Emerald Mutual Fund Advisers Trust held its stake in Mercantile Bank Corp. (NASDAQ:MBWM) during the second quarter, Holdings Channel reports. The institutional investor owned 87,881 shares of the financial services provider’s stock at the end of the second quarter. Emerald Mutual Fund Advisers Trust’s holdings in Mercantile Bank Corp. were worth $2,097,000 at the end of the most recent quarter.
Other large investors have also bought and sold shares of the company. Huntington National Bank raised its stake in Mercantile Bank Corp. by 200.0% in the second quarter. Huntington National Bank now owns 6,000 shares of the financial services provider’s stock worth $143,000 after buying an additional 4,000 shares in the last quarter. Gradient Investments LLC acquired a new stake in Mercantile Bank Corp. during the second quarter worth $182,000. Bank of Montreal Can acquired a new stake in Mercantile Bank Corp. during the second quarter worth $239,000. Geode Capital Management LLC raised its stake in Mercantile Bank Corp. by 2.0% in the first quarter. Geode Capital Management LLC now owns 104,588 shares of the financial services provider’s stock worth $2,344,000 after buying an additional 2,009 shares in the last quarter. Finally, Renaissance Technologies LLC raised its stake in Mercantile Bank Corp. by 4.3% in the first quarter. Renaissance Technologies LLC now owns 635,115 shares of the financial services provider’s stock worth $14,239,000 after buying an additional 26,128 shares in the last quarter. Institutional investors own 46.88% of the company’s stock.
Shares of Mercantile Bank Corp. (NASDAQ:MBWM) traded down 1.93% during midday trading on Friday, reaching $26.87. 21,081 shares of the company’s stock were exchanged. The stock has a market capitalization of $437.42 million, a P/E ratio of 14.76 and a beta of 0.94. The firm has a 50-day moving average of $26.86 and a 200-day moving average of $24.77. Mercantile Bank Corp. has a 12-month low of $20.41 and a 12-month high of $27.99.
Mercantile Bank Corp. (NASDAQ:MBWM) last announced its earnings results on Tuesday, July 19th. The financial services provider reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.04. The firm had revenue of $31.20 million for the quarter, compared to analyst estimates of $30.10 million. Mercantile Bank Corp. had a net margin of 21.98% and a return on equity of 8.86%. Analysts anticipate that Mercantile Bank Corp. will post $1.90 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, September 21st. Stockholders of record on Friday, September 9th were paid a dividend of $0.17 per share. This is a positive change from Mercantile Bank Corp.’s previous quarterly dividend of $0.16. The ex-dividend date was Wednesday, September 7th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.53%. Mercantile Bank Corp.’s payout ratio is presently 37.16%.
A number of equities research analysts recently weighed in on the stock. Raymond James Financial Inc. upgraded shares of Mercantile Bank Corp. from a “market perform” rating to an “outperform” rating and set a $23.00 target price on the stock in a report on Thursday, August 25th. Zacks Investment Research lowered shares of Mercantile Bank Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, June 22nd.
In other news, Chairman Michael H. Price sold 11,520 shares of Mercantile Bank Corp. stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $24.99, for a total transaction of $287,884.80. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Michael H. Price sold 13,362 shares of Mercantile Bank Corp. stock in a transaction dated Friday, August 19th. The shares were sold at an average price of $25.81, for a total transaction of $344,873.22. Following the sale, the chairman now directly owns 59,712 shares in the company, valued at approximately $1,541,166.72. The disclosure for this sale can be found here. Insiders own 3.44% of the company’s stock.
About Mercantile Bank Corp.
Mercantile Bank Corporation is a bank holding company. The Company owns the Mercantile Bank of Michigan (the Bank). The Bank is a state banking company. The bank, through its approximately 50 office locations, provides commercial banking services primarily to small- to medium-sized businesses and retail banking services in and around the West and Central portions of Michigan.