Mercantile Bank Corporation

MBWM • NASDAQ

Mercantile Bank Corporation is a banks - regional company in the financial services sector on NASDAQ, led by Raymond E. Reitsma, with a market cap of $805.5M. As of Q3 2025, 67% of shares are held by 199 institutional investors, with BlackRock, Inc. as the largest holder at 8.81%.

President and Chief Executive OfficerRaymond E. Reitsma

Market Cap$805.5M

Banks - Regional

Financial Services

Employees665.0

Websitemercbank.com

Country

United States of America

Overview

Overview of institutional ownership in MBWM as of Q3 2025 with a market cap of $731.2M

All Institutions

Institutions: 199
Value Held: $488.9M
Shares Held: 10.9M
Avg Position: $2.5M
Median Position: $443.6K

Hedge Funds

Hedge Funds: 25
Value Held: $56.7M
Shares Held: 1.3M
Avg Position: $2.3M
Median Position: $599.9K

Ownership Breakdown

Institutional (non-HF)

59.11%

$432.2M

Hedge Funds

7.75%

$56.7M

Retail & Other

33.14%

$242.3M

Based on market cap of $731.2M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in MBWM as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
B BlackRock, Inc. Institution	-	$64.4M 0.00% of portfolio	8.81% 1.4M shares	Q2 2014 Held for 11y 5m	$5.67T
DIMENSIONAL FUND ADVISORS LP Long Only Manager	David Paul Butler CEO	$47.2M 0.01% of portfolio	6.45% 1.0M shares	≤ Q2 2013 Held for 12y 5m+	$466.32B
VANGUARD GROUP INC Institution	Salim Ramji CEO	$46.8M 0.00% of portfolio	6.39% 1.0M shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
Tributary Capital Management, LLC Long Only Manager	Mark Alan Wynegar President	$22.4M 1.06% of portfolio	3.06% 497.4K shares	Q1 2017 Held for 8y 8m	$2.1B
A AMERICAN CENTURY COMPANIES INC Institution	-	$22.2M 0.01% of portfolio	3.04% 494.4K shares	Q2 2020 Held for 5y 5m	$195.93B
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	Peter Fitzhugh Brown CEO	$22.1M 0.03% of portfolio	3.02% 490.4K shares	≤ Q2 2013 Held for 12y 5m+	$75.8B
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$21.2M 0.00% of portfolio	2.90% 470.7K shares	≤ Q2 2013 Held for 12y 5m+	$2.88T
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$18.6M 0.00% of portfolio	2.54% 412.2K shares	≤ Q2 2013 Held for 12y 5m+	$1.57T
NORTH STAR ASSET MANAGEMENT INC RIA/Wealth	Kenneth Jay Brusda Chairman	$16.0M 0.67% of portfolio	2.19% 355.3K shares	≤ Q2 2013 Held for 12y 5m+	$2.4B
L LSV ASSET MANAGEMENT Long Only Manager	Josef Nmn Lakonishok CEO	$13.5M 0.03% of portfolio	1.85% 300.3K shares	≤ Q2 2013 Held for 12y 5m+	$45.1B

Net Capital Flow

Institutional buying and selling activity for MBWM in Q3 2025

Traded: +$18.8M
Buyers: 102
Sellers: 77
Total Bought: +$43.7M
Total Sold: −$24.9M
Avg Position: $2.3M

Biggest Buyers

Institution	Net Bought	Current Position
Tributary Capital Management, LLC Long Only Manager	+$10.8M +239.2K shares	$22.4M 497.4K shares
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$3.2M +72.0K shares	$8.2M 181.5K shares
JPMORGAN CHASE & CO Institution	+$2.6M +58.7K shares	$9.7M 214.6K shares
HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC Long Only Manager	+$2.4M +54.4K shares	$9.1M 201.7K shares
MORGAN STANLEY RIA/Wealth	+$2.4M +54.3K shares	$7.6M 168.0K shares
A AMERICAN CENTURY COMPANIES INC Institution	+$1.9M +41.5K shares	$22.2M 494.4K shares
STATE STREET CORP Institution	+$1.9M +41.1K shares	$21.2M 470.7K shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	+$1.8M +40.8K shares	$3.5M 78.0K shares
GOLDMAN SACHS GROUP INC Institution	+$1.2M +26.4K shares	$4.8M 107.8K shares
A Advisor Group Holdings, Inc. Institution	+$1.2M +26.2K shares	$1.3M 28.2K shares

