Wedge Capital Management L L P NC Increases Stock Holdings in Mercantile Bank Co. (NASDAQ:MBWM)

Wedge Capital Management L L P NC increased its holdings in shares of Mercantile Bank Co. (NASDAQ:MBWM) by 13.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,916 shares of the financial services provider’s stock after buying an additional 1,578 shares during the period. Wedge Capital Management L L P NC’s holdings in Mercantile Bank were worth $522,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Mercantile Bank by 1.7% during the 3rd 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 in the last quarter. North Star Asset Management Inc. lifted its position in shares of Mercantile Bank by 0.5% during the 4th quarter. North Star Asset Management Inc. now owns 362,309 shares of the financial services provider’s stock valued at $14,630,000 after buying an additional 1,677 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Mercantile Bank by 2.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 195,809 shares of the financial services provider’s stock valued at $6,052,000 after buying an additional 4,133 shares in the last quarter. American Century Companies Inc. lifted its position in shares of Mercantile Bank by 15.0% during the 3rd 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 in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Mercantile Bank by 3.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 125,120 shares of the financial services provider’s stock valued at $3,867,000 after purchasing an additional 3,610 shares during the last quarter. Hedge funds and other institutional investors own 58.63% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Hovde Group downgraded Mercantile Bank from an “outperform” rating to a “market perform” rating in a research note on Monday, March 4th. Janney Montgomery Scott raised Mercantile Bank from a “neutral” rating to a “buy” rating in a research note on Tuesday, January 16th. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $47.00 price objective on shares of Mercantile Bank in a research note on Wednesday, April 17th.

Mercantile Bank Stock Down 0.8 %

Shares of MBWM opened at $36.19 on Friday. Mercantile Bank Co. has a 52-week low of $23.89 and a 52-week high of $42.82. The company has a market capitalization of $583.38 million, a PE ratio of 7.01 and a beta of 0.97. The stock has a fifty day simple moving average of $36.72 and a two-hundred day simple moving average of $36.77. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.16.

Mercantile Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 19th. Shareholders 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 dividend yield of 3.87%. The ex-dividend date of this dividend is Friday, June 7th. Mercantile Bank’s dividend payout ratio (DPR) is presently 27.13%.

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.