Mercantile Bank Co. (NASDAQ:MBWM) Holdings Decreased by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans reduced its holdings in Mercantile Bank Co. (NASDAQ:MBWM) by 29.2% in the 4th quarter, Holdings Channel reports. The fund owned 28,900 shares of the financial services provider’s stock after selling 11,907 shares during the period. Thrivent Financial for Lutherans’ holdings in Mercantile Bank were worth $1,286,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Geode Capital Management LLC increased its holdings in shares of Mercantile Bank by 3.9% in the 3rd quarter. Geode Capital Management LLC now owns 376,979 shares of the financial services provider’s stock valued at $16,484,000 after purchasing an additional 14,202 shares during the period. Tributary Capital Management LLC grew its position in Mercantile Bank by 16.2% during the fourth quarter. Tributary Capital Management LLC now owns 287,487 shares of the financial services provider’s stock valued at $12,790,000 after purchasing an additional 40,055 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Mercantile Bank by 4.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 196,324 shares of the financial services provider’s stock worth $8,583,000 after buying an additional 8,413 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Mercantile Bank by 35.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 82,357 shares of the financial services provider’s stock worth $3,601,000 after buying an additional 21,411 shares in the last quarter. Finally, Assenagon Asset Management S.A. acquired a new stake in shares of Mercantile Bank during the 4th quarter valued at $3,646,000. 58.63% of the stock is currently owned by institutional investors and hedge funds.

Mercantile Bank Stock Down 1.3 %

Mercantile Bank stock opened at $43.44 on Tuesday. The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 0.95. Mercantile Bank Co. has a 1-year low of $33.46 and a 1-year high of $52.98. The firm’s fifty day simple moving average is $47.09 and its 200-day simple moving average is $46.20. The company has a market capitalization of $705.07 million, a P/E ratio of 8.78 and a beta of 0.98.

Mercantile Bank (NASDAQ:MBWM) last posted its earnings results on Tuesday, January 21st. The financial services provider reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.07. Mercantile Bank had a return on equity of 14.29% and a net margin of 21.99%. Sell-side analysts forecast that Mercantile Bank Co. will post 4.83 earnings per share for the current fiscal year.

Mercantile Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Friday, March 7th were issued a $0.37 dividend. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.36. This represents a $1.48 annualized dividend and a yield of 3.41%. The ex-dividend date was Friday, March 7th. Mercantile Bank’s payout ratio is 29.90%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on MBWM shares. Keefe, Bruyette & Woods upped their price target on shares of Mercantile Bank from $56.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 22nd. Hovde Group raised Mercantile Bank from a “market perform” rating to an “outperform” rating and set a $54.00 price target for the company in a research note on Wednesday, January 22nd.

Insiders Place Their Bets

In other Mercantile Bank news, Director Robert B. Kaminski sold 3,000 shares of the business’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $49.14, for a total transaction of $147,420.00. Following the completion of the transaction, the director now owns 16,810 shares of the company’s stock, valued at $826,043.40. The trade was a 15.14 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 7,500 shares of company stock valued at $371,910 over the last 90 days. 3.08% of the stock is currently owned by company insiders.

Mercantile Bank Company Profile

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.