Biggest Sellers

Institution	Net Sold	Current Position
B BlackRock, Inc. Institution	−$3.4M −75.4K shares	$64.4M 1.4M shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$2.9M −65.4K shares	$3.7M 82.6K shares
B BANC FUNDS CO LLC Institution	−$1.6M −34.9K shares	$7.2M 160.3K shares
S SG Americas Securities, LLC Institution	−$1.5M −32.8K shares	$327.6K 7.3K shares
R ROYAL BANK OF CANADA Institution	−$1.4M −30.4K shares	$1.3M 29.6K shares
Verition Fund Management LLC Hedge Fund•Multi-Strategy	−$1.2M −25.3K shares	Sold Off 0 shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	−$1.1M −22.9K shares	Sold Off 0 shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	−$838.4K −18.6K shares	$1.1M 23.3K shares
SANDLER ONEILL ASSET MANAGEMENT LLC Hedge Fund•Long/Short	−$810.0K −18.0K shares	$3.7M 82.0K shares
L LSV ASSET MANAGEMENT Long Only Manager	−$805.5K −17.9K shares	$13.5M 300.3K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited MBWM in Q3 2025

New Positions: 11
New Value: $2.6M
Exited Positions: 15
Exited Value: $5.1M

New Positions

Institution	Position Value
Siena Capital Management, LLC Hedge Fund•Sector	$900.0K 20.0K shares
Voleon Capital Management LP Hedge Fund•Quant	$477.5K 10.6K shares
NGAM ADVISORS, L.P. Long Only Manager	$453.7K 10.1K shares
Susquehanna Portfolio Strategies, LLC Private Equity	$410.0K 9.1K shares
Mariner Wealth Advisors, LLC RIA/Wealth	$270.0K 6.0K shares
S State of Alaska, Department of Revenue Institution	$29.3K 651.0 shares
Q Quarry LP Institution	$20.3K 452.0 shares
Point72 Europe LLP Digital Asset Manager	$7.9K 176.0 shares
O Optiver Holding B.V. Institution	$4.2K 94.0 shares
Steward Partners Investment Advisory, LLC RIA/Wealth	$1.4K 31.0 shares

Exited Positions

Institution	Previous Position
Verition Fund Management LLC Hedge Fund•Multi-Strategy	$1.2M 25.3K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$1.1M 22.9K shares
Y Y-Intercept Ltd Institution	$663.3K 14.3K shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$623.3K 13.4K shares
S State of Tennessee, Treasury Department Institution	$438.3K 9.4K shares
E EntryPoint Capital, LLC Hedge Fund•Long/Short	$305.0K 6.6K shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$283.8K 6.1K shares
ING INVESTMENT MANAGEMENT LLC Insurance Manager	$233.0K 5.0K shares
S STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM Institution	$204.2K 4.4K shares
Virtus ETF Advisers LLC Long Only Manager	$41.9K 902.0 shares

Options Activity

Institutions with the largest Call and Put options positions in MBWM as of Q3 2025

Call Positions: 0
Call Value: -
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
No call positions found

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

Institutions with MBWM as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
John W. Rosenthal Capital Management, Inc. Hedge Fund•Long/Short	John William Rosenthal CEO	2.01% $2.0M	0.28% 45.0K shares	Q3 2022 Held for 3y 2m	$100.8M
B BANC FUNDS CO LLC Institution	-	1.75% $7.2M	0.99% 160.3K shares	≤ Q2 2013 Held for 12y 5m+	$411.3M
Tributary Capital Management, LLC Long Only Manager	Mark Alan Wynegar President	1.06% $22.4M	3.06% 497.4K shares	Q1 2017 Held for 8y 8m	$2.1B
jvl associates llc RIA/Wealth	Chad Nathan Soukup Partner	0.92% $2.8M	0.38% 61.9K shares	Q4 2017 Held for 7y 11m	$302.2M
NORTH STAR ASSET MANAGEMENT INC RIA/Wealth	Kenneth Jay Brusda Chairman	0.67% $16.0M	2.19% 355.3K shares	≤ Q2 2013 Held for 12y 5m+	$2.4B
SANDLER ONEILL ASSET MANAGEMENT LLC Hedge Fund•Long/Short	Terry Anthony Maltese President	0.57% $3.7M	0.50% 82.0K shares	Q4 2024 Held for 11 months	$646.2M
Semanteon Capital Management, LP Hedge Fund•Long/Short	Rajat Lal Managing Partner	0.56% $443.6K	0.06% 9.9K shares	Q3 2025 Held for 2 months	$79.7M
Round Hill Asset Management RIA/Wealth	Channing Turner Lushbough President	0.54% $837.3K	0.11% 18.6K shares	Q4 2016 Held for 8y 11m	$154.6M
Siena Capital Management, LLC Hedge Fund•Sector	Daniel Kanter President	0.54% $900.0K	0.12% 20.0K shares	Q3 2025 Held for 2 months	$167.0M
D De Lisle Partners LLP Institution	-	0.41% $3.3M	0.46% 74.3K shares	Q1 2024 Held for 1y 8m	$815.6M

Hedge Fund Spotlight

Discover hedge funds investing in MBWM

AQR CAPITAL MANAGEMENT LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerDavid Gary Kabiller

Portfolio Value: $156.17B
Positions: 3,453
Last Reported: Q3 2025

Sector Allocation

Position in Mercantile Bank Corporation

Market Value: $8.2M
Shares Held: 181.5K
Portfolio Weight: 0.01%
Owned Since: 2021-Q1

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