North Star Asset Management Inc. Acquires 19,204 Shares of Mercantile Bank Corporation $MBWM

North Star Asset Management Inc. grew its holdings in shares of Mercantile Bank Corporation (NASDAQ:MBWM) by 5.4% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 374,544 shares of the financial services provider’s stock after acquiring an additional 19,204 shares during the period. North Star Asset Management Inc. owned about 2.18% of Mercantile Bank worth $18,016,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the business. Abacus Wealth Partners LLC bought a new position in shares of Mercantile Bank during the fourth quarter valued at $292,000. Blue Water Asset Management bought a new position in shares of Mercantile Bank during the fourth quarter valued at $269,000. Bailard Inc. raised its stake in shares of Mercantile Bank by 8.8% during the fourth quarter. Bailard Inc. now owns 18,501 shares of the financial services provider’s stock valued at $890,000 after acquiring an additional 1,500 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of 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 valued at $51,292,000 after acquiring an additional 27,403 shares during the last quarter. Finally, West Michigan Advisors LLC raised its stake in shares of Mercantile Bank by 17.0% during the fourth quarter. West Michigan Advisors LLC now owns 6,887 shares of the financial services provider’s stock valued at $331,000 after acquiring an additional 1,000 shares during the last quarter. Institutional investors own 58.63% of the company’s stock.

Mercantile Bank Trading Down 0.7%

MBWM opened at $52.20 on Friday. Mercantile Bank Corporation has a twelve month low of $42.17 and a twelve month high of $55.77. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.62. The company has a fifty day moving average of $51.28 and a 200-day moving average of $50.14. The stock has a market cap of $901.49 million, a PE ratio of 9.37 and a beta of 0.81.

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

Mercantile Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 17th. Stockholders of record on Friday, June 5th will be given a dividend of $0.39 per share. The ex-dividend date is Friday, June 5th. This represents a $1.56 annualized dividend and a dividend yield of 3.0%. Mercantile Bank’s dividend payout ratio is 28.01%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on MBWM. Wall Street Zen raised shares of Mercantile Bank to a “hold” rating in a research note 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 target for the company. Four investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company currently 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.