Well Done LLC Makes New Investment in Mercantile Bank Co. (NASDAQ:MBWM)

Well Done LLC acquired a new position in shares of Mercantile Bank Co. (NASDAQ:MBWM) during the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 6,050 shares of the financial services provider’s stock, valued at approximately $244,000.

A number of other hedge funds also recently made changes to their positions in MBWM. State Street Corp boosted its stake in shares of Mercantile Bank by 34.0% in the 1st quarter. State Street Corp now owns 427,289 shares of the financial services provider’s stock valued at $15,135,000 after purchasing an additional 108,389 shares in the last quarter. Mercer Global Advisors Inc. ADV bought a new position in Mercantile Bank in the 1st quarter valued at approximately $2,649,000. BlackRock Inc. raised its holdings in Mercantile Bank by 4.3% in the 2nd quarter. BlackRock Inc. now owns 1,443,161 shares of the financial services provider’s stock valued at $39,860,000 after buying an additional 59,394 shares during the last quarter. Millennium Management LLC raised its holdings in Mercantile Bank by 107.4% in the 4th quarter. Millennium Management LLC now owns 113,047 shares of the financial services provider’s stock valued at $3,785,000 after buying an additional 58,528 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Mercantile Bank by 45.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 161,392 shares of the financial services provider’s stock valued at $4,935,000 after buying an additional 50,280 shares during the last quarter. 58.63% of the stock is currently owned by institutional investors and hedge funds.

Mercantile Bank Stock Up 0.2 %

MBWM traded up $0.09 during mid-day trading on Thursday, reaching $38.13. 17,974 shares of the stock were exchanged, compared to its average volume of 78,177. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.04 and a current ratio of 1.04. The stock has a market capitalization of $614.66 million, a PE ratio of 7.43 and a beta of 0.97. The company has a 50 day moving average price of $37.97 and a two-hundred day moving average price of $36.08. Mercantile Bank Co. has a 1 year low of $23.89 and a 1 year high of $42.82.

Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings data on Tuesday, January 16th. The financial services provider reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.22 by $0.03. The firm had revenue of $56.95 million for the quarter, compared to the consensus estimate of $56.00 million. Mercantile Bank had a net margin of 27.09% and a return on equity of 16.85%. During the same period in the previous year, the firm earned $1.37 EPS. As a group, research analysts anticipate that Mercantile Bank Co. will post 4.55 EPS for the current year.

Mercantile Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 13th. Investors of record on Friday, March 1st were issued a $0.35 dividend. This is an increase from Mercantile Bank’s previous quarterly dividend of $0.34. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.67%. The ex-dividend date was Thursday, February 29th. Mercantile Bank’s payout ratio is 27.29%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Janney Montgomery Scott upgraded shares of Mercantile Bank from a “neutral” rating to a “buy” rating in a report on Tuesday, January 16th. Hovde Group downgraded shares of Mercantile Bank from an “outperform” rating to a “market perform” rating in a research report on Monday, March 4th.

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.