Mercantile Bank Co. (NASDAQ:MBWM) Shares Bought by Hsbc Holdings PLC

Hsbc Holdings PLC increased its holdings in shares of Mercantile Bank Co. (NASDAQ:MBWM) by 16.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,570 shares of the financial services provider’s stock after acquiring an additional 1,203 shares during the period. Hsbc Holdings PLC owned approximately 0.05% of Mercantile Bank worth $384,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of MBWM. Quantbot Technologies LP grew its holdings in Mercantile Bank by 14.6% in the fourth quarter. Quantbot Technologies LP now owns 2,328 shares of the financial services provider’s stock valued at $104,000 after purchasing an additional 297 shares during the last quarter. Victory Capital Management Inc. grew its stake in Mercantile Bank by 2.4% in the 4th quarter. Victory Capital Management Inc. now owns 17,550 shares of the financial services provider’s stock valued at $781,000 after acquiring an additional 410 shares during the last quarter. Janney Montgomery Scott LLC increased its holdings in Mercantile Bank by 3.8% during the 4th quarter. Janney Montgomery Scott LLC now owns 11,864 shares of the financial services provider’s stock valued at $528,000 after acquiring an additional 430 shares in the last quarter. Sterling Capital Management LLC raised its position in Mercantile Bank by 5.0% during the fourth quarter. Sterling Capital Management LLC now owns 9,345 shares of the financial services provider’s stock worth $416,000 after acquiring an additional 449 shares during the last quarter. Finally, Pitcairn Co. lifted its holdings in shares of Mercantile Bank by 7.5% in the fourth quarter. Pitcairn Co. now owns 6,639 shares of the financial services provider’s stock valued at $295,000 after purchasing an additional 463 shares in the last quarter. Hedge funds and other institutional investors own 58.63% of the company’s stock.

Insiders Place Their Bets

In other news, Director Robert B. Kaminski sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $50.22, for a total value of $50,220.00. Following the transaction, the director now directly owns 11,810 shares in the company, valued at $593,098.20. This trade represents a 7.81 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold a total of 1,750 shares of company stock valued at $83,745 over the last quarter. Company insiders own 3.20% of the company’s stock.

Mercantile Bank Trading Up 1.3 %

Shares of Mercantile Bank stock opened at $43.90 on Friday. The firm has a market cap of $712.72 million, a PE ratio of 8.87 and a beta of 0.87. The company has a quick ratio of 1.01, a current ratio of 1.02 and a debt-to-equity ratio of 0.95. Mercantile Bank Co. has a fifty-two week low of $35.61 and a fifty-two week high of $52.98. The business’s fifty day moving average is $42.68 and its two-hundred day moving average is $45.69.

Mercantile Bank (NASDAQ:MBWM) last issued its quarterly earnings results on Tuesday, April 22nd. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.19 by $0.02. Mercantile Bank had a return on equity of 14.29% and a net margin of 21.99%. The firm had revenue of $57.20 million for the quarter, compared to analyst estimates of $57.57 million. Analysts anticipate that Mercantile Bank Co. will post 4.83 earnings per share for the current year.

Mercantile Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Friday, June 6th will be given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 3.37%. The ex-dividend date of this dividend is Friday, June 6th. Mercantile Bank’s dividend payout ratio (DPR) is 30.71%.

Analysts Set New Price Targets

MBWM has been the subject of several research reports. Piper Sandler cut their price objective on Mercantile Bank from $50.00 to $47.50 and set a “neutral” rating for the company in a research report on Wednesday, April 23rd. Hovde Group raised Mercantile Bank from a “market perform” rating to an “outperform” rating and set a $54.00 price objective on the stock in a research note on Wednesday, January 22nd. Finally, Keefe, Bruyette & Woods upped their target price on shares of Mercantile Bank from $56.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, January 22nd.

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.