Banc Funds Co. LLC Sells 31,497 Shares of Mercantile Bank Co. (NASDAQ:MBWM)

Banc Funds Co. LLC lowered its holdings in shares of Mercantile Bank Co. (NASDAQ:MBWM) by 9.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 305,847 shares of the financial services provider’s stock after selling 31,497 shares during the period. Mercantile Bank makes up about 1.5% of Banc Funds Co. LLC’s holdings, making the stock its 23rd biggest position. Banc Funds Co. LLC’s holdings in Mercantile Bank were worth $13,372,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in shares of Mercantile Bank by 2.8% in the 1st quarter. Vanguard Group Inc. now owns 805,334 shares of the financial services provider’s stock valued at $30,997,000 after acquiring an additional 21,616 shares in the last quarter. Renaissance Technologies LLC increased its stake in Mercantile Bank by 1.5% in the second quarter. Renaissance Technologies LLC now owns 530,913 shares of the financial services provider’s stock valued at $21,539,000 after purchasing an additional 8,100 shares in the last quarter. North Star Asset Management Inc. raised its holdings in shares of Mercantile Bank by 0.7% during the second quarter. North Star Asset Management Inc. now owns 363,806 shares of the financial services provider’s stock valued at $14,760,000 after purchasing an additional 2,532 shares during the period. American Century Companies Inc. raised its holdings in shares of Mercantile Bank by 18.2% during the second quarter. American Century Companies Inc. now owns 308,849 shares of the financial services provider’s stock valued at $12,530,000 after purchasing an additional 47,528 shares during the period. Finally, LSV Asset Management boosted its position in shares of Mercantile Bank by 15.4% during the 2nd quarter. LSV Asset Management now owns 260,129 shares of the financial services provider’s stock worth $10,553,000 after purchasing an additional 34,725 shares in the last quarter. 58.63% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Robert B. Kaminski sold 5,800 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $51.75, for a total value of $300,150.00. Following the transaction, the director now owns 19,810 shares in the company, valued at $1,025,167.50. This trade represents a 22.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 10,300 shares of company stock worth $519,260 over the last three months. 3.08% of the stock is currently owned by insiders.

Mercantile Bank Stock Performance

Shares of Mercantile Bank stock opened at $50.05 on Monday. The business has a 50-day simple moving average of $45.56 and a 200 day simple moving average of $43.23. Mercantile Bank Co. has a one year low of $33.46 and a one year high of $52.98. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.02 and a quick ratio of 1.01. The firm has a market capitalization of $807.81 million, a price-to-earnings ratio of 10.05 and a beta of 0.95.

Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.22 EPS for the quarter, beating the consensus estimate of $1.18 by $0.04. Mercantile Bank had a return on equity of 14.59% and a net margin of 22.77%. The firm had revenue of $93.08 million during the quarter, compared to the consensus estimate of $56.83 million. During the same quarter in the previous year, the company posted $1.30 earnings per share. On average, research analysts anticipate that Mercantile Bank Co. will post 4.87 earnings per share for the current fiscal year.

Mercantile Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Friday, December 6th will be paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.88%. The ex-dividend date is Friday, December 6th. Mercantile Bank’s dividend payout ratio (DPR) is 28.92%.

Mercantile Bank Company Profile

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.