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MBWM · Mercantile Bank Corp · Holdings

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$60.33 -0.35 (-0.58%) Q3 2026 earnings call transcript
Russell 2000 member Rebalance outlook locked
Market Cap
$1.05B
Shares
17.29M
Volume · Oct 28 122.83K Avg daily vol (3M) 115.41K

Institutional ownership from SEC Form 13F filings. Investment managers with more than $100 million in U.S. equities must disclose their positions every quarter, within 45 days of quarter-end, so the holdings shown can lag the market by up to a quarter.

Use institutional holdings through the 13F API or MCP → See every holder of MBWM: 13F, 13D and 13G, insiders and funds →
The Sep 30, 2026 filing window is still open — showing the latest known positions. Funds that have not filed yet carry their prior-quarter positions; a fund that filed without this stock counts as sold out. Each fund's Change is measured against its own previous reported quarter, shown in the Reported column. Pick a completed quarter in the Quarter selector below to put every fund on one quarter and see the stock-wide activity breakdown.
Holders: 211
Total Value: $690,065,050
Total Shares: 12,012,726
Showing 1–100 of 211 holdings by value · page 1 of 3

Institutional Ownership Trend

27 quarters

Holder Concentration

Across 206 13F filers
Top Holder
12.8%
Sep 2023 → Jun 2026 · range 11.9% – 16.4%
of institutional value
Top 5
41.9%
Sep 2023 → Jun 2026 · range 41.7% – 48.0%
of institutional value
Top 10
60.1%
Sep 2023 → Jun 2026 · range 59.3% – 65.6%
of institutional value
HHI
491
Sep 2023 → Jun 2026 · range 484 – 638
Broadly held

Who Holds MBWM

Last 8 quarters through Sep 30, 2026 (filing window open)

Each kind of 13F filer's share of the common shares 13F filers report. Holder type comes from regulatory records, never the filer's name; style, turnover and horizon are measured from each filer's own 13F book. The quarter selector does not change this card.

Jun 30, 2026, the newest closed quarter: 206 filers, like-for-like change +2.9%; actively managed books -0.1%; index-like books +8.8%.

Holder type Share Filers Change
Registered adviser 49.9% 102 +0.5%
Adviser 1.5% 6 -6.2%
Bank 10.4% 16 +8.8%
Broker-dealer 0.1% 1 -0.6%
Benefit plan 0.5% 6 +6.4%
Non-US 1.1% 8 +8.7%
Holding company 24.1% 8 +0.4%
Exempt adviser 0.0% 0 -100.0%
Insurer 0.0% 0 -100.0%
Unknown 12.5% 59 +18.0%

The Sep 30, 2026 filing window is still open, so its bar carries the Jun 30, 2026 positions of filers that have not filed yet.

How the mix is measured

Shares are 13F common shares restated to today's split basis; options and principal amounts are left out. The change compares only filers with a 13F in both quarters and keeps each filer in its bucket of the later quarter on both sides; a filer that continues under a new CIK is compared through its successor. Holder type comes from each filer's current regulatory profile; client base and private funds come from the Form ADV roster current at each quarter end (rosters from December 2019, so an earlier quarter reads Unknown). Style, turnover, horizon and book size are measured from each filer's 13F book in the newest measured quarter, and Not measured means none was. Actively managed books are those measured systematic-like, concentrated or diversified active.

Excluded 1 holder with no observed 2026-03-31 13F and 4 holders with no observed 2026-06-30 13F. Compared across CIK changes: JANUS HENDERSON GROUP PLC continues as Jupiter Topco LLC; Trask Adam Roland continues as Burnham & Co LLC.

Conviction and Crowding

206 13F filers, quarter ended Jun 30, 2026

Measured across every 13F filer's common-share book once the quarter's filing window closed. Crowding counts filers with high turnover or that advise private funds on Form ADV.

