LaFleur & Godfrey LLC bought a new stake in Mercantile Bank Corp. (NASDAQ:MBWM) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 38,041 shares of the financial services provider’s stock, valued at approximately $1,245,000. LaFleur & Godfrey LLC owned approximately 0.23% of Mercantile Bank at the end of the most recent quarter.
Several other large investors have also recently modified their holdings of MBWM. Ackerman Capital Advisors LLC increased its position in Mercantile Bank by 2,500.4% during the 4th quarter. Ackerman Capital Advisors LLC now owns 200,646 shares of the financial services provider’s stock worth $7,100,000 after purchasing an additional 192,930 shares in the last quarter. BlackRock Inc. increased its position in Mercantile Bank by 9.4% during the 4th quarter. BlackRock Inc. now owns 1,242,624 shares of the financial services provider’s stock worth $35,115,000 after purchasing an additional 106,271 shares in the last quarter. Tributary Capital Management LLC increased its position in Mercantile Bank by 15.5% during the 1st quarter. Tributary Capital Management LLC now owns 392,865 shares of the financial services provider’s stock worth $12,855,000 after purchasing an additional 52,718 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Mercantile Bank by 4.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,131,042 shares of the financial services provider’s stock worth $31,964,000 after purchasing an additional 49,382 shares in the last quarter. Finally, Morgan Stanley increased its position in Mercantile Bank by 43.4% during the 3rd quarter. Morgan Stanley now owns 126,949 shares of the financial services provider’s stock worth $4,236,000 after purchasing an additional 38,417 shares in the last quarter. Institutional investors own 54.61% of the company’s stock.
Shares of NASDAQ MBWM opened at $34.31 on Friday. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.06. Mercantile Bank Corp. has a 52-week low of $26.40 and a 52-week high of $38.47. The company has a market capitalization of $563.47 million, a price-to-earnings ratio of 13.56, a price-to-earnings-growth ratio of 1.69 and a beta of 0.82.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 19th. Stockholders of record on Friday, June 7th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.03%. The ex-dividend date is Thursday, June 6th. Mercantile Bank’s dividend payout ratio is currently 41.11%.
A number of research firms recently issued reports on MBWM. BidaskClub upgraded shares of Mercantile Bank from a “sell” rating to a “hold” rating in a research report on Tuesday. Zacks Investment Research cut shares of Mercantile Bank from a “buy” rating to a “hold” rating in a research report on Friday, April 19th. Finally, Hovde Group reiterated a “hold” rating and set a $36.50 price objective on shares of Mercantile Bank in a research report on Monday, January 28th. Four investment analysts have rated the stock with a hold rating, The company currently has an average rating of “Hold” and an average target price of $38.17.
ILLEGAL ACTIVITY WARNING: This piece was originally posted by Baseball Daily News and is the sole property of of Baseball Daily News. If you are reading this piece on another site, it was stolen and republished in violation of international trademark and copyright law. The original version of this piece can be viewed at https://www.baseballdailydigest.com/news/2019/05/10/38041-shares-in-mercantile-bank-corp-mbwm-purchased-by-lafleur-godfrey-llc.html.
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.
Featured Article: What is the Beige Book?
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.