Fiduciary Financial Advisors Purchases New Shares in Mercantile Bank Corporation $MBWM

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

Several other hedge funds and other institutional investors have also bought and sold shares of MBWM. BlackRock Inc. acquired a new position in shares of Mercantile Bank during the 2nd quarter worth approximately $88,105,000. Wellington Management Group LLP acquired a new stake in shares of Mercantile Bank in the fourth quarter valued at approximately $14,181,000. Bank of New York Mellon Corp acquired a new stake in shares of Mercantile Bank in the second quarter valued at approximately $5,633,000. De Lisle Partners LLP bought a new stake in shares of Mercantile Bank in the second quarter valued at approximately $4,346,000. Finally, JPMorgan Chase & Co. boosted its stake in shares of Mercantile Bank by 73.1% in the second quarter. JPMorgan Chase & Co. now owns 155,904 shares of the financial services provider’s stock valued at $7,236,000 after buying an additional 65,823 shares during the period. Institutional investors and hedge funds own 58.63% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on MBWM shares. Hovde Group downgraded Mercantile Bank from an “outperform” rating to a “market perform” rating and set a $62.00 price target on the stock. in a research report on Wednesday, July 22nd. Piper Sandler set a $65.00 target price on Mercantile Bank in a research report on Wednesday, July 22nd. Keefe, Bruyette & Woods increased their target price on Mercantile Bank from $60.00 to $64.00 and gave the stock an “outperform” rating in a report on Wednesday, July 22nd. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Mercantile Bank in a research report on Friday, June 12th. Three investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Mercantile Bank currently has an average rating of “Hold” and a consensus price target of $60.40.

Mercantile Bank Stock Performance

NASDAQ MBWM opened at $60.31 on Tuesday. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $1.04 billion, a price-to-earnings ratio of 10.62 and a beta of 0.79. The firm’s 50 day simple moving average is $58.39 and its 200 day simple moving average is $54.30. Mercantile Bank Corporation has a 1 year low of $42.75 and a 1 year high of $62.39.

Mercantile Bank (NASDAQ:MBWM) last announced its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $1.53 EPS for the quarter, beating the consensus estimate of $1.32 by $0.21. The business had revenue of $68.76 million during the quarter, compared to the consensus estimate of $68.81 million. Mercantile Bank had a net margin of 24.75% and a return on equity of 13.66%. As a group, research analysts expect that Mercantile Bank Corporation will post 5.7 earnings per share for the current fiscal year.

Mercantile Bank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Friday, September 4th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.7%. This is an increase from Mercantile Bank’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Friday, September 4th. Mercantile Bank’s dividend payout ratio (DPR) is currently 27.46%.

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.