American Century Companies Inc. Has $5.10 Million Position in Mercantile Bank Co. (NASDAQ:MBWM)

American Century Companies Inc. lifted its holdings in Mercantile Bank Co. (NASDAQ:MBWM) by 15.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 165,138 shares of the financial services provider’s stock after purchasing an additional 21,587 shares during the period. American Century Companies Inc. owned 1.03% of Mercantile Bank worth $5,104,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Comerica Bank acquired a new stake in shares of Mercantile Bank in the 3rd quarter valued at $62,000. Jacobs Levy Equity Management Inc. lifted its stake in shares of Mercantile Bank by 7.0% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 22,635 shares of the financial services provider’s stock valued at $700,000 after purchasing an additional 1,479 shares during the last quarter. Creative Planning lifted its stake in shares of Mercantile Bank by 52.6% in the 3rd quarter. Creative Planning now owns 15,195 shares of the financial services provider’s stock valued at $470,000 after purchasing an additional 5,239 shares during the last quarter. Public Employees Retirement System of Ohio lifted its stake in shares of Mercantile Bank by 29.0% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 3,953 shares of the financial services provider’s stock valued at $122,000 after purchasing an additional 889 shares during the last quarter. Finally, Kennedy Capital Management LLC lifted its stake in shares of Mercantile Bank by 10.4% in the 3rd quarter. Kennedy Capital Management LLC now owns 17,889 shares of the financial services provider’s stock valued at $553,000 after purchasing an additional 1,683 shares during the last quarter. Institutional investors and hedge funds own 58.63% of the company’s stock.

Mercantile Bank Stock Performance

NASDAQ:MBWM opened at $38.04 on Thursday. The firm’s 50-day moving average is $37.97 and its 200-day moving average is $36.08. Mercantile Bank Co. has a 52-week low of $23.89 and a 52-week high of $42.82. 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 company has a market cap of $613.20 million, a price-to-earnings ratio of 7.42 and a beta of 0.97.

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 the consensus estimate of $1.22 by $0.03. Mercantile Bank had a net margin of 27.09% and a return on equity of 16.85%. The company had revenue of $56.95 million for the quarter, compared to the consensus estimate of $56.00 million. During the same quarter in the previous year, the firm posted $1.37 EPS. Equities research analysts anticipate that Mercantile Bank Co. will post 4.55 earnings per share for the current year.

Mercantile Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 13th. Stockholders of record on Friday, March 1st were given a dividend of $0.35 per share. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.34. This represents a $1.40 annualized dividend and a dividend yield of 3.68%. The ex-dividend date was Thursday, February 29th. Mercantile Bank’s payout ratio is 27.29%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on MBWM shares. Hovde Group lowered shares of Mercantile Bank from an “outperform” rating to a “market perform” rating in a research note on Monday, March 4th. Janney Montgomery Scott upgraded shares of Mercantile Bank from a “neutral” rating to a “buy” rating in a report on Tuesday, January 16th.

Mercantile Bank 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.