Wedge Capital Management L L P NC Boosts Holdings in Mercantile Bank Co. (NASDAQ:MBWM)

Wedge Capital Management L L P NC increased its holdings in Mercantile Bank Co. (NASDAQ:MBWM) by 13.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,916 shares of the financial services provider’s stock after buying an additional 1,578 shares during the quarter. Wedge Capital Management L L P NC owned 0.08% of Mercantile Bank worth $522,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in MBWM. SG Americas Securities LLC purchased a new position in shares of Mercantile Bank in the third quarter worth approximately $242,000. Denali Advisors LLC bought a new stake in Mercantile Bank during the 3rd quarter worth approximately $179,000. Bank of New York Mellon Corp raised its stake in Mercantile Bank by 3.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 125,120 shares of the financial services provider’s stock worth $3,867,000 after acquiring an additional 3,610 shares during the period. Bailard Inc. bought a new stake in Mercantile Bank during the 3rd quarter worth approximately $347,000. Finally, Advisor Partners II LLC bought a new stake in Mercantile Bank during the 3rd quarter worth approximately $206,000. Hedge funds and other institutional investors own 58.63% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on MBWM shares. Hovde Group cut shares of Mercantile Bank from an “outperform” rating to a “market perform” rating in a research note on Monday, March 4th. Janney Montgomery Scott upgraded shares of Mercantile Bank from a “neutral” rating to a “buy” rating in a research note on Tuesday, January 16th. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $47.00 price objective on shares of Mercantile Bank in a research report on Wednesday, April 17th.

Mercantile Bank Trading Down 0.8 %

Mercantile Bank stock opened at $36.19 on Friday. The stock has a market cap of $583.38 million, a P/E ratio of 7.01 and a beta of 0.97. The company has a debt-to-equity ratio of 1.16, a current ratio of 1.04 and a quick ratio of 1.04. Mercantile Bank Co. has a 1 year low of $23.89 and a 1 year high of $42.82. The firm’s 50 day moving average price is $36.72 and its 200-day moving average price is $36.77.

Mercantile Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 19th. Stockholders of record on Friday, June 7th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 3.87%. The ex-dividend date is Friday, June 7th. Mercantile Bank’s payout ratio is currently 27.13%.

About Mercantile Bank

Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan that provides commercial and retail banking services to 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.