Conviction holders
1
0.485% of filers hold it in their top 10
Mar 31, 2026: 1
Holders above 5%
0
median weight 0.001%
Mar 31, 2026: 0
Crowding
19.4%
of shares outstanding, 57th percentile
Mar 31, 2026: 18.3%
Private-fund advisers
18.9%
of shares outstanding
Institutional ownership
69.5%
71.9% of the estimated free float
Top 10 holders
60.0%
of 13F shares, Herfindahl 0.049
Active holders
-0.1%
like-for-like share change of active filers
5% stakes on record
4
0 13D, 4 13G (4 institutional, 0 passive, 0 exempt)
How long holders have held it value-weighted 16.1 quarters
Under 1 year 24.7% 1 to 3 years 19.1% 3 years or more 56.2% Since coverage start 0.000%

Managers in the top fifth by current three-year FundScore alpha were net buyers of $4,952,377 (1 buying, 0 selling).

Estimated Holder Cost Basis

Quarter ended Jun 30, 2026, on that quarter's share basis

Estimated, never filed: each 13F buy is costed at its quarter's average traded price and each sale keeps the average cost, so this is what holders paid on average if they traded evenly through each quarter.

Estimated avg cost
$45.89
estimated per share
Mar 31, 2026: $44.69
Quarter-end price
$57.39
implied by 13F values
Estimated gain or loss
+25.1%
price against the estimated cost
Estimated at a loss
0.000%
of costed 13F value

Estimated cost covers 33.1% of the 13F shares; positions already held when a filer's 13F history starts, or bought in a quarter without a trusted average price, have no estimate.

Shared Holders

Companies MBWM's active holders also own, quarter ended Jun 30, 2026
# Company Shared holders
1 USCB Uscb Financial Holdings, Inc. 5
2 PLBC Plumas Bancorp 4
3 FXNC First National Corp 4
4 CZWI Citizens Community Bancorp Inc. 3
5 FCCO First Community Corp 4
6 OBT Orange County Bancorp, Inc. 4
7 BWFG Bankwell Financial Group, Inc. 3
8 FCBM First Carolina Financial Services, Inc. 4
9 FBIZ First Business Financial Services, Inc. 4
10 CBNK Capital Bancorp Inc 4

Shareholder Targets

13F filers that own its peers but not MBWM, quarter ended Jun 30, 2026

Found through its holder-overlap peers: USCB, PLBC, FXNC, CZWI, FCCO, OBT, BWFG, FCBM, FBIZ, CBNK, FSBC, AMTB, UNTY, CCNE, QCRH, AVBH, FSBW, CBK, CNOB, BWB. 384 filers in all.

# Filer In peers
1 T. Rowe Price Investment Management, Inc. Adviser, Diversified active $203,248,255 4 held
2 KENNEDY CAPITAL MANAGEMENT LLC Registered adviser, Diversified active $134,754,642 13 held
3 Patriot Financial Partners GP II, L.P. Unknown, Concentrated $122,894,294 3 held
4 Davis Asset Management, L.P. Unknown, Concentrated $105,619,435 2 held
5 ENDEAVOUR CAPITAL ADVISORS INC Registered adviser, Concentrated $93,481,745 5 held
6 Pacific Ridge Capital Partners, LLC Registered adviser, Diversified active $74,253,331 12 held
7 NOMURA ASSET MANAGEMENT INTERNATIONAL INC. Adviser, Diversified active $55,173,592 1 held
8 Qube Research & Technologies Ltd Exempt adviser, Systematic-like $54,273,767 12 held
9 ACADIAN ASSET MANAGEMENT LLC Unknown, Diversified active $50,921,139 11 held
10 North Reef Capital Management LP Registered adviser, Concentrated $47,352,538 1 held

Fund Ownership of MBWM by Fund Type

Registered funds' Form N-PORT reports for the quarter ended Jun 30, 2026

Index funds and index ETFs hold 16.13% of shares outstanding.

