Two Sigma Advisers LP cut its stake in Mercantile Bank Co. (NASDAQ:MBWM – Free Report) by 9.3% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 12,684 shares of the financial services provider’s stock after selling 1,300 shares during the period. Two Sigma Advisers LP’s holdings in Mercantile Bank were worth $564,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Two Sigma Investments LP grew its position in Mercantile Bank by 14.1% in the fourth quarter. Two Sigma Investments LP now owns 30,845 shares of the financial services provider’s stock worth $1,372,000 after acquiring an additional 3,809 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Mercantile Bank during the fourth quarter valued at about $35,000. Point72 Asset Management L.P. purchased a new stake in Mercantile Bank during the fourth quarter valued at about $102,000. Nuveen Asset Management LLC boosted its position in Mercantile Bank by 12.6% during the fourth quarter. Nuveen Asset Management LLC now owns 44,936 shares of the financial services provider’s stock valued at $1,999,000 after buying an additional 5,045 shares during the period. Finally, Millennium Management LLC boosted its position in Mercantile Bank by 54.0% during the fourth quarter. Millennium Management LLC now owns 132,777 shares of the financial services provider’s stock valued at $5,907,000 after buying an additional 46,559 shares during the period. 58.63% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Separately, Piper Sandler cut their price target on shares of Mercantile Bank from $50.00 to $47.50 and set a “neutral” rating for the company in a research report on Wednesday, April 23rd.
Read Our Latest Stock Report on Mercantile Bank
Mercantile Bank Stock Performance
NASDAQ MBWM opened at $44.16 on Wednesday. The company has a 50-day simple moving average of $42.70 and a two-hundred day simple moving average of $45.54. The company has a quick ratio of 1.01, a current ratio of 1.02 and a debt-to-equity ratio of 0.95. Mercantile Bank Co. has a 12-month low of $35.61 and a 12-month high of $52.98. The firm has a market cap of $716.94 million, a price-to-earnings ratio of 8.92 and a beta of 0.87.
Mercantile Bank (NASDAQ:MBWM – Get Free Report) last issued its quarterly earnings data on Tuesday, April 22nd. The financial services provider reported $1.21 EPS for the quarter, beating the consensus estimate of $1.19 by $0.02. The firm had revenue of $57.20 million during the quarter, compared to the consensus estimate of $57.57 million. Mercantile Bank had a net margin of 21.99% and a return on equity of 14.29%. On average, equities analysts forecast that Mercantile Bank Co. will post 4.83 EPS for the current year.
Mercantile Bank Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Friday, June 6th will be paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 3.35%. The ex-dividend date of this dividend is Friday, June 6th. Mercantile Bank’s dividend payout ratio (DPR) is 30.71%.
Mercantile Bank Profile
(Free Report)
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.
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