Mercantile Bank Ownership

Who are the major shareholders and have insiders been buying or selling?

Recent Insider Transactions

NasdaqGS:MBWM Recent Insider Transactions by Companies or Individuals
Date	Value	Name	Entity	Shares	Max Price
18 Aug 25	BuyUS$70,065	David Ramaker	Individual	1,500	US$46.71
29 Jul 25	BuyUS$9,457	Shoran Williams	Individual	200	US$47.29
26 Feb 25	BuyUS$9,964	Nelson Sanchez	Individual	212	US$47.00
26 Feb 25	SellUS$4,731	Nelson Sanchez	Individual	100	US$47.31
20 Feb 25	BuyUS$18,768	Nelson Sanchez	Individual	393	US$48.00
19 Feb 25	BuyUS$18,626	Nelson Sanchez	Individual	386	US$48.50
19 Feb 25	BuyUS$24,996	Richard MacDonald	Individual	511	US$48.92
11 Feb 25	SellUS$50,220	Robert Kaminski	Individual	1,000	US$50.22
06 Feb 25	SellUS$49,820	Robert Kaminski	Individual	1,000	US$49.82
05 Feb 25	SellUS$308,495	Michael Price	Individual	6,372	US$48.41
04 Feb 25	BuyUS$17,933	Nelson Sanchez	Individual	376	US$47.89
31 Jan 25	BuyUS$6,061	Shoran Williams	Individual	123	US$49.28
29 Jan 25	BuyUS$4,996	Nelson Sanchez	Individual	103	US$48.50
27 Jan 25	SellUS$297,900	Robert Kaminski	Individual	6,000	US$50.16
25 Nov 24	SellUS$300,150	Robert Kaminski	Individual	5,800	US$51.75
14 Nov 24	SellUS$198,040	Robert Kaminski	Individual	4,000	US$49.51

Insider Trading Volume

Insider Buying: MBWM insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

What is the ownership structure of MBWM?
Owner Type	Number of Shares	Ownership Percentage
State or Government	9,445	0.0581%
Individual Insiders	528,399	3.25%
General Public	5,152,956	31.7%
Institutions	10,557,813	65%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Top 25 shareholders own 50.65% of the company

Ownership	Name	Shares	Current Value	Change %	Portfolio %
9.28%	BlackRock, Inc.	1,507,213	US$67.3m	-5.26%	no data
6.54%	Dimensional Fund Advisors LP	1,062,762	US$47.5m	-1.21%	0.01%
6.4%	The Vanguard Group, Inc.	1,039,359	US$46.4m	2.19%	no data
2.99%	Renaissance Technologies LLC	485,313	US$21.7m	-4.54%	0.03%
2.79%	American Century Investment Management Inc	452,827	US$20.2m	6.14%	0.01%
2.64%	State Street Global Advisors, Inc.	429,584	US$19.2m	-5.46%	no data
2.5%	Geode Capital Management, LLC	405,863	US$18.1m	4.53%	no data
2.19%	North Star Asset Management, Inc	356,538	US$15.9m	-0.78%	0.67%
1.96%	LSV Asset Management	318,186	US$14.2m	-1.03%	0.03%
1.59%	Tributary Capital Management, LLC	258,209	US$11.5m	-7.06%	1.0%
1.2%	Banc Funds Company, L.L.C.	195,152	US$8.7m	-9.42%	1.28%
1.09%	Northern Trust Global Investments	176,536	US$7.9m	-2.78%	no data
1.03%	Bridgeway Capital Management, LLC	167,984	US$7.5m	3.21%	0.11%
0.91%	Millennium Management LLC	148,010	US$6.6m	123%	no data
0.91%	Hotchkis and Wiley Capital Management, LLC	147,340	US$6.6m	12.2%	0.02%
0.85%	ProShare Advisors LLC	138,480	US$6.2m	-12.8%	0.01%
0.82%	Charles Schwab Investment Management, Inc.	132,851	US$5.9m	3.08%	no data
0.73%	Charles Christmas	119,005	US$5.3m	0%	no data
0.69%	JP Morgan Asset Management	112,020	US$5.0m	287%	no data
0.65%	Mercer Global Advisors Inc.	106,393	US$4.8m	0.6%	0.01%
0.65%	AQR Capital Management, LLC	105,033	US$4.7m	16%	no data
0.62%	Maltese Capital Management, LLC	100,000	US$4.5m	16.7%	0.63%
0.59%	BNY Asset Management	95,512	US$4.3m	0.86%	no data
0.55%	Robert Kaminski	89,796	US$4.0m	-0.55%	no data
0.49%	Raymond Reitsma	79,751	US$3.6m	0%	no data

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2025/10/03 19:25
End of Day Share Price	2025/10/03 00:00
Earnings	2025/06/30
Annual Earnings	2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Mercantile Bank Corporation is covered by 9 analysts. 4 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Kevin Reevey	D.A. Davidson & Co.
Brendan Nosal	Hovde Group, LLC
John Rodis	Janney Montgomery Scott LLC