Cornercap Investment Counsel Inc. Decreases Stock Holdings in Mercantile Bank Co. (NASDAQ:MBWM)

by · The Markets Daily

Cornercap Investment Counsel Inc. lowered its stake in shares of Mercantile Bank Co. (NASDAQ:MBWM – Free Report) by 51.3% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 14,206 shares of the financial services provider’s stock after selling 14,985 shares during the period. Cornercap Investment Counsel Inc. owned approximately 0.09% of Mercantile Bank worth $621,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Inspire Investing LLC boosted its stake in shares of Mercantile Bank by 218.8% in the 2nd quarter. Inspire Investing LLC now owns 29,820 shares of the financial services provider’s stock worth $1,210,000 after buying an additional 20,465 shares during the last quarter. Janney Montgomery Scott LLC purchased a new position in Mercantile Bank in the first quarter worth about $452,000. AQR Capital Management LLC grew its stake in shares of Mercantile Bank by 108.7% during the 2nd quarter. AQR Capital Management LLC now owns 174,355 shares of the financial services provider’s stock valued at $7,074,000 after purchasing an additional 90,802 shares during the period. American Century Companies Inc. increased its position in shares of Mercantile Bank by 18.2% during the 2nd quarter. American Century Companies Inc. now owns 308,849 shares of the financial services provider’s stock valued at $12,530,000 after purchasing an additional 47,528 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in shares of Mercantile Bank by 2.8% in the 1st quarter. Vanguard Group Inc. now owns 805,334 shares of the financial services provider’s stock worth $30,997,000 after purchasing an additional 21,616 shares during the period. Hedge funds and other institutional investors own 58.63% of the company’s stock.

Insider Activity at Mercantile Bank

In other news, Director Robert B. Kaminski sold 4,000 shares of the stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $49.51, for a total transaction of $198,040.00. Following the completion of the transaction, the director now directly owns 25,610 shares in the company, valued at approximately $1,267,951.10. This represents a 13.51 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael H. Price sold 5,000 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $45.57, for a total transaction of $227,850.00. Following the transaction, the director now owns 21,556 shares of the company’s stock, valued at $982,306.92. This trade represents a 18.83 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,500 shares of company stock valued at $446,960. Corporate insiders own 3.08% of the company’s stock.

Mercantile Bank Stock Down 0.7 %

Shares of MBWM stock opened at $49.10 on Friday. The company has a 50 day simple moving average of $44.44 and a two-hundred day simple moving average of $42.43. The stock has a market cap of $792.47 million, a P/E ratio of 9.86 and a beta of 0.95. Mercantile Bank Co. has a 12 month low of $33.46 and a 12 month high of $51.31. The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 0.95.

Mercantile Bank (NASDAQ:MBWM – Get Free Report) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.18 by $0.04. Mercantile Bank had a return on equity of 14.59% and a net margin of 22.77%. The company had revenue of $93.08 million during the quarter, compared to the consensus estimate of $56.83 million. During the same period in the previous year, the company posted $1.30 EPS. On average, research analysts expect that Mercantile Bank Co. will post 4.87 earnings per share for the current year.

Mercantile Bank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Friday, December 6th will be given a dividend of $0.36 per share. The ex-dividend date is Friday, December 6th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.93%. Mercantile Bank’s dividend payout ratio is 28.92%.

Mercantile Bank Company Profile

(Free Report)

Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan that provides commercial and retail banking services to 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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