North Star Asset Management Inc. Has $11.04 Million Holdings in Mercantile Bank Corporation (MBWM)

North Star Asset Management Inc. grew its holdings in shares of Mercantile Bank Corporation (NASDAQ:MBWM) by 1.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 320,769 shares of the financial services provider’s stock after buying an additional 4,353 shares during the quarter. Mercantile Bank Corporation accounts for approximately 1.2% of North Star Asset Management Inc.’s holdings, making the stock its 27th biggest holding. North Star Asset Management Inc. owned approximately 1.95% of Mercantile Bank Corporation worth $11,035,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of MBWM. Wellington Management Group LLP purchased a new position in shares of Mercantile Bank Corporation in the first quarter worth $4,710,000. 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. Dimensional Fund Advisors LP grew its position in shares of Mercantile Bank Corporation by 4.1% in the first quarter. Dimensional Fund Advisors LP now owns 866,358 shares of the financial services provider’s stock valued at $29,803,000 after purchasing an additional 34,121 shares during the period. Tributary Capital Management LLC grew its position in shares of Mercantile Bank Corporation by 12.1% in the second quarter. Tributary Capital Management LLC now owns 296,508 shares of the financial services provider’s stock valued at $9,334,000 after purchasing an additional 31,993 shares during the period. Finally, Menta Capital LLC lifted its stake in shares of Mercantile Bank Corporation by 312.2% in the second quarter. Menta Capital LLC now owns 39,342 shares of the financial services provider’s stock worth $1,238,000 after buying an additional 29,797 shares in the last quarter. Institutional investors own 54.56% of the company’s stock.

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In related news, Director Thomas R. Sullivan sold 5,800 shares of the business’s stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $37.29, for a total value of $216,282.00. Following the completion of the sale, the director now owns 20,273 shares of the company’s stock, valued at approximately $755,980.17. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Thomas R. Sullivan sold 10,739 shares of the business’s stock in a transaction that occurred on Friday, October 20th. The stock was sold at an average price of $37.04, for a total value of $397,772.56. Following the completion of the sale, the director now owns 20,273 shares of the company’s stock, valued at $750,911.92. The disclosure for this sale can be found here. Insiders own 3.20% of the company’s stock.

Several research firms have commented on MBWM. Zacks Investment Research upgraded shares of Mercantile Bank Corporation from a “hold” rating to a “buy” rating and set a $40.00 price target for the company in a report on Wednesday, November 1st. Keefe, Bruyette & Woods restated a “hold” rating and set a $34.00 price objective on shares of Mercantile Bank Corporation in a research report on Tuesday, October 3rd. DA Davidson downgraded shares of Mercantile Bank Corporation from a “buy” rating to a “neutral” rating and set a $35.00 price objective for the company. in a research report on Thursday, September 28th. Finally, ValuEngine raised shares of Mercantile Bank Corporation from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $35.25.

Mercantile Bank Corporation (NASDAQ:MBWM) traded up $0.24 on Friday, hitting $34.66. 40,700 shares of the stock were exchanged, compared to its average volume of 37,167. The stock has a market capitalization of $567.65, a price-to-earnings ratio of 18.02, a P/E/G ratio of 2.25 and a beta of 0.70. Mercantile Bank Corporation has a 12 month low of $28.92 and a 12 month high of $38.68. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.03 and a quick ratio of 1.05.

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

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

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.

Institutional Ownership by Quarter for Mercantile Bank Corporation (NASDAQ:MBWM)

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