provider’s stock valued at $11,035,000 after purchasing an additional 4,353 shares during the period. Finally, State Street Corp grew its position in shares of Mercantile Bank Corporation by 6.6% in the second quarter. State Street Corp now owns 305,837 shares of the financial services provider’s stock valued at $9,629,000 after purchasing an additional 19,017 shares during the period. Institutional investors and hedge funds own 54.56% of the company’s stock.

Mercantile Bank Corporation (NASDAQ MBWM) opened at $34.66 on Friday. The firm has a market cap of $571.61, a PE ratio of 18.15, a P/E/G ratio of 2.26 and a beta of 0.70. Mercantile Bank Corporation has a 52-week low of $28.92 and a 52-week high of $38.68. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.05 and a current ratio of 1.03.

Mercantile Bank Corporation (NASDAQ:MBWM) last posted its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.03. The firm had revenue of $33.25 million for the quarter, compared to analyst estimates of $32.20 million. Mercantile Bank Corporation had a net margin of 22.18% and a return on equity of 8.91%. analysts anticipate that Mercantile Bank Corporation will post 1.91 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 20th. Shareholders of record on Friday, December 8th will be issued a $0.19 dividend. The ex-dividend date is Thursday, December 7th. This represents a $0.76 annualized dividend and a yield of 2.19%. Mercantile Bank Corporation’s payout ratio is 39.79%.

ILLEGAL ACTIVITY NOTICE: This piece of content was originally published by Dispatch Tribunal and is owned by of Dispatch Tribunal. If you are viewing this piece of content on another publication, it was copied illegally and republished in violation of United States & international copyright & trademark legislation. The legal version of this piece of content can be viewed at https://www.dispatchtribunal.com/2017/11/12/mercantile-bank-corporation-mbwm-holdings-lifted-by-indexiq-advisors-llc.html.

MBWM has been the topic of a number of recent research reports. Zacks Investment Research lowered shares of Mercantile Bank Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, October 31st. Keefe, Bruyette & Woods restated a “hold” rating and set a $34.00 price target on shares of Mercantile Bank Corporation in a research report on Tuesday, October 3rd. DA Davidson lowered shares of Mercantile Bank Corporation from a “buy” rating to a “neutral” rating and set a $35.00 price target on the stock. in a research report on Thursday, September 28th. Finally, ValuEngine upgraded shares of Mercantile Bank Corporation from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $35.25.

In other Mercantile Bank Corporation news, Director Thomas R. Sullivan sold 5,800 shares of the business’s stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $37.29, for a total value of $216,282.00. Following the transaction, the director now directly owns 20,273 shares in the company, valued at approximately $755,980.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas R. Sullivan sold 10,739 shares of the business’s stock in a transaction dated Friday, October 20th. The shares were sold at an average price of $37.04, for a total transaction of $397,772.56. Following the completion of the transaction, the director now owns 20,273 shares in the company, valued at $750,911.92. The disclosure for this sale can be found here. Insiders own 3.20% of the company’s stock.

Mercantile Bank Corporation 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 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).

Institutional Ownership by Quarter 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.

Leave a Reply