Charles Schwab Investment Management Inc. Boosts Position in Mercantile Bank Co. (NASDAQ:MBWM) (2024)

Charles Schwab Investment Management Inc. increased its holdings in shares of Mercantile Bank Co. (NASDAQ:MBWM – Free Report) by 1.7% in the 4th quarter, Holdings Channel.com reports. The firm owned 199,041 shares of the financial services provider’s stock after acquiring an additional 3,232 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Mercantile Bank were worth $8,037,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in MBWM. Assenagon Asset Management S.A. lifted its stake in Mercantile Bank by 95.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 70,793 shares of the financial services provider’s stock worth $2,859,000 after purchasing an additional 34,567 shares during the last quarter. ClariVest Asset Management LLC purchased a new stake in Mercantile Bank during the third quarter worth approximately $703,000. American Century Companies Inc. lifted its stake in Mercantile Bank by 15.0% in the third quarter. American Century Companies Inc. now owns 165,138 shares of the financial services provider’s stock valued at $5,104,000 after buying an additional 21,587 shares during the last quarter. Vanguard Group Inc. lifted its stake in Mercantile Bank by 1.7% in the third quarter. Vanguard Group Inc. now owns 799,865 shares of the financial services provider’s stock valued at $24,724,000 after buying an additional 13,400 shares during the last quarter. Finally, Trust Point Inc. purchased a new stake in Mercantile Bank in the fourth quarter valued at approximately $375,000. Hedge funds and other institutional investors own 58.63% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on MBWM. Hovde Group cut Mercantile Bank from an “outperform” rating to a “market perform” rating in a research note on Monday, March 4th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $47.00 price objective on shares of Mercantile Bank in a research note on Wednesday, April 17th. Finally, Janney Montgomery Scott cut Mercantile Bank from a “buy” rating to a “neutral” rating in a research note on Wednesday, May 8th.

Get Our Latest Stock Report on MBWM

Mercantile Bank Trading Up 1.3 %

NASDAQ:MBWM opened at $38.31 on Friday. The firm has a market cap of $617.56 million, a P/E ratio of 7.42 and a beta of 0.98. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.09. The stock’s 50 day simple moving average is $37.52 and its 200-day simple moving average is $37.86. Mercantile Bank Co. has a 12-month low of $25.12 and a 12-month high of $42.82.

Mercantile Bank (NASDAQ:MBWM – Get Free Report) last released its earnings results on Tuesday, April 16th. The financial services provider reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.20. The business had revenue of $58.23 million for the quarter, compared to analyst estimates of $55.20 million. Mercantile Bank had a return on equity of 16.39% and a net margin of 25.58%. Equities analysts anticipate that Mercantile Bank Co. will post 4.79 EPS for the current year.

Mercantile Bank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 19th. Stockholders of record on Friday, June 7th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.65%. The ex-dividend date is Friday, June 7th. Mercantile Bank’s payout ratio is currently 27.13%.

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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