2 weeks Ago By Defense World Staff
Wells Fargo & Company MN boosted its stake in Mercantile Bank Co. ( NASDAQ:MBWM – Free Report ) by 32.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission.
The firm owned 44,802 shares of the financial services provider’s stock after buying an additional 11,047 shares during the period. Wells Fargo & Company MN owned approximately 0.28% of Mercantile Bank worth $1,993,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in the stock. Picton Mahoney Asset Management purchased a new stake in Mercantile Bank during the fourth quarter worth about $29,000. Quantbot Technologies LP lifted its stake in Mercantile Bank by 14.
6% during the fourth quarter. Quantbot Technologies LP now owns 2,328 shares of the financial services provider’s stock worth $104,000 after purchasing an additional 297 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new position in shares of Mercantile Bank during the fourth quarter worth about $133,000.
Sei Investments Co. acquired a new position in shares of Mercantile Bank in the 4th quarter valued at $201,000. Finally, Intellus Advisors LLC purchased a new stake in shares of Mercantile Bank in the fourth quarter valued at about $243,000.
Hedge funds and other institutional investors own 58.63% of the company’s stock. Analysts Set New Price Targets Several analysts have recently weighed in on MBWM shares.
Hovde Group raised shares of Mercantile Bank from a “market perform” rating to an “outperform” rating and set a $54.00 target price on the stock in a report on Wednesday, January 22nd. Piper Sandler decreased their price objective on Mercantile Bank from $50.
00 to $47.50 and set a “neutral” rating on the stock in a research note on Wednesday. Finally, Keefe, Bruyette & Woods boosted their price target on Mercantile Bank from $56.
00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, January 22nd. Insider Buying and Selling at Mercantile Bank In related news, Director Robert B.
Kaminski sold 1,000 shares of the company’s stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $50.22, for a total transaction of $50,220.
00. Following the completion of the transaction, the director now directly owns 11,810 shares in the company, valued at $593,098.20.
This represents a 7.81 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink .
Insiders have sold 4,750 shares of company stock worth $235,275 over the last quarter. 3.20% of the stock is owned by corporate insiders.
Mercantile Bank Trading Down 0.5 % Shares of MBWM stock opened at $41.84 on Friday.
The firm’s 50 day moving average price is $43.55 and its two-hundred day moving average price is $45.76.
Mercantile Bank Co. has a fifty-two week low of $35.61 and a fifty-two week high of $52.
98. The company has a quick ratio of 1.01, a current ratio of 1.
02 and a debt-to-equity ratio of 0.95. The stock has a market cap of $679.
27 million, a price-to-earnings ratio of 8.45 and a beta of 0.86.
Mercantile Bank ( NASDAQ:MBWM – Get Free Report ) last issued its quarterly earnings data on Tuesday, April 22nd. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.
19 by $0.02. Mercantile Bank had a net margin of 21.
99% and a return on equity of 14.29%. The company had revenue of $57.
20 million during the quarter, compared to the consensus estimate of $57.57 million. On average, analysts anticipate that Mercantile Bank Co.
will post 4.83 EPS for the current year. Mercantile Bank Announces Dividend The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th.
Stockholders of record on Friday, June 6th will be given a dividend of $0.37 per share. This represents a $1.
48 dividend on an annualized basis and a dividend yield of 3.54%. The ex-dividend date of this dividend is Friday, June 6th.
Mercantile Bank’s payout ratio is currently 30.71%. About Mercantile Bank ( 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. Featured Articles Five stocks we like better than Mercantile Bank What is the Nasdaq? Complete Overview with History Short Sellers Gave Up on These 3 Names Recently Uptrend Stocks Explained: Learn How to Trade Using Uptrends 3 Boring Stocks Outperforming the Market This Year What Are Dividends? Buy the Best Dividend Stocks If You Wanted To Buy AbbVie and Didn’t, There’s Still Time To Buy Want to see what other hedge funds are holding MBWM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Mercantile Bank Co.
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