Mercantile Bank Co. (NASDAQ:MBWM) Shares Sold by LaFleur & Godfrey LLC

LaFleur & Godfrey LLC decreased its holdings in shares of Mercantile Bank Co. (NASDAQ:MBWM) by 0.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 35,283 shares of the financial services provider’s stock after selling 288 shares during the quarter. LaFleur & Godfrey LLC’s holdings in Mercantile Bank were worth $1,570,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Rhumbline Advisers grew its holdings in shares of Mercantile Bank by 2.7% during the 2nd quarter. Rhumbline Advisers now owns 25,321 shares of the financial services provider’s stock worth $1,027,000 after purchasing an additional 655 shares during the period. American Century Companies Inc. lifted its position in Mercantile Bank by 18.2% in 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 buying an additional 47,528 shares during the last quarter. Federated Hermes Inc. boosted its stake in Mercantile Bank by 17.2% during the second quarter. Federated Hermes Inc. now owns 5,611 shares of the financial services provider’s stock worth $228,000 after buying an additional 823 shares during the period. Thrivent Financial for Lutherans increased its position in shares of Mercantile Bank by 12.5% during the second quarter. Thrivent Financial for Lutherans now owns 40,140 shares of the financial services provider’s stock valued at $1,628,000 after acquiring an additional 4,452 shares during the last quarter. Finally, AQR Capital Management LLC raised its stake in shares of Mercantile Bank by 108.7% in the 2nd quarter. AQR Capital Management LLC now owns 174,355 shares of the financial services provider’s stock valued at $7,074,000 after acquiring an additional 90,802 shares during the period. Hedge funds and other institutional investors own 58.63% of the company’s stock.

Insider Buying and Selling

In related news, Director Robert B. Kaminski sold 4,000 shares of Mercantile Bank stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $49.51, for a total value of $198,040.00. Following the completion of the transaction, the director now owns 25,610 shares in the company, valued at $1,267,951.10. The trade was a 13.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 10,300 shares of company stock valued at $521,218 in the last ninety days. Company insiders own 3.08% of the company’s stock.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods upped their price objective on shares of Mercantile Bank from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th.

Mercantile Bank Price Performance

MBWM opened at $44.21 on Monday. The stock’s 50-day moving average price is $47.21 and its 200 day moving average price is $45.27. Mercantile Bank Co. has a 12-month low of $33.46 and a 12-month 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 company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 0.95.

Mercantile Bank 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.