Allspring Global Investments Holdings LLC Buys 2,911 Shares of Mercantile Bank Co. (NASDAQ:MBWM)

Allspring Global Investments Holdings LLC boosted its stake in shares of Mercantile Bank Co. (NASDAQ:MBWM) by 214.5% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,268 shares of the financial services provider’s stock after purchasing an additional 2,911 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Mercantile Bank were worth $172,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of MBWM. SG Americas Securities LLC bought a new stake in shares of Mercantile Bank in the third quarter valued at approximately $242,000. Denali Advisors LLC bought a new position in shares of Mercantile Bank during the 3rd quarter worth about $179,000. Bank of New York Mellon Corp raised its position in shares of Mercantile Bank by 3.0% during the third 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 buying an additional 3,610 shares during the last quarter. Bailard Inc. acquired a new position in shares of Mercantile Bank during the third quarter valued at about $347,000. Finally, Advisor Partners II LLC bought a new stake in shares of Mercantile Bank in the third quarter valued at about $206,000. 58.63% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Janney Montgomery Scott upgraded shares of Mercantile Bank from a “neutral” rating to a “buy” rating in a research note on Tuesday, January 16th. Hovde Group cut shares of Mercantile Bank from an “outperform” rating to a “market perform” rating in a research note on Monday, March 4th. Finally, Keefe, Bruyette & Woods reiterated 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 %

MBWM opened at $36.19 on Monday. The firm has a market cap of $583.38 million, a price-to-earnings ratio of 7.01 and a beta of 0.97. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.04 and a current ratio of 1.04. The firm’s 50-day simple moving average is $36.69 and its 200-day simple moving average is $36.89. Mercantile Bank Co. has a twelve month low of $23.89 and a twelve month high of $42.82.

Mercantile Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 19th. Stockholders of record on Friday, June 7th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 3.87%. The ex-dividend date is Friday, June 7th. Mercantile Bank’s payout ratio is 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.