Ramsey Quantitative Systems Buys 1,658 Shares of Mercantile Bank Corp. (MBWM)

Ramsey Quantitative Systems boosted its stake in Mercantile Bank Corp. (NASDAQ:MBWM) by 62.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,317 shares of the financial services provider’s stock after purchasing an additional 1,658 shares during the period. Ramsey Quantitative Systems’ holdings in Mercantile Bank were worth $144,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Tributary Capital Management LLC increased its holdings in Mercantile Bank by 10.5% in the third quarter. Tributary Capital Management LLC now owns 341,530 shares of the financial services provider’s stock valued at $11,397,000 after purchasing an additional 32,529 shares during the period. Northern Trust Corp increased its holdings in Mercantile Bank by 1.2% in the second quarter. Northern Trust Corp now owns 196,691 shares of the financial services provider’s stock valued at $7,270,000 after purchasing an additional 2,347 shares during the period. Millennium Management LLC increased its holdings in Mercantile Bank by 4.0% in the second quarter. Millennium Management LLC now owns 134,184 shares of the financial services provider’s stock valued at $4,959,000 after purchasing an additional 5,122 shares during the period. Macquarie Group Ltd. increased its holdings in Mercantile Bank by 72.0% in the second quarter. Macquarie Group Ltd. now owns 10,776 shares of the financial services provider’s stock valued at $398,000 after purchasing an additional 4,510 shares during the period. Finally, Bank of America Corp DE increased its holdings in Mercantile Bank by 22.6% in the second quarter. Bank of America Corp DE now owns 69,180 shares of the financial services provider’s stock valued at $2,558,000 after purchasing an additional 12,755 shares during the period. Institutional investors and hedge funds own 54.66% of the company’s stock.

A number of analysts recently weighed in on MBWM shares. ValuEngine downgraded Mercantile Bank from a “hold” rating to a “sell” rating in a report on Thursday, September 27th. Zacks Investment Research downgraded Mercantile Bank from a “buy” rating to a “hold” rating in a report on Saturday, July 21st. BidaskClub upgraded Mercantile Bank from a “strong sell” rating to a “sell” rating in a report on Saturday, October 6th. Finally, Keefe, Bruyette & Woods increased their price objective on Mercantile Bank from $40.00 to $41.00 and gave the company a “$36.20” rating in a report on Wednesday, July 18th. Three equities research analysts have rated the stock with a sell rating and two have assigned a hold rating to the company. The stock currently has a consensus rating of “Sell” and a consensus price target of $39.00.

Shares of Mercantile Bank stock opened at $31.46 on Friday. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.04 and a quick ratio of 1.04. Mercantile Bank Corp. has a 1-year low of $31.07 and a 1-year high of $38.47. The stock has a market cap of $534.69 million, a price-to-earnings ratio of 16.65, a price-to-earnings-growth ratio of 1.65 and a beta of 0.62.

Mercantile Bank (NASDAQ:MBWM) last issued its quarterly earnings results on Tuesday, October 16th. The financial services provider reported $0.61 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.61. Mercantile Bank had a return on equity of 10.39% and a net margin of 24.66%. The firm had revenue of $34.55 million during the quarter, compared to the consensus estimate of $34.60 million. On average, sell-side analysts forecast that Mercantile Bank Corp. will post 2.44 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 19th. Shareholders of record on Friday, December 7th will be issued a dividend of $0.25 per share. This is an increase from Mercantile Bank’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a yield of 3.18%. The ex-dividend date is Thursday, December 6th. Mercantile Bank’s dividend payout ratio (DPR) is presently 50.79%.

About Mercantile Bank

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.

Further Reading: Why is insider trading harmful?

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

Receive News & Ratings for Mercantile Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mercantile Bank and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply