Hillsdale Investment Management Inc. Has $3.04 Million Stock Position in Mercantile Bank Co. (NASDAQ:MBWM)

Hillsdale Investment Management Inc. raised its position in Mercantile Bank Co. (NASDAQ:MBWM) by 8.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 79,046 shares of the financial services provider’s stock after acquiring an additional 6,200 shares during the period. Hillsdale Investment Management Inc. owned about 0.49% of Mercantile Bank worth $3,042,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in MBWM. Assenagon Asset Management S.A. raised its holdings in Mercantile Bank by 95.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 70,793 shares of the financial services provider’s stock valued at $2,859,000 after acquiring an additional 34,567 shares in the last quarter. Vanguard Group Inc. raised its holdings in Mercantile Bank by 2.8% in the 1st quarter. Vanguard Group Inc. now owns 805,334 shares of the financial services provider’s stock valued at $30,997,000 after acquiring an additional 21,616 shares in the last quarter. American Century Companies Inc. raised its holdings in Mercantile Bank by 15.0% in the 3rd quarter. American Century Companies Inc. now owns 165,138 shares of the financial services provider’s stock valued at $5,104,000 after acquiring an additional 21,587 shares in the last quarter. LSV Asset Management raised its holdings in Mercantile Bank by 6.0% in the 1st quarter. LSV Asset Management now owns 225,404 shares of the financial services provider’s stock valued at $8,676,000 after acquiring an additional 12,726 shares in the last quarter. Finally, Janney Montgomery Scott LLC acquired a new position in shares of Mercantile Bank in the 1st quarter worth approximately $452,000. Institutional investors and hedge funds own 58.63% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on MBWM. Piper Sandler increased their target price on Mercantile Bank from $42.00 to $53.00 and gave the stock a “neutral” rating in a report on Wednesday, July 17th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $51.00 target price (up from $47.00) on shares of Mercantile Bank in a report on Wednesday, July 17th. Finally, Janney Montgomery Scott cut Mercantile Bank from a “buy” rating to a “neutral” rating in a report on Wednesday, May 8th. Four analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, Mercantile Bank presently has a consensus rating of “Hold” and an average target price of $52.00.

Mercantile Bank Price Performance

NASDAQ MBWM traded up $0.84 during trading hours on Monday, reaching $48.80. 78,188 shares of the company’s stock were exchanged, compared to its average volume of 73,052. The stock has a market cap of $786.66 million, a PE ratio of 9.46 and a beta of 0.98. Mercantile Bank Co. has a one year low of $30.12 and a one year high of $50.42. The firm has a fifty day moving average of $39.51 and a 200-day moving average of $38.33. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.09.

Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.17 EPS for the quarter, hitting analysts’ consensus estimates of $1.17. The business had revenue of $88.56 million for the quarter, compared to analyst estimates of $56.23 million. Mercantile Bank had a return on equity of 15.80% and a net margin of 23.99%. During the same period in the prior year, the company earned $1.27 EPS. On average, equities research analysts predict that Mercantile Bank Co. will post 4.81 earnings per share for the current fiscal year.

Mercantile Bank Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 18th. Investors of record on Friday, September 6th will be given a dividend of $0.36 per share. The ex-dividend date is Friday, September 6th. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.35. This represents a $1.44 dividend on an annualized basis and a yield of 2.95%. Mercantile Bank’s dividend payout ratio is 27.13%.

Insider Buying and Selling

In related news, Director Robert B. Kaminski sold 2,000 shares of the stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $48.01, for a total transaction of $96,020.00. Following the sale, the director now directly owns 29,610 shares in the company, valued at approximately $1,421,576.10. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Mercantile Bank news, Director Robert B. Kaminski sold 3,000 shares of the stock in a transaction on Friday, July 19th. The stock was sold at an average price of $48.73, for a total value of $146,190.00. Following the transaction, the director now directly owns 31,610 shares in the company, valued at approximately $1,540,355.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert B. Kaminski sold 2,000 shares of the stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $48.01, for a total value of $96,020.00. Following the completion of the transaction, the director now owns 29,610 shares in the company, valued at $1,421,576.10. The disclosure for this sale can be found here. Insiders have sold a total of 5,250 shares of company stock worth $252,168 in the last three months. Insiders own 3.08% of the company’s stock.

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.