Pitcairn Co. Sells 556 Shares of Mercantile Bank Co. (NASDAQ:MBWM)

Pitcairn Co. decreased its holdings in shares of Mercantile Bank Co. (NASDAQ:MBWM) by 8.3% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 6,176 shares of the financial services provider’s stock after selling 556 shares during the period. Pitcairn Co.’s holdings in Mercantile Bank were worth $270,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MBWM. AQR Capital Management LLC increased its holdings in shares of Mercantile Bank by 108.7% in the 2nd 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. American Century Companies Inc. grew its position in Mercantile Bank by 18.2% in the second quarter. American Century Companies Inc. now owns 308,849 shares of the financial services provider’s stock worth $12,530,000 after acquiring an additional 47,528 shares in the last quarter. LSV Asset Management increased its stake in Mercantile Bank by 15.4% in the second quarter. LSV Asset Management now owns 260,129 shares of the financial services provider’s stock valued at $10,553,000 after acquiring an additional 34,725 shares during the last quarter. Vanguard Group Inc. raised its position in Mercantile Bank by 2.8% during the first quarter. Vanguard Group Inc. now owns 805,334 shares of the financial services provider’s stock valued at $30,997,000 after purchasing an additional 21,616 shares in the last quarter. Finally, Inspire Investing LLC lifted its stake 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. 58.63% of the stock is currently owned by hedge funds and other institutional investors.

Mercantile Bank Price Performance

Shares of Mercantile Bank stock opened at $50.53 on Thursday. The firm has a market capitalization of $815.66 million, a PE ratio of 10.21 and a beta of 0.95. The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 0.95. Mercantile Bank Co. has a 12 month low of $33.46 and a 12 month high of $52.98. The business’s 50-day moving average price is $45.26 and its 200-day moving average price is $43.02.

Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.22 EPS for the quarter, topping the consensus estimate of $1.18 by $0.04. Mercantile Bank had a net margin of 22.77% and a return on equity of 14.59%. The firm had revenue of $93.08 million for the quarter, compared to the consensus estimate of $56.83 million. During the same period last year, the firm posted $1.30 earnings per share. Sell-side analysts forecast that Mercantile Bank Co. will post 4.87 EPS for the current fiscal year.

Mercantile Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Friday, December 6th will be given a dividend of $0.36 per share. The ex-dividend date is Friday, December 6th. This represents a $1.44 annualized dividend and a yield of 2.85%. Mercantile Bank’s payout ratio is 28.92%.

Insider Activity

In related news, Director Robert B. Kaminski sold 5,800 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $51.75, for a total transaction of $300,150.00. Following the completion of the sale, the director now directly owns 19,810 shares in the company, valued at $1,025,167.50. This represents a 22.65 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Over the last three months, insiders have sold 10,300 shares of company stock valued at $519,260. 3.08% of the stock is currently owned by insiders.

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.