North Star Asset Management Inc. Reduces Stake in Mercantile Bank Co. (NASDAQ:MBWM)

North Star Asset Management Inc. lessened its holdings in shares of Mercantile Bank Co. (NASDAQ:MBWM) by 0.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 359,445 shares of the financial services provider’s stock after selling 3,314 shares during the period. North Star Asset Management Inc. owned about 2.23% of Mercantile Bank worth $15,992,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Mercantile Bank by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 869,777 shares of the financial services provider’s stock valued at $38,696,000 after purchasing an additional 2,252 shares during the period. American Century Companies Inc. boosted its holdings in shares of Mercantile Bank by 8.2% in the fourth quarter. American Century Companies Inc. now owns 389,948 shares of the financial services provider’s stock valued at $17,349,000 after purchasing an additional 29,604 shares during the period. Tributary Capital Management LLC boosted its holdings in shares of Mercantile Bank by 16.2% in the fourth quarter. Tributary Capital Management LLC now owns 287,487 shares of the financial services provider’s stock valued at $12,790,000 after purchasing an additional 40,055 shares during the period. LSV Asset Management boosted its holdings in shares of Mercantile Bank by 3.6% in the fourth quarter. LSV Asset Management now owns 286,710 shares of the financial services provider’s stock valued at $12,756,000 after purchasing an additional 10,081 shares during the period. Finally, Northern Trust Corp boosted its holdings in shares of Mercantile Bank by 5.8% in the fourth quarter. Northern Trust Corp now owns 190,490 shares of the financial services provider’s stock valued at $8,475,000 after purchasing an additional 10,491 shares during the period. Hedge funds and other institutional investors own 58.63% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler lowered their price target on Mercantile Bank from $50.00 to $47.50 and set a “neutral” rating for the company in a report on Wednesday, April 23rd.

Mercantile Bank Stock Down 1.4%

Mercantile Bank stock opened at $43.69 on Friday. The business has a fifty day moving average of $42.76 and a two-hundred day moving average of $45.82. The company has a quick ratio of 1.01, a current ratio of 1.02 and a debt-to-equity ratio of 0.95. The firm has a market cap of $709.31 million, a P/E ratio of 8.83 and a beta of 0.87. Mercantile Bank Co. has a twelve month low of $35.61 and a twelve month high of $52.98.

Mercantile Bank (NASDAQ:MBWM) last posted its earnings results on Tuesday, April 22nd. The financial services provider reported $1.21 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.02. The company had revenue of $57.20 million during the quarter, compared to analyst estimates of $57.57 million. Mercantile Bank had a return on equity of 14.29% and a net margin of 21.99%. On average, analysts forecast that Mercantile Bank Co. will post 4.83 earnings per share for the current fiscal year.

Mercantile Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Friday, June 6th will be issued a dividend of $0.37 per share. The ex-dividend date is Friday, June 6th. This represents a $1.48 dividend on an annualized basis and a yield of 3.39%. Mercantile Bank’s dividend payout ratio is currently 30.71%.

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.