Pitcairn Co. Trims Stock Position in Mercantile Bank Co. (NASDAQ:MBWM)

Pitcairn Co. cut its position in shares of Mercantile Bank Co. (NASDAQ:MBWM) by 5.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,193 shares of the financial services provider’s stock after selling 342 shares during the period. Pitcairn Co.’s holdings in Mercantile Bank were worth $238,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Voisard Asset Management Group Inc. purchased a new position in Mercantile Bank during the fourth quarter worth about $38,000. Tower Research Capital LLC TRC raised its stake in Mercantile Bank by 104.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,772 shares of the financial services provider’s stock worth $72,000 after purchasing an additional 904 shares during the period. Public Employees Retirement System of Ohio raised its stake in Mercantile Bank by 29.0% during the third quarter. Public Employees Retirement System of Ohio now owns 3,953 shares of the financial services provider’s stock worth $122,000 after purchasing an additional 889 shares during the period. Allspring Global Investments Holdings LLC raised its stake in shares of Mercantile Bank by 214.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 4,268 shares of the financial services provider’s stock valued at $172,000 after acquiring an additional 2,911 shares during the period. Finally, Truist Financial Corp purchased a new stake in shares of Mercantile Bank in the 4th quarter valued at approximately $219,000. 58.63% of the stock is owned by hedge funds and other institutional investors.

Mercantile Bank Trading Up 3.9 %

NASDAQ MBWM opened at $49.85 on Friday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.09. Mercantile Bank Co. has a 52 week low of $30.12 and a 52 week high of $50.75. The stock has a market capitalization of $803.58 million, a PE ratio of 9.66 and a beta of 0.98. The firm has a 50 day moving average of $40.06 and a two-hundred day moving average of $38.54.

Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.17 EPS for the quarter, hitting the consensus estimate of $1.17. Mercantile Bank had a net margin of 23.99% and a return on equity of 15.80%. The company had revenue of $88.56 million during the quarter, compared to analysts’ expectations of $56.23 million. During the same quarter in the previous year, the business posted $1.27 EPS. As a group, research analysts expect that Mercantile Bank Co. will post 4.81 EPS for the current fiscal year.

Mercantile Bank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Friday, September 6th will be issued a $0.36 dividend. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.35. The ex-dividend date is Friday, September 6th. This represents a $1.44 annualized dividend and a dividend yield of 2.89%. Mercantile Bank’s dividend payout ratio is presently 27.13%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Piper Sandler boosted their price target on shares of Mercantile Bank from $42.00 to $53.00 and gave the company a “neutral” rating in a research note on Wednesday, July 17th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $51.00 target price (up from $47.00) on shares of Mercantile Bank in a research note on Wednesday, July 17th. Finally, Janney Montgomery Scott downgraded shares of Mercantile Bank from a “buy” rating to a “neutral” rating in a research note on Wednesday, May 8th. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $52.00.

Insider Activity

In other news, Director Robert B. Kaminski sold 2,000 shares of the company’s 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 approximately $1,421,576.10. The sale was disclosed in a document filed with the SEC, which is available at this link. In other Mercantile Bank news, Director Robert B. Kaminski sold 2,000 shares of Mercantile Bank 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 transaction, the director now directly owns 29,610 shares in the company, valued at $1,421,576.10. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Robert B. Kaminski sold 3,000 shares of Mercantile Bank stock in a transaction on Friday, July 19th. The shares were sold at an average price of $48.73, for a total transaction of $146,190.00. Following the completion of the transaction, the director now owns 31,610 shares in the company, valued at $1,540,355.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,250 shares of company stock worth $252,168. Corporate 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.