Hennion & Walsh Asset Management Inc. lowered its position in Mercantile Bank Co. (NASDAQ:MBWM – Free Report) by 25.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,173 shares of the financial services provider’s stock after selling 3,536 shares during the quarter. Hennion & Walsh Asset Management Inc.’s holdings in Mercantile Bank were worth $453,000 at the end of the most recent reporting period.
Other large investors have also recently added to or reduced their stakes in the company. Mattson Financial Services LLC bought a new position in shares of Mercantile Bank in the second quarter valued at about $28,000. Quantbot Technologies LP bought a new position in shares of Mercantile Bank in the third quarter valued at about $89,000. CWM LLC raised its position in shares of Mercantile Bank by 16.1% in the third quarter. CWM LLC now owns 3,249 shares of the financial services provider’s stock valued at $142,000 after purchasing an additional 450 shares during the period. Y Intercept Hong Kong Ltd bought a new position in shares of Mercantile Bank in the third quarter valued at about $202,000. Finally, 626 Financial LLC bought a new position in shares of Mercantile Bank in the third quarter valued at about $213,000. Institutional investors and hedge funds own 58.63% of the company’s stock.
Analyst Upgrades and Downgrades
Separately, Keefe, Bruyette & Woods increased their price objective on shares of Mercantile Bank from $50.00 to $56.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th.
Mercantile Bank Price Performance
NASDAQ:MBWM opened at $44.21 on Tuesday. Mercantile Bank Co. has a 52 week low of $33.46 and a 52 week high of $52.98. The firm has a market cap of $713.55 million, a price-to-earnings ratio of 8.88 and a beta of 1.01. The firm’s 50-day simple moving average is $47.09 and its 200 day simple moving average is $45.30. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.01 and a current ratio of 1.02.
Insider Buying and Selling
In other Mercantile Bank news, Director Robert B. Kaminski sold 5,800 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $51.75, for a total transaction of $300,150.00. Following 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Over the last three months, insiders have sold 10,300 shares of company stock valued at $521,218. 3.08% of the stock is owned by company insiders.
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.
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