LVM Capital Management Ltd. MI Purchases Shares of 14,578 Mercantile Bank Corporation $MBWM

LVM Capital Management Ltd. MI acquired a new position in Mercantile Bank Corporation (NASDAQ:MBWM) in the third quarter, according to the company in its most recent filing with the SEC. The firm acquired 14,578 shares of the financial services provider’s stock, valued at approximately $656,000. LVM Capital Management Ltd. MI owned 0.09% of Mercantile Bank at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. Virtus Advisers LLC acquired a new position in shares of Mercantile Bank in the first quarter valued at $39,000. Ameritas Advisory Services LLC acquired a new stake in Mercantile Bank during the second quarter worth $42,000. Farther Finance Advisors LLC bought a new stake in Mercantile Bank in the 2nd quarter valued at $54,000. Oliver Lagore Vanvalin Investment Group bought a new stake in Mercantile Bank in the 2nd quarter valued at $80,000. Finally, EMC Capital Management raised its stake in shares of Mercantile Bank by 76.3% in the 2nd quarter. EMC Capital Management now owns 3,309 shares of the financial services provider’s stock valued at $154,000 after buying an additional 1,432 shares in the last quarter. Institutional investors and hedge funds own 58.63% of the company’s stock.

Mercantile Bank Trading Down 0.2%

Shares of Mercantile Bank stock opened at $49.51 on Friday. Mercantile Bank Corporation has a 12-month low of $37.76 and a 12-month high of $51.89. The stock has a market capitalization of $804.54 million, a P/E ratio of 9.38 and a beta of 0.91. The company has a 50-day simple moving average of $45.97 and a 200 day simple moving average of $46.45. The company has a quick ratio of 0.97, a current ratio of 0.98 and a debt-to-equity ratio of 0.74.

Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings results on Tuesday, October 21st. The financial services provider reported $1.46 EPS for the quarter, beating analysts’ consensus estimates of $1.38 by $0.08. The firm had revenue of $62.39 million for the quarter, compared to analyst estimates of $61.33 million. Mercantile Bank had a net margin of 23.05% and a return on equity of 13.78%. Research analysts expect that Mercantile Bank Corporation will post 4.83 earnings per share for the current fiscal year.

Mercantile Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 17th. Stockholders of record on Friday, December 5th were issued a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend was Friday, December 5th. Mercantile Bank’s payout ratio is presently 28.79%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Raymond James Financial reiterated an “outperform” rating and set a $52.00 target price (down from $55.00) on shares of Mercantile Bank in a research report on Wednesday, October 22nd. Zacks Research cut shares of Mercantile Bank from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 22nd. Hovde Group lifted their price objective on Mercantile Bank from $53.00 to $56.00 and gave the company an “outperform” rating in a report on Thursday. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Mercantile Bank in a research note on Monday. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Mercantile Bank has a consensus rating of “Moderate Buy” and an average target price of $55.00.

Insider Buying and Selling

In other Mercantile Bank news, Director Nelson F. Sanchez purchased 1,000 shares of the firm’s stock in a transaction that occurred on Friday, October 31st. The shares were acquired at an average cost of $43.50 per share, for a total transaction of $43,500.00. Following the transaction, the director directly owned 3,502 shares in the company, valued at approximately $152,337. The trade was a 39.97% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. 3.20% of the stock is currently owned by company insiders.

Mercantile Bank Company Profile

Mercantile Bank Corporation (NASDAQ: MBWM) is the bank holding company for Mercantile Bank of Michigan, a full-service commercial bank headquartered in Grand Rapids, Michigan. Through its state-chartered subsidiary, the company provides a broad range of financial products and services to small and mid-sized businesses, professionals and consumers across West and Central Michigan.

The bank’s core offerings include deposit products such as checking, savings and money market accounts, alongside commercial and consumer loan portfolios.