Denali Advisors LLC raised its holdings in Mercantile Bank Co. (NASDAQ:MBWM) by 46.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 4,240 shares of the financial services provider’s stock after purchasing an additional 1,340 shares during the quarter. Denali Advisors LLC’s holdings in Mercantile Bank were worth $76,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the business. US Bancorp DE boosted its holdings in Mercantile Bank by 4.7% in the second quarter. US Bancorp DE now owns 10,716 shares of the financial services provider’s stock valued at $241,000 after purchasing an additional 478 shares during the last quarter. Federated Hermes Inc. raised its position in shares of Mercantile Bank by 19.7% in the second quarter. Federated Hermes Inc. now owns 5,284 shares of the financial services provider’s stock worth $119,000 after acquiring an additional 868 shares during the period. BNP Paribas Arbitrage SA raised its position in shares of Mercantile Bank by 26.5% in the first quarter. BNP Paribas Arbitrage SA now owns 4,957 shares of the financial services provider’s stock worth $105,000 after acquiring an additional 1,038 shares during the period. Invesco Ltd. raised its position in shares of Mercantile Bank by 4.7% in the first quarter. Invesco Ltd. now owns 25,805 shares of the financial services provider’s stock worth $546,000 after acquiring an additional 1,169 shares during the period. Finally, Alliancebernstein L.P. raised its position in shares of Mercantile Bank by 7.8% in the first quarter. Alliancebernstein L.P. now owns 16,500 shares of the financial services provider’s stock worth $349,000 after acquiring an additional 1,200 shares during the period. 54.27% of the stock is currently owned by institutional investors.

Shares of MBWM traded up $0.45 during mid-day trading on Friday, hitting $21.19. 29,382 shares of the company were exchanged, compared to its average volume of 48,461. Mercantile Bank Co. has a 1-year low of $17.09 and a 1-year high of $37.32. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.09 and a current ratio of 1.09. The company has a 50 day moving average of $20.12 and a 200-day moving average of $21.40. The stock has a market cap of $343.94 million, a price-to-earnings ratio of 7.65 and a beta of 1.15.

Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.22. Mercantile Bank had a net margin of 24.28% and a return on equity of 10.27%. The firm had revenue of $41.56 million during the quarter, compared to the consensus estimate of $36.67 million. Research analysts anticipate that Mercantile Bank Co. will post 2.06 earnings per share for the current fiscal year.

MBWM has been the subject of a number of analyst reports. BidaskClub upgraded shares of Mercantile Bank from a “sell” rating to a “hold” rating in a research report on Tuesday, October 13th. Piper Sandler decreased their price objective on shares of Mercantile Bank from $23.00 to $20.00 and set a “neutral” rating for the company in a research report on Tuesday, September 29th. ValuEngine downgraded shares of Mercantile Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, September 1st. Zacks Investment Research downgraded shares of Mercantile Bank from a “strong-buy” rating to a “hold” rating in a research report on Saturday, July 4th. Finally, Raymond James reiterated a “hold” rating on shares of Mercantile Bank in a research report on Thursday, September 10th. One analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $22.50.

Mercantile Bank Profile

Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan that provides commercial and retail banking services for small- to medium-sized businesses and individuals in the United States. It accepts various deposit products, including checking, savings, and term certificate accounts; time deposits; and certificates of deposit.

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

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