Northern Trust Corp Buys 9,932 Shares of Mercantile Bank Corporation (MBWM)

Northern Trust Corp boosted its stake in shares of Mercantile Bank Corporation (NASDAQ:MBWM) by 5.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 200,386 shares of the financial services provider’s stock after buying an additional 9,932 shares during the quarter. Northern Trust Corp owned approximately 1.22% of Mercantile Bank Corporation worth $6,309,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Dubuque Bank & Trust Co. lifted its holdings in Mercantile Bank Corporation by 9.0% during the 2nd quarter. Dubuque Bank & Trust Co. now owns 4,436 shares of the financial services provider’s stock worth $140,000 after buying an additional 366 shares during the period. American International Group Inc. lifted its holdings in Mercantile Bank Corporation by 7.0% during the 1st quarter. American International Group Inc. now owns 9,781 shares of the financial services provider’s stock worth $336,000 after buying an additional 640 shares during the period. Parametric Portfolio Associates LLC lifted its holdings in Mercantile Bank Corporation by 41.5% during the 1st quarter. Parametric Portfolio Associates LLC now owns 9,767 shares of the financial services provider’s stock worth $336,000 after buying an additional 2,866 shares during the period. IndexIQ Advisors LLC acquired a new position in Mercantile Bank Corporation during the 2nd quarter worth about $433,000. Finally, New York State Common Retirement Fund lifted its holdings in Mercantile Bank Corporation by 9.3% during the 2nd quarter. New York State Common Retirement Fund now owns 17,700 shares of the financial services provider’s stock worth $557,000 after buying an additional 1,499 shares during the period. 54.66% of the stock is currently owned by hedge funds and other institutional investors.

Mercantile Bank Corporation (NASDAQ MBWM) opened at $34.85 on Tuesday. The stock has a market capitalization of $571.60, a PE ratio of 18.15, a PEG ratio of 2.26 and a beta of 0.70. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.03 and a quick ratio of 1.03. Mercantile Bank Corporation has a 52 week low of $28.92 and a 52 week high of $38.68.

Mercantile Bank Corporation (NASDAQ:MBWM) last announced its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.03. The company had revenue of $33.25 million for the quarter, compared to the consensus estimate of $32.20 million. Mercantile Bank Corporation had a return on equity of 8.91% and a net margin of 22.18%. sell-side analysts predict that Mercantile Bank Corporation will post 1.91 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 20th. Stockholders of record on Friday, December 8th will be paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.18%. The ex-dividend date of this dividend is Thursday, December 7th. Mercantile Bank Corporation’s dividend payout ratio is 39.79%.

Several brokerages have commented on MBWM. Zacks Investment Research raised Mercantile Bank Corporation from a “hold” rating to a “buy” rating and set a $40.00 target price on the stock in a report on Wednesday, November 1st. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $34.00 target price on shares of Mercantile Bank Corporation in a report on Tuesday, October 3rd. DA Davidson downgraded Mercantile Bank Corporation from a “buy” rating to a “neutral” rating and set a $35.00 target price on the stock. in a report on Thursday, September 28th. Finally, ValuEngine raised Mercantile Bank Corporation from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $35.25.

In other news, Director Thomas R. Sullivan sold 10,739 shares of the business’s stock in a transaction dated Friday, October 20th. The stock was sold at an average price of $37.04, for a total value of $397,772.56. Following the transaction, the director now directly owns 20,273 shares of the company’s stock, valued at approximately $750,911.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Thomas R. Sullivan sold 5,800 shares of the business’s stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $37.29, for a total value of $216,282.00. Following the completion of the transaction, the director now directly owns 20,273 shares in the company, valued at $755,980.17. The disclosure for this sale can be found here. 3.20% of the stock is owned by insiders.

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Mercantile Bank Corporation Profile

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 provides commercial banking services primarily to small- to medium-sized businesses and retail banking services. The Bank makes secured and unsecured commercial, construction, mortgage and consumer loans, and accepts checking, savings and time deposits.

Institutional Ownership by Quarter for Mercantile Bank Corporation (NASDAQ:MBWM)

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