5,430 Shares in Mercantile Bank Co. (NASDAQ:MBWM) Purchased by Truist Financial Corp

Truist Financial Corp acquired a new stake in shares of Mercantile Bank Co. (NASDAQ:MBWMFree Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 5,430 shares of the financial services provider’s stock, valued at approximately $219,000.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Mercantile Bank by 1.7% during the third quarter. Vanguard Group Inc. now owns 799,865 shares of the financial services provider’s stock worth $24,724,000 after purchasing an additional 13,400 shares during the last quarter. North Star Asset Management Inc. increased its stake in Mercantile Bank by 0.5% in the 4th quarter. North Star Asset Management Inc. now owns 362,309 shares of the financial services provider’s stock valued at $14,630,000 after buying an additional 1,677 shares during the period. Charles Schwab Investment Management Inc. raised its position in Mercantile Bank by 2.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 195,809 shares of the financial services provider’s stock worth $6,052,000 after buying an additional 4,133 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of Mercantile Bank by 15.0% in the 3rd quarter. American Century Companies Inc. now owns 165,138 shares of the financial services provider’s stock worth $5,104,000 after acquiring an additional 21,587 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Mercantile Bank by 3.0% in the third quarter. Bank of New York Mellon Corp now owns 125,120 shares of the financial services provider’s stock valued at $3,867,000 after acquiring an additional 3,610 shares in the last quarter. 58.63% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently commented on MBWM. Hovde Group downgraded shares of Mercantile Bank from an “outperform” rating to a “market perform” rating in a research report on Monday, March 4th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $47.00 price target on shares of Mercantile Bank in a research note on Wednesday, April 17th. Finally, Janney Montgomery Scott cut Mercantile Bank from a “buy” rating to a “neutral” rating in a research report on Wednesday, May 8th.

Get Our Latest Report on Mercantile Bank

Mercantile Bank Trading Up 0.4 %

Shares of MBWM opened at $39.38 on Wednesday. Mercantile Bank Co. has a twelve month low of $25.12 and a twelve month high of $42.82. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $634.81 million, a P/E ratio of 7.63 and a beta of 0.98. The firm’s 50-day moving average is $37.24 and its two-hundred day moving average is $37.69.

Mercantile Bank (NASDAQ:MBWMGet Free Report) last released its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.20. The business had revenue of $58.23 million for the quarter, compared to analysts’ expectations of $55.20 million. Mercantile Bank had a return on equity of 16.39% and a net margin of 25.58%. On average, research analysts predict that Mercantile Bank Co. will post 4.79 earnings per share for the current fiscal year.

Mercantile Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 19th. Stockholders of record on Friday, June 7th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 3.56%. The ex-dividend date of this dividend is Friday, June 7th. Mercantile Bank’s dividend payout ratio (DPR) is presently 27.13%.

Mercantile Bank Company Profile

(Free Report)

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.

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

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