Prudential Financial Inc. Has $251,000 Holdings in Mercantile Bank Corp. (MBWM)

Prudential Financial Inc. increased its stake in shares of Mercantile Bank Corp. (NASDAQ:MBWM) by 5.8% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 8,874 shares of the financial services provider’s stock after purchasing an additional 484 shares during the period. Prudential Financial Inc. owned 0.05% of Mercantile Bank worth $251,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Legal & General Group Plc increased its position in Mercantile Bank by 24.4% during the 3rd quarter. Legal & General Group Plc now owns 2,881 shares of the financial services provider’s stock valued at $96,000 after buying an additional 566 shares in the last quarter. FMR LLC bought a new position in Mercantile Bank during the 3rd quarter valued at approximately $103,000. Nisa Investment Advisors LLC bought a new position in Mercantile Bank during the 4th quarter valued at approximately $134,000. Marshall Wace LLP bought a new position in Mercantile Bank during the 3rd quarter valued at approximately $243,000. Finally, Paloma Partners Management Co bought a new position in Mercantile Bank during the 3rd quarter valued at approximately $268,000. 55.71% of the stock is currently owned by institutional investors and hedge funds.

In related news, Director Edward B. Grant sold 2,000 shares of Mercantile Bank stock in a transaction on Friday, January 25th. The stock was sold at an average price of $34.33, for a total transaction of $68,660.00. Following the transaction, the director now directly owns 19,043 shares in the company, valued at $653,746.19. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 3.20% of the stock is currently owned by insiders.

MBWM has been the subject of a number of research analyst reports. Zacks Investment Research raised Mercantile Bank from a “hold” rating to a “buy” rating and set a $37.00 target price for the company in a report on Saturday, April 13th. Hovde Group reissued a “hold” rating and issued a $36.50 target price on shares of Mercantile Bank in a report on Monday, January 28th. BidaskClub raised Mercantile Bank from a “sell” rating to a “hold” rating in a report on Thursday, January 17th. Finally, ValuEngine raised Mercantile Bank from a “sell” rating to a “hold” rating in a report on Wednesday, January 9th. One investment analyst has rated the stock with a sell rating and three have issued a hold rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $38.17.

Shares of MBWM traded down $0.36 during trading hours on Friday, hitting $33.44. The stock had a trading volume of 22,920 shares, compared to its average volume of 24,567. The firm has a market capitalization of $549.12 million, a P/E ratio of 13.22, a PEG ratio of 1.64 and a beta of 0.82. The company has a debt-to-equity ratio of 1.06, a current ratio of 1.08 and a quick ratio of 1.08. Mercantile Bank Corp. has a 12 month low of $26.40 and a 12 month high of $38.47.

Mercantile Bank (NASDAQ:MBWM) last released its earnings results on Tuesday, April 16th. The financial services provider reported $0.61 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.01. The company had revenue of $37.28 million for the quarter, compared to the consensus estimate of $34.67 million. Mercantile Bank had a return on equity of 10.93% and a net margin of 25.74%. Analysts expect that Mercantile Bank Corp. will post 2.55 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 19th. Investors of record on Friday, June 7th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Thursday, June 6th. This represents a $1.04 annualized dividend and a yield of 3.11%. Mercantile Bank’s dividend payout ratio (DPR) is presently 41.11%.

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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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