Fiduciary Financial Advisors Purchases Shares of 15,923 Mercantile Bank Corporation $MBWM

Fiduciary Financial Advisors acquired a new position in shares of Mercantile Bank Corporation (NASDAQ:MBWM) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 15,923 shares of the financial services provider’s stock, valued at approximately $914,000. Fiduciary Financial Advisors owned approximately 0.09% of Mercantile Bank as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Royal Bank of Canada increased its holdings in Mercantile Bank by 5.6% during the first quarter. Royal Bank of Canada now owns 68,824 shares of the financial services provider’s stock worth $2,989,000 after buying an additional 3,621 shares during the last quarter. AQR Capital Management LLC raised its position in Mercantile Bank by 21.2% during the first quarter. AQR Capital Management LLC now owns 92,045 shares of the financial services provider’s stock worth $3,998,000 after acquiring an additional 16,092 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Mercantile Bank by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,360 shares of the financial services provider’s stock worth $407,000 after acquiring an additional 382 shares in the last quarter. Empowered Funds LLC lifted its stake in Mercantile Bank by 4.1% in the first quarter. Empowered Funds LLC now owns 57,731 shares of the financial services provider’s stock valued at $2,508,000 after acquiring an additional 2,255 shares during the last quarter. Finally, Jane Street Group LLC lifted its stake in Mercantile Bank by 21.0% in the first quarter. Jane Street Group LLC now owns 15,952 shares of the financial services provider’s stock valued at $693,000 after acquiring an additional 2,772 shares during the last quarter. Institutional investors and hedge funds own 58.63% of the company’s stock.

Mercantile Bank Stock Performance

Shares of MBWM stock opened at $60.31 on Tuesday. The company has a market capitalization of $1.04 billion, a price-to-earnings ratio of 10.62 and a beta of 0.79. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.93 and a current ratio of 0.93. Mercantile Bank Corporation has a 52 week low of $42.75 and a 52 week high of $62.39. The company has a 50-day simple moving average of $58.39 and a 200 day simple moving average of $54.30.

Mercantile Bank (NASDAQ:MBWM) last issued its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $1.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.32 by $0.21. Mercantile Bank had a net margin of 24.75% and a return on equity of 13.66%. The firm had revenue of $68.76 million during the quarter, compared to the consensus estimate of $68.81 million. On average, sell-side analysts predict that Mercantile Bank Corporation will post 5.7 earnings per share for the current year.

Mercantile Bank Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Friday, September 4th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Friday, September 4th. This is an increase from Mercantile Bank’s previous quarterly dividend of $0.39. Mercantile Bank’s payout ratio is 27.46%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on MBWM shares. Hovde Group lowered shares of Mercantile Bank from an “outperform” rating to a “market perform” rating and set a $62.00 price objective on the stock. in a research note on Wednesday, July 22nd. Keefe, Bruyette & Woods raised their target price on shares of Mercantile Bank from $60.00 to $64.00 and gave the company an “outperform” rating in a research note on Wednesday, July 22nd. Weiss Ratings reiterated a “buy (b)” rating on shares of Mercantile Bank in a report on Friday, June 12th. Finally, Piper Sandler set a $65.00 price objective on Mercantile Bank in a research report on Wednesday, July 22nd. Three analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $60.40.

About Mercantile Bank

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.