Royal Bank of Canada raised its position in Mercantile Bank Corp. (NASDAQ:MBWM) by 9.6% during the 1st quarter, HoldingsChannel.com reports. The firm owned 220,880 shares of the financial services provider’s stock after purchasing an additional 19,273 shares during the period. Royal Bank of Canada’s holdings in Mercantile Bank were worth $7,344,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MBWM. Swiss National Bank increased its position in shares of Mercantile Bank by 7.5% in the first quarter. Swiss National Bank now owns 28,700 shares of the financial services provider’s stock valued at $954,000 after acquiring an additional 2,000 shares during the last quarter. Schwab Charles Investment Management Inc. increased its position in shares of Mercantile Bank by 3.1% in the first quarter. Schwab Charles Investment Management Inc. now owns 73,348 shares of the financial services provider’s stock valued at $2,439,000 after acquiring an additional 2,223 shares during the last quarter. Wells Fargo & Company MN increased its position in shares of Mercantile Bank by 3.9% in the first quarter. Wells Fargo & Company MN now owns 61,237 shares of the financial services provider’s stock valued at $2,036,000 after acquiring an additional 2,326 shares during the last quarter. US Bancorp DE increased its position in shares of Mercantile Bank by 119.1% in the first quarter. US Bancorp DE now owns 4,333 shares of the financial services provider’s stock valued at $144,000 after acquiring an additional 2,355 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its position in shares of Mercantile Bank by 14.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 20,783 shares of the financial services provider’s stock valued at $735,000 after acquiring an additional 2,613 shares during the last quarter. 53.30% of the stock is currently owned by hedge funds and other institutional investors.
Get Mercantile Bank alerts:In related news, Director Michael H. Price sold 3,000 shares of Mercantile Bank stock in a transaction dated Wednesday, May 30th. The stock was sold at an average price of $36.32, for a total transaction of $108,960.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 3.20% of the company’s stock.
Mercantile Bank stock opened at $37.36 on Thursday. Mercantile Bank Corp. has a 52 week low of $28.92 and a 52 week high of $38.47. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a market cap of $624.09 million, a P/E ratio of 17.91, a price-to-earnings-growth ratio of 1.91 and a beta of 0.74.
Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings results on Tuesday, April 17th. The financial services provider reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.10. Mercantile Bank had a return on equity of 9.50% and a net margin of 23.13%. The business had revenue of $34.58 million during the quarter, compared to analysts’ expectations of $33.03 million. sell-side analysts predict that Mercantile Bank Corp. will post 2.46 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 20th. Investors of record on Friday, June 8th were issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date was Thursday, June 7th. Mercantile Bank’s payout ratio is currently 46.56%.
MBWM has been the topic of a number of recent research reports. BidaskClub raised Mercantile Bank from a “sell” rating to a “hold” rating in a research report on Tuesday, April 24th. Hovde Group reaffirmed a “hold” rating and issued a $37.00 target price on shares of Mercantile Bank in a research report on Wednesday, April 18th. Finally, Sandler O’Neill set a $37.00 target price on Mercantile Bank and gave the company a “hold” rating in a research report on Tuesday, March 27th. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $36.80.
Mercantile Bank Company Profile
Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan that provides commercial and retail banking services for 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.
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