Mercantile Bank Co. (NASDAQ:MBWM) Shares Bought by Tributary Capital Management LLC

Tributary Capital Management LLC grew its position in Mercantile Bank Co. (NASDAQ:MBWM) by 16.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 287,487 shares of the financial services provider’s stock after purchasing an additional 40,055 shares during the period. Tributary Capital Management LLC’s holdings in Mercantile Bank were worth $12,790,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Janney Montgomery Scott LLC grew its stake in Mercantile Bank by 3.8% during the fourth quarter. Janney Montgomery Scott LLC now owns 11,864 shares of the financial services provider’s stock worth $528,000 after buying an additional 430 shares during the period. Assenagon Asset Management S.A. purchased a new stake in Mercantile Bank during the 4th quarter worth $3,646,000. JPMorgan Chase & Co. raised its position in Mercantile Bank by 35.1% in the third quarter. JPMorgan Chase & Co. now owns 82,357 shares of the financial services provider’s stock valued at $3,601,000 after purchasing an additional 21,411 shares during the period. Principal Financial Group Inc. lifted its stake in shares of Mercantile Bank by 3.7% during the third quarter. Principal Financial Group Inc. now owns 8,611 shares of the financial services provider’s stock worth $376,000 after purchasing an additional 304 shares in the last quarter. Finally, Franklin Resources Inc. boosted its position in shares of Mercantile Bank by 12.9% in the third quarter. Franklin Resources Inc. now owns 10,123 shares of the financial services provider’s stock worth $439,000 after buying an additional 1,154 shares during the period. Institutional investors and hedge funds own 58.63% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Hovde Group raised Mercantile Bank from a “market perform” rating to an “outperform” rating and set a $54.00 price target on the stock in a research report on Wednesday. Keefe, Bruyette & Woods boosted their target price on shares of Mercantile Bank from $56.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday.

Mercantile Bank Trading Up 2.5 %

NASDAQ:MBWM opened at $49.20 on Friday. Mercantile Bank Co. has a one year low of $33.46 and a one year high of $52.98. The business’s 50-day simple moving average is $46.97 and its 200 day simple moving average is $45.48. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.01 and a current ratio of 1.02. The stock has a market cap of $794.58 million, a price-to-earnings ratio of 9.94 and a beta of 1.01.

Mercantile Bank (NASDAQ:MBWM) last released its earnings results on Tuesday, January 21st. The financial services provider reported $1.22 EPS for the quarter, beating the consensus estimate of $1.15 by $0.07. Mercantile Bank had a return on equity of 14.29% and a net margin of 21.99%. As a group, sell-side analysts predict that Mercantile Bank Co. will post 4.68 earnings per share for the current fiscal year.

Mercantile Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Shareholders of record on Friday, March 7th will be issued a dividend of $0.37 per share. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.36. This represents a $1.48 annualized dividend and a yield of 3.01%. The ex-dividend date of this dividend is Friday, March 7th. Mercantile Bank’s dividend payout ratio (DPR) is currently 29.09%.

Insider Transactions at Mercantile Bank

In related news, Director Robert B. Kaminski sold 5,800 shares of Mercantile Bank stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $51.75, for a total value of $300,150.00. Following the completion of the transaction, the director now directly owns 19,810 shares in the company, valued at approximately $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 accessible through this link. In the last 90 days, insiders sold 10,300 shares of company stock valued at $521,218. Insiders own 3.08% of the company’s stock.

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.