Susquehanna Fundamental Investments LLC Makes New Investment in Mercantile Bank Co. (NASDAQ:MBWM)

Susquehanna Fundamental Investments LLC purchased a new stake in Mercantile Bank Co. (NASDAQ:MBWM) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 9,967 shares of the financial services provider’s stock, valued at approximately $404,000. Susquehanna Fundamental Investments LLC owned approximately 0.06% of Mercantile Bank at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. AQR Capital Management LLC boosted its stake in Mercantile Bank by 108.7% during the second quarter. AQR Capital Management LLC now owns 174,355 shares of the financial services provider’s stock worth $7,074,000 after buying an additional 90,802 shares during the last quarter. Thrivent Financial for Lutherans grew its holdings in shares of Mercantile Bank by 12.5% in the second quarter. Thrivent Financial for Lutherans now owns 40,140 shares of the financial services provider’s stock valued at $1,628,000 after purchasing an additional 4,452 shares during the period. Inspire Investing LLC increased its position in Mercantile Bank by 218.8% during the second quarter. Inspire Investing LLC now owns 29,820 shares of the financial services provider’s stock worth $1,210,000 after purchasing an additional 20,465 shares during the last quarter. Renaissance Technologies LLC raised its stake in Mercantile Bank by 1.5% during the second quarter. Renaissance Technologies LLC now owns 530,913 shares of the financial services provider’s stock worth $21,539,000 after purchasing an additional 8,100 shares during the period. Finally, Federated Hermes Inc. raised its stake in Mercantile Bank by 17.2% during the second quarter. Federated Hermes Inc. now owns 5,611 shares of the financial services provider’s stock worth $228,000 after purchasing an additional 823 shares during the period. Institutional investors and hedge funds own 58.63% of the company’s stock.

Mercantile Bank Price Performance

Shares of MBWM opened at $41.28 on Friday. The firm has a 50-day simple moving average of $44.25 and a two-hundred day simple moving average of $40.57. The stock has a market cap of $665.47 million, a PE ratio of 8.00 and a beta of 0.96. Mercantile Bank Co. has a 1-year low of $30.12 and a 1-year high of $51.21. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.03 and a quick ratio of 1.02.

Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.17 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.17. The firm had revenue of $88.56 million during the quarter, compared to analysts’ expectations of $56.23 million. Mercantile Bank had a net margin of 23.99% and a return on equity of 15.52%. During the same quarter last year, the company posted $1.27 EPS. As a group, analysts forecast that Mercantile Bank Co. will post 4.81 EPS for the current year.

Mercantile Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Friday, September 6th were issued a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 3.49%. The ex-dividend date was Friday, September 6th. This is an increase from Mercantile Bank’s previous quarterly dividend of $0.35. Mercantile Bank’s payout ratio is currently 27.91%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on MBWM shares. Keefe, Bruyette & Woods restated an “outperform” rating and set a $51.00 price target (up previously from $47.00) on shares of Mercantile Bank in a report on Wednesday, July 17th. Piper Sandler raised their target price on Mercantile Bank from $42.00 to $53.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 17th. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $52.00.

Insider Buying and Selling

In other Mercantile Bank news, Director Robert B. Kaminski sold 3,000 shares of Mercantile Bank stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $48.73, for a total value of $146,190.00. Following the completion of the transaction, the director now directly owns 31,610 shares of the company’s stock, valued at approximately $1,540,355.30. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Mercantile Bank news, Director Robert B. Kaminski sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $48.73, for a total value of $146,190.00. Following the completion of the transaction, the director now owns 31,610 shares of the company’s stock, valued at approximately $1,540,355.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert B. Kaminski sold 2,000 shares of the business’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $48.01, for a total transaction of $96,020.00. Following the completion of the transaction, the director now owns 29,610 shares of the company’s stock, valued at approximately $1,421,576.10. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 10,500 shares of company stock valued at $491,418. Corporate insiders own 3.08% of the company’s stock.

Mercantile Bank Profile

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.