Man Group plc Purchases New Position in Mercantile Bank Corporation $MBWM

Man Group plc acquired a new position in shares of Mercantile Bank Corporation (NASDAQ:MBWM) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 19,924 shares of the financial services provider’s stock, valued at approximately $1,144,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Burnham & Co LLC purchased a new stake in shares of Mercantile Bank in the 2nd quarter valued at about $29,000. Kestra Advisory Services LLC acquired a new position in Mercantile Bank during the fourth quarter worth approximately $26,000. Quadrant Capital Group LLC lifted its stake in Mercantile Bank by 63.8% in the fourth quarter. Quadrant Capital Group LLC now owns 891 shares of the financial services provider’s stock valued at $43,000 after buying an additional 347 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Mercantile Bank by 29.9% in the first quarter. PNC Financial Services Group Inc. now owns 1,682 shares of the financial services provider’s stock valued at $85,000 after acquiring an additional 387 shares during the period. Finally, Aquatic Capital Management LLC boosted its holdings in shares of Mercantile Bank by 94.9% in the third quarter. Aquatic Capital Management LLC now owns 3,235 shares of the financial services provider’s stock valued at $146,000 after acquiring an additional 1,575 shares during the period. Institutional investors and hedge funds own 58.63% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on MBWM shares. Hovde Group cut shares of Mercantile Bank from an “outperform” rating to a “market perform” rating and set a $62.00 target price on the stock. in a report on Wednesday, July 22nd. Piper Sandler set a $65.00 price objective on shares of Mercantile Bank in a research note on Wednesday, July 22nd. Raymond James Financial started coverage on shares of Mercantile Bank in a report on Tuesday. They issued an “outperform” rating and a $65.00 target price for the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Mercantile Bank in a research note on Friday, June 12th. Finally, Keefe, Bruyette & Woods raised their price target on Mercantile Bank from $60.00 to $64.00 and gave the stock an “outperform” rating in a report on Wednesday, July 22nd. Three analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $62.00.

Mercantile Bank Stock Up 3.1%

Shares of Mercantile Bank stock opened at $61.00 on Thursday. Mercantile Bank Corporation has a one year low of $42.75 and a one year high of $62.39. The company has a market cap of $1.05 billion, a P/E ratio of 10.74 and a beta of 0.80. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.93 and a current ratio of 0.93. The firm has a fifty day moving average of $59.20 and a two-hundred day moving average of $54.58.

Mercantile Bank (NASDAQ:MBWM) last issued its earnings results on Tuesday, July 21st. The financial services provider reported $1.53 earnings per share for the quarter, beating the consensus estimate of $1.32 by $0.21. Mercantile Bank had a net margin of 24.75% and a return on equity of 13.66%. The business had revenue of $68.76 million for the quarter, compared to the consensus estimate of $68.81 million. On average, analysts forecast that Mercantile Bank Corporation will post 5.7 earnings per share for the current year.

Mercantile Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Friday, September 4th will be given a $0.40 dividend. The ex-dividend date is Friday, September 4th. This is an increase from Mercantile Bank’s previous quarterly dividend of $0.39. This represents a $1.60 dividend on an annualized basis and a yield of 2.6%. Mercantile Bank’s payout ratio is 27.46%.

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.