Janney Montgomery Scott lowered shares of Mercantile Bank (NASDAQ:MBWM – Free Report) from a buy rating to a neutral rating in a report published on Wednesday, Marketbeat reports.
MBWM has been the topic of a number of other research reports. Hovde Group cut shares of Mercantile Bank from an outperform rating to a market perform rating in a research note on Monday, March 4th. Keefe, Bruyette & Woods reaffirmed an outperform rating and set a $47.00 target price on shares of Mercantile Bank in a research note on Wednesday, April 17th.
Read Our Latest Report on MBWM
Mercantile Bank Stock Up 0.2 %
Mercantile Bank Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 19th. Investors of record on Friday, June 7th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 3.54%. The ex-dividend date is Friday, June 7th. Mercantile Bank’s dividend payout ratio is presently 27.13%.
Institutional Investors Weigh In On Mercantile Bank
Several large investors have recently bought and sold shares of MBWM. Voisard Asset Management Group Inc. purchased a new position in Mercantile Bank in the 4th quarter valued at $38,000. Tower Research Capital LLC TRC boosted its position in Mercantile Bank by 104.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,772 shares of the financial services provider’s stock worth $72,000 after acquiring an additional 904 shares during the last quarter. Public Employees Retirement System of Ohio grew its stake in Mercantile Bank by 29.0% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 3,953 shares of the financial services provider’s stock valued at $122,000 after acquiring an additional 889 shares in the last quarter. Huntington National Bank raised its holdings in Mercantile Bank by 55.2% in the 3rd quarter. Huntington National Bank now owns 3,997 shares of the financial services provider’s stock valued at $124,000 after acquiring an additional 1,422 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale acquired a new stake in Mercantile Bank in the 3rd quarter valued at about $166,000. 58.63% of the stock is currently owned by hedge funds and other institutional investors.
About Mercantile Bank
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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