Vanguard Group Inc. Buys 45,330 Shares of Mercantile Bank Corporation (MBWM)

Vanguard Group Inc. grew its stake in shares of Mercantile Bank Corporation (NASDAQ:MBWM) by 7.1% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 681,367 shares of the financial services provider’s stock after buying an additional 45,330 shares during the period. Vanguard Group Inc. owned 4.13% of Mercantile Bank Corporation worth $21,449,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its position in Mercantile Bank Corporation by 4.6% during the second quarter. Bank of New York Mellon Corp now owns 111,117 shares of the financial services provider’s stock worth $3,498,000 after buying an additional 4,882 shares in the last quarter. Bank of America Corp DE increased its position in Mercantile Bank Corporation by 2.1% during the first quarter. Bank of America Corp DE now owns 45,900 shares of the financial services provider’s stock worth $1,579,000 after buying an additional 926 shares in the last quarter. Victory Capital Management Inc. increased its position in Mercantile Bank Corporation by 11.9% during the second quarter. Victory Capital Management Inc. now owns 46,190 shares of the financial services provider’s stock worth $1,454,000 after buying an additional 4,920 shares in the last quarter. LSV Asset Management increased its position in Mercantile Bank Corporation by 2.1% during the second quarter. LSV Asset Management now owns 256,808 shares of the financial services provider’s stock worth $8,084,000 after buying an additional 5,400 shares in the last quarter. Finally, Teachers Advisors LLC increased its position in Mercantile Bank Corporation by 11.3% during the second quarter. Teachers Advisors LLC now owns 28,707 shares of the financial services provider’s stock worth $904,000 after buying an additional 2,920 shares in the last quarter. 54.66% of the stock is owned by institutional investors.



Several equities analysts have weighed in on MBWM shares. Zacks Investment Research downgraded Mercantile Bank Corporation from a “hold” rating to a “sell” rating in a research report on Friday, July 21st. ValuEngine downgraded Mercantile Bank Corporation from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. DA Davidson raised Mercantile Bank Corporation from a “neutral” rating to a “buy” rating and set a $35.00 price objective for the company in a research report on Monday, September 11th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $34.00 price objective on shares of Mercantile Bank Corporation in a research report on Tuesday, October 3rd. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $35.25.

TRADEMARK VIOLATION WARNING: This piece was first posted by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are accessing this piece on another website, it was copied illegally and reposted in violation of international trademark and copyright laws. The correct version of this piece can be viewed at https://www.dispatchtribunal.com/2017/11/15/vanguard-group-inc-buys-45330-shares-of-mercantile-bank-corporation-mbwm.html.

In related news, Director Thomas R. Sullivan sold 10,739 shares of Mercantile Bank Corporation stock in a transaction 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 transaction, the director now owns 20,273 shares in the company, valued at $750,911.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Thomas R. Sullivan sold 5,800 shares of Mercantile Bank Corporation stock in a transaction on Friday, October 27th. The shares were sold at an average price of $37.29, for a total value of $216,282.00. Following the completion of the transaction, the director now owns 20,273 shares in the company, valued at approximately $755,980.17. The disclosure for this sale can be found here. 3.20% of the stock is owned by insiders.

Shares of Mercantile Bank Corporation (NASDAQ MBWM) opened at $35.09 on Wednesday. The company has a market capitalization of $574.74, a price-to-earnings ratio of 18.25, a PEG ratio of 2.28 and a beta of 0.70. 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 Corporation has a 1 year low of $28.92 and a 1 year high of $38.68.

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

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 20th. Stockholders of record on Friday, December 8th will be given a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date of this dividend is Thursday, December 7th. Mercantile Bank Corporation’s dividend payout ratio is currently 39.79%.

Mercantile Bank Corporation 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 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)

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