Hsbc Holdings PLC Has $861,000 Holdings in Mercantile Bank Corporation $MBWM

Hsbc Holdings PLC lifted its holdings in shares of Mercantile Bank Corporation (NASDAQ:MBWM) by 173.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,959 shares of the financial services provider’s stock after purchasing an additional 11,381 shares during the quarter. Hsbc Holdings PLC owned 0.10% of Mercantile Bank worth $861,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. grew its position in Mercantile Bank by 2.6% during the fourth quarter. Vanguard Group Inc. now owns 1,066,368 shares of the financial services provider’s stock worth $51,292,000 after buying an additional 27,403 shares in the last quarter. Renaissance Technologies LLC increased its stake in Mercantile Bank by 1.2% during the 4th quarter. Renaissance Technologies LLC now owns 496,213 shares of the financial services provider’s stock worth $23,868,000 after acquiring an additional 5,800 shares during the period. North Star Asset Management Inc. raised its holdings in Mercantile Bank by 5.4% in the 4th quarter. North Star Asset Management Inc. now owns 374,544 shares of the financial services provider’s stock valued at $18,016,000 after acquiring an additional 19,204 shares in the last quarter. Wellington Management Group LLP bought a new stake in shares of Mercantile Bank during the 4th quarter valued at $14,181,000. Finally, JPMorgan Chase & Co. lifted its position in shares of Mercantile Bank by 37.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 214,647 shares of the financial services provider’s stock valued at $9,659,000 after acquiring an additional 58,743 shares during the period. 58.63% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on MBWM. Piper Sandler raised their price target on Mercantile Bank from $57.00 to $60.00 and gave the stock a “neutral” rating in a research report on Friday, June 26th. Wall Street Zen raised shares of Mercantile Bank to a “hold” rating in a research report on Saturday, March 28th. Stephens began coverage on shares of Mercantile Bank in a research note on Wednesday, March 25th. They set an “equal weight” rating and a $54.00 price objective on the stock. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Mercantile Bank in a report on Friday, June 12th. Four investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $56.80.

Mercantile Bank Stock Down 0.6%

Shares of NASDAQ:MBWM opened at $57.05 on Wednesday. The company has a fifty day moving average of $54.00 and a 200-day moving average of $52.29. The company has a market capitalization of $985.25 million, a PE ratio of 10.24 and a beta of 0.80. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.93 and a current ratio of 0.93. Mercantile Bank Corporation has a 52-week low of $42.75 and a 52-week high of $59.71.

Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.33 by $0.13. Mercantile Bank had a return on equity of 13.73% and a net margin of 24.19%.The company had revenue of $67.59 million for the quarter, compared to the consensus estimate of $67.41 million. On average, equities analysts predict that Mercantile Bank Corporation will post 5.63 EPS for the current fiscal year.

Mercantile Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Friday, June 5th were given a $0.39 dividend. The ex-dividend date was Friday, June 5th. This represents a $1.56 annualized dividend and a yield of 2.7%. Mercantile Bank’s dividend payout ratio (DPR) is currently 28.01%.

Mercantile Bank 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.