Tributary Capital Management LLC boosted its position in Mercantile Bank Corp. (NASDAQ:MBWM) by 10.5% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 341,530 shares of the financial services provider’s stock after purchasing an additional 32,529 shares during the period. Tributary Capital Management LLC’s holdings in Mercantile Bank were worth $11,397,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently modified their holdings of the company. ClariVest Asset Management LLC purchased a new stake in shares of Mercantile Bank during the second quarter valued at approximately $209,000. Voya Investment Management LLC purchased a new stake in shares of Mercantile Bank during the second quarter valued at approximately $263,000. Well Done LLC boosted its stake in shares of Mercantile Bank by 35.5% during the second quarter. Well Done LLC now owns 7,634 shares of the financial services provider’s stock valued at $282,000 after purchasing an additional 2,000 shares during the period. GSA Capital Partners LLP purchased a new stake in shares of Mercantile Bank during the first quarter valued at approximately $326,000. Finally, Atlantic Trust Group LLC purchased a new stake in shares of Mercantile Bank during the first quarter valued at approximately $345,000. 54.66% of the stock is owned by institutional investors and hedge funds.
A number of research firms have recently weighed in on MBWM. BidaskClub raised Mercantile Bank from a “hold” rating to a “buy” rating in a research note on Friday, June 22nd. Keefe, Bruyette & Woods increased their price objective on Mercantile Bank from $40.00 to $41.00 and gave the company a “$36.20” rating in a research note on Wednesday, July 18th. Zacks Investment Research raised Mercantile Bank from a “hold” rating to a “buy” rating and set a $41.00 price objective for the company in a research note on Friday, July 20th. Finally, ValuEngine lowered Mercantile Bank from a “hold” rating to a “sell” rating in a research note on Thursday, September 27th. Three research analysts have rated the stock with a sell rating and two have issued a hold rating to the stock. Mercantile Bank currently has a consensus rating of “Sell” and an average price target of $39.00.
NASDAQ:MBWM opened at $31.15 on Friday. The company has a market cap of $522.56 million, a PE ratio of 16.48, a P/E/G ratio of 1.61 and a beta of 0.62. Mercantile Bank Corp. has a fifty-two week low of $31.07 and a fifty-two week high of $38.47. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.74.
Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings data on Tuesday, October 16th. The financial services provider reported $0.61 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.61. The firm had revenue of $34.55 million during the quarter, compared to analyst estimates of $34.60 million. Mercantile Bank had a return on equity of 10.39% and a net margin of 24.66%. Sell-side analysts anticipate that Mercantile Bank Corp. will post 2.44 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 19th. Investors of record on Friday, December 7th will be paid a $0.25 dividend. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Thursday, December 6th. This represents a $1.00 dividend on an annualized basis and a yield of 3.21%. Mercantile Bank’s dividend payout ratio (DPR) is presently 50.79%.
Mercantile Bank Profile
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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