Envestnet Asset Management Inc. increased its stake in shares of Mercantile Bank Co. (NASDAQ:MBWM) by 13.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 28,378 shares of the financial services provider’s stock after acquiring an additional 3,294 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Mercantile Bank were worth $921,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Nisa Investment Advisors LLC increased its position in Mercantile Bank by 16.3% during the fourth quarter. Nisa Investment Advisors LLC now owns 2,850 shares of the financial services provider’s stock worth $77,000 after acquiring an additional 400 shares during the period. Citigroup Inc. increased its holdings in Mercantile Bank by 323.0% in the 4th quarter. Citigroup Inc. now owns 3,896 shares of the financial services provider’s stock valued at $106,000 after buying an additional 2,975 shares during the period. SG Americas Securities LLC bought a new stake in Mercantile Bank in the 4th quarter valued at $123,000. Commonwealth Equity Services LLC bought a new stake in Mercantile Bank in the 1st quarter valued at $231,000. Finally, Dynamic Advisor Solutions LLC bought a new stake in Mercantile Bank in the 4th quarter valued at $217,000. 54.13% of the stock is currently owned by institutional investors and hedge funds.
Separately, Zacks Investment Research raised shares of Mercantile Bank from a “hold” rating to a “strong-buy” rating and set a $37.00 price target on the stock in a report on Friday, April 2nd.
Mercantile Bank (NASDAQ:MBWM) last issued its earnings results on Monday, April 19th. The financial services provider reported $0.84 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.13. Mercantile Bank had a net margin of 24.18% and a return on equity of 11.22%. The company had revenue of $43.00 million for the quarter, compared to the consensus estimate of $39.70 million. On average, equities research analysts predict that Mercantile Bank Co. will post 3.18 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 16th. Stockholders of record on Friday, June 4th will be paid a $0.29 dividend. The ex-dividend date is Thursday, June 3rd. This represents a $1.16 annualized dividend and a dividend yield of 3.66%. Mercantile Bank’s dividend payout ratio is presently 41.73%.
In other news, COO Robert T. Worthington bought 3,431 shares of Mercantile Bank stock in a transaction dated Thursday, June 3rd. The shares were bought at an average price of $32.56 per share, for a total transaction of $111,713.36. Following the purchase, the chief operating officer now owns 8,779 shares of the company’s stock, valued at $285,844.24. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 3.07% of the stock is currently owned by insiders.
About Mercantile Bank
Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan that provides commercial and retail banking services for 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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