Mercantile Bank Co. (NASDAQ:MBWM) Holdings Cut by Tributary Capital Management LLC

Tributary Capital Management LLC decreased its stake in Mercantile Bank Co. (NASDAQ:MBWM) by 0.4% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 247,432 shares of the financial services provider’s stock after selling 1,048 shares during the quarter. Tributary Capital Management LLC owned approximately 1.53% of Mercantile Bank worth $10,818,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Inspire Investing LLC lifted its position in Mercantile Bank by 218.8% in the 2nd quarter. Inspire Investing LLC now owns 29,820 shares of the financial services provider’s stock worth $1,210,000 after buying an additional 20,465 shares in the last quarter. Janney Montgomery Scott LLC acquired a new position in shares of Mercantile Bank during the 1st quarter worth $452,000. AQR Capital Management LLC increased its stake in shares of Mercantile Bank by 108.7% during the 2nd quarter. AQR Capital Management LLC now owns 174,355 shares of the financial services provider’s stock worth $7,074,000 after purchasing an additional 90,802 shares during the last quarter. Empowered Funds LLC increased its stake in shares of Mercantile Bank by 8.1% during the 1st quarter. Empowered Funds LLC now owns 46,537 shares of the financial services provider’s stock worth $1,791,000 after purchasing an additional 3,500 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. increased its stake in shares of Mercantile Bank by 16.7% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 10,653 shares of the financial services provider’s stock worth $410,000 after purchasing an additional 1,523 shares during the last quarter. Hedge funds and other institutional investors own 58.63% of the company’s stock.

Insider Transactions at Mercantile Bank

In other news, Director Michael H. Price sold 5,000 shares of the firm’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $45.57, for a total transaction of $227,850.00. Following the completion of the transaction, the director now directly owns 21,556 shares of the company’s stock, valued at approximately $982,306.92. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last three months, insiders sold 5,500 shares of company stock valued at $249,208. Company insiders own 3.08% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. Piper Sandler increased their price target on shares of Mercantile Bank from $42.00 to $53.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 17th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $51.00 price target (up previously from $47.00) on shares of Mercantile Bank in a research note on Wednesday, July 17th.

Mercantile Bank Stock Performance

NASDAQ MBWM opened at $42.64 on Monday. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.03 and a quick ratio of 1.02. The firm has a market capitalization of $688.21 million, a price-to-earnings ratio of 8.56 and a beta of 0.95. The company’s fifty day moving average is $43.83 and its two-hundred day moving average is $41.36. Mercantile Bank Co. has a 52-week low of $30.59 and a 52-week high of $51.21.

Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.04. The company had revenue of $93.08 million for the quarter, compared to analyst estimates of $56.83 million. Mercantile Bank had a net margin of 22.77% and a return on equity of 14.91%. During the same period last year, the business posted $1.30 EPS. Equities research analysts forecast that Mercantile Bank Co. will post 4.87 EPS for the current year.

Mercantile Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Friday, December 6th will be issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.38%. The ex-dividend date of this dividend is Friday, December 6th. Mercantile Bank’s payout ratio is 28.92%.

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 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.