GSA Capital Partners LLP Sells 12,628 Shares of Mercantile Bank Corporation $MBWM

GSA Capital Partners LLP lessened its stake in Mercantile Bank Corporation (NASDAQ:MBWM) by 57.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,336 shares of the financial services provider’s stock after selling 12,628 shares during the period. GSA Capital Partners LLP owned 0.06% of Mercantile Bank worth $420,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the company. State of Alaska Department of Revenue acquired a new stake in shares of Mercantile Bank in the 3rd quarter valued at $29,000. Jones Financial Companies Lllp lifted its stake in shares of Mercantile Bank by 116.0% during the third quarter. Jones Financial Companies Lllp now owns 838 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 450 shares during the period. Farther Finance Advisors LLC boosted its holdings in Mercantile Bank by 76.4% in the third quarter. Farther Finance Advisors LLC now owns 2,041 shares of the financial services provider’s stock valued at $92,000 after acquiring an additional 884 shares during the last quarter. EMC Capital Management increased its position in Mercantile Bank by 76.3% in the second quarter. EMC Capital Management now owns 3,309 shares of the financial services provider’s stock worth $154,000 after purchasing an additional 1,432 shares during the period. Finally, Police & Firemen s Retirement System of New Jersey raised its holdings in Mercantile Bank by 18.6% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 3,839 shares of the financial services provider’s stock worth $178,000 after purchasing an additional 601 shares during the last quarter. Institutional investors and hedge funds own 58.63% of the company’s stock.

Mercantile Bank Stock Up 2.3%

Shares of NASDAQ:MBWM opened at $53.57 on Thursday. The company has a 50 day moving average price of $51.23 and a two-hundred day moving average price of $48.11. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.97 and a current ratio of 0.98. The company has a market capitalization of $920.33 million, a PE ratio of 9.81 and a beta of 0.89. Mercantile Bank Corporation has a 52 week low of $37.76 and a 52 week high of $55.77.

Mercantile Bank (NASDAQ:MBWM) last announced its quarterly earnings results on Tuesday, January 20th. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.37 by $0.03. Mercantile Bank had a net margin of 23.87% and a return on equity of 14.03%. The company had revenue of $62.07 million during the quarter, compared to analyst estimates of $62.25 million. Analysts forecast that Mercantile Bank Corporation will post 4.83 earnings per share for the current year.

Mercantile Bank Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 18th. Shareholders of record on Friday, March 6th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 2.9%. This is an increase from Mercantile Bank’s previous quarterly dividend of $0.38. The ex-dividend date is Friday, March 6th. Mercantile Bank’s dividend payout ratio is currently 27.84%.

Analyst Ratings Changes

Several brokerages have recently issued reports on MBWM. Piper Sandler set a $57.00 target price on shares of Mercantile Bank in a research note on Wednesday, January 21st. Keefe, Bruyette & Woods raised their price objective on shares of Mercantile Bank from $56.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, January 21st. Raymond James Financial set a $57.00 target price on shares of Mercantile Bank in a research report on Wednesday, January 21st. Weiss Ratings reissued a “buy (b-)” rating on shares of Mercantile Bank in a research note on Monday, December 29th. Finally, Hovde Group raised their price target on Mercantile Bank from $53.00 to $56.00 and gave the stock an “outperform” rating in a research report on Thursday, December 18th. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Mercantile Bank has a consensus rating of “Moderate Buy” and a consensus target price of $56.75.

About Mercantile Bank

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.