Tributary Capital Management LLC Sells 17,442 Shares of Mercantile Bank Corporation $MBWM

Tributary Capital Management LLC trimmed its position in shares of Mercantile Bank Corporation (NASDAQ:MBWM) by 7.0% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 231,259 shares of the financial services provider’s stock after selling 17,442 shares during the period. Tributary Capital Management LLC’s holdings in Mercantile Bank were worth $11,124,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of MBWM. Royal Bank of Canada grew its stake in Mercantile Bank by 5.6% during the first quarter. Royal Bank of Canada now owns 68,824 shares of the financial services provider’s stock worth $2,989,000 after buying an additional 3,621 shares in the last quarter. AQR Capital Management LLC grew its stake in Mercantile Bank by 21.2% during the first quarter. AQR Capital Management LLC now owns 92,045 shares of the financial services provider’s stock worth $3,998,000 after buying an additional 16,092 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Mercantile Bank by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,360 shares of the financial services provider’s stock worth $407,000 after buying an additional 382 shares in the last quarter. Empowered Funds LLC grew its stake in Mercantile Bank by 4.1% during the first quarter. Empowered Funds LLC now owns 57,731 shares of the financial services provider’s stock worth $2,508,000 after buying an additional 2,255 shares in the last quarter. Finally, Jane Street Group LLC grew its stake in Mercantile Bank by 21.0% during the first quarter. Jane Street Group LLC now owns 15,952 shares of the financial services provider’s stock worth $693,000 after buying an additional 2,772 shares in the last quarter. 58.63% of the stock is currently owned by institutional investors and hedge funds.

Mercantile Bank Price Performance

Mercantile Bank stock opened at $53.68 on Friday. The stock’s 50 day moving average is $51.90 and its 200 day moving average is $49.07. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.93 and a quick ratio of 0.93. The firm has a market cap of $927.05 million, a P/E ratio of 9.83 and a beta of 0.85. Mercantile Bank Corporation has a one year low of $39.23 and a one year high of $55.77.

Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings data on Tuesday, January 20th. The financial services provider reported $1.40 EPS for the quarter, topping analysts’ consensus estimates of $1.37 by $0.03. The company had revenue of $62.07 million for the quarter, compared to analyst estimates of $62.25 million. Mercantile Bank had a return on equity of 13.54% and a net margin of 23.87%. As a group, research analysts expect that Mercantile Bank Corporation will post 4.83 EPS for the current year.

Wall Street Analysts Forecast Growth

MBWM has been the topic of a number of analyst reports. Raymond James Financial set a $57.00 price objective on shares of Mercantile Bank in a research note on Wednesday, January 21st. Weiss Ratings reiterated a “buy (b-)” rating on shares of Mercantile Bank in a research note on Monday, December 29th. Keefe, Bruyette & Woods raised their price objective on Mercantile Bank from $56.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, January 21st. Wall Street Zen raised Mercantile Bank to a “hold” rating in a research note on Saturday, March 28th. Finally, Stephens began coverage on Mercantile Bank in a research note on Wednesday, March 25th. They issued an “equal weight” rating and a $54.00 price objective on the stock. Four analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $56.20.

Mercantile Bank Company Profile

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.