Liberty Wealth Management LLC Buys 4,892 Shares of Mercantile Bank Co. (NASDAQ:MBWM)

Liberty Wealth Management LLC boosted its stake in Mercantile Bank Co. (NASDAQ:MBWM) by 2,982.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,056 shares of the financial services provider’s stock after purchasing an additional 4,892 shares during the period. Liberty Wealth Management LLC’s holdings in Mercantile Bank were worth $167,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. BlackRock Inc. grew its stake in shares of Mercantile Bank by 7.8% during the first quarter. BlackRock Inc. now owns 1,508,644 shares of the financial services provider’s stock worth $48,984,000 after buying an additional 108,664 shares during the last quarter. North Star Asset Management Inc. boosted its holdings in shares of Mercantile Bank by 3.4% during the 2nd quarter. North Star Asset Management Inc. now owns 278,201 shares of the financial services provider’s stock valued at $8,402,000 after acquiring an additional 9,050 shares in the last quarter. Geode Capital Management LLC grew its position in Mercantile Bank by 1.0% during the 2nd quarter. Geode Capital Management LLC now owns 270,510 shares of the financial services provider’s stock worth $8,169,000 after acquiring an additional 2,655 shares during the last quarter. Royal Bank of Canada grew its position in Mercantile Bank by 19.5% during the 1st quarter. Royal Bank of Canada now owns 123,544 shares of the financial services provider’s stock worth $4,012,000 after acquiring an additional 20,174 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in Mercantile Bank by 3.8% in the 1st quarter. Bank of New York Mellon Corp now owns 122,091 shares of the financial services provider’s stock worth $3,964,000 after purchasing an additional 4,521 shares in the last quarter. Hedge funds and other institutional investors own 54.03% of the company’s stock.

Shares of NASDAQ:MBWM opened at $33.69 on Thursday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.03 and a current ratio of 1.04. Mercantile Bank Co. has a 52 week low of $19.90 and a 52 week high of $34.47. The firm has a market cap of $535.44 million, a PE ratio of 9.57 and a beta of 1.14. The firm’s fifty day moving average is $31.68 and its 200-day moving average is $31.57.

Mercantile Bank (NASDAQ:MBWM) last announced its earnings results on Monday, July 19th. The financial services provider reported $1.12 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.78 by $0.34. The business had revenue of $45.43 million during the quarter, compared to analyst estimates of $41.40 million. Mercantile Bank had a return on equity of 13.18% and a net margin of 28.63%. Sell-side analysts forecast that Mercantile Bank Co. will post 3.66 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 15th. Stockholders of record on Friday, September 3rd were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.56%. This is an increase from Mercantile Bank’s previous quarterly dividend of $0.29. The ex-dividend date of this dividend was Thursday, September 2nd. Mercantile Bank’s dividend payout ratio (DPR) is 43.17%.

Separately, Zacks Investment Research cut Mercantile Bank from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 22nd.

Mercantile Bank Profile

Mercantile Bank Corp. operates as a bank holding company for Mercantile Bank of Michigan. It offers checking and savings accounts, credit and debit cards, mobile and Internet banking, business loans, mobile wallet, health savings account, and treasury management services. The company was founded on July 15, 1997 and is headquartered in Grand Rapids, MI.

See Also: Why are analyst ratings important in trading stocks?

Want to see what other hedge funds are holding MBWM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Mercantile Bank Co. (NASDAQ:MBWM).

Institutional Ownership by Quarter for Mercantile Bank (NASDAQ:MBWM)

Receive News & Ratings for Mercantile Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mercantile Bank and related companies with MarketBeat.com's FREE daily email newsletter.