Fund type Of shares outstanding Shares
Index funds 3.39% 585,248
Index ETFs 12.75% 2,203,356
Active ETFs 2.00% 345,167
Active funds 7.59% 1,312,760
Unclassified 3.42% 591,834
All registered funds 29.15% 5,038,365
How fund types are measured

Each fund series counts once, with its latest Form N-PORT report dated inside the quarter; only long share positions count, restated to today's split basis. The fund type is the series' latest Form N-CEN answer on or before the quarter end (the index-fund box and the exchange-traded flag), never its name. Unclassified funds have no usable N-CEN; unit investment trusts are among them, so index ownership is a floor. Funds sit inside their advisers' 13F reports, so these shares overlap the 13F figures and are never added to them.

Holder type: Registered adviser 106 Adviser 6 Bank 16 Broker-dealer 1 Benefit plan 6 Non-US 8 Holding company 8 Unknown 60
Showing 100 of 211
All Common Calls Puts
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Holder Value (USD) % of 13F Shares Open
BlackRock, Inc. $88,104,784 12.77% 1,534,392
WELLINGTON MANAGEMENT GROUP LLP $62,472,843 9.05% 1,087,998
DIMENSIONAL FUND ADVISORS LP $60,109,608 8.71% 1,046,841
VANGUARD CAPITAL MANAGEMENT LLC $42,238,898 6.12% 735,613
AMERICAN CENTURY COMPANIES INC $35,888,361 5.20% 625,015
STATE STREET CORP $34,373,966 4.98% 598,641
GEODE CAPITAL MANAGEMENT, LLC $26,781,262 3.88% 466,410
RENAISSANCE TECHNOLOGIES LLC $25,644,518 3.72% 446,613
NORTH STAR ASSET MANAGEMENT INC $21,671,858 3.14% 377,427
VANGUARD PORTFOLIO MANAGEMENT LLC $16,657,140 2.41% 290,093
LSV ASSET MANAGEMENT $16,122,732 2.34% 280,786
NORTHERN TRUST CORP $13,819,154 2.00% 240,668
Tributary Capital Management, LLC $12,525,943 1.82% 218,146
TWO SIGMA INVESTMENTS, LP $12,272,950 1.78% 213,740
HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC $11,053,522 1.60% 192,503
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $8,279,274 1.20% 144,188
JPMORGAN CHASE & CO $8,044,368 1.17% 140,097
AQR CAPITAL MANAGEMENT LLC $7,908,224 1.15% 137,726
BANC FUNDS CO LLC $7,531,207 1.09% 131,160
MERCER GLOBAL ADVISORS INC /ADV $7,345,338 1.06% 127,923
MORGAN STANLEY $7,064,376 1.02% 123,030
VANGUARD FIDUCIARY TRUST CO $6,472,497 0.94% 112,722
GOLDMAN SACHS GROUP INC $5,801,199 0.84% 101,031
Bank of New York Mellon Corp $5,633,015 0.82% 98,102
Rhino Investment Partners, Inc $5,393,173 0.78% 93,925
CITADEL ADVISORS LLC $5,345,456 0.77% 93,094
Siena Capital Partners GP, LLC $4,821,327 0.70% 83,966
De Lisle Partners LLP $4,343,765 0.63% 75,649
jvl associates llc $3,918,754 0.57% 67,194
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP $3,726,787 0.54% 64,904
ENVESTNET ASSET MANAGEMENT INC $3,561,130 0.52% 62,019
MALTESE CAPITAL MANAGEMENT LLC $3,445,198 0.50% 60,000
FRANKLIN RESOURCES INC $3,184,626 0.46% 55,462
AMERIPRISE FINANCIAL INC $3,168,778 0.46% 55,186
Elizabeth Park Capital Advisors, Ltd. $2,926,754 0.42% 50,971
HRT FINANCIAL LP $2,809,790 0.41% 48,934
Connor, Clark & Lunn Investment Management Ltd. $2,778,668 0.40% 48,392
RAYMOND JAMES FINANCIAL INC $2,717,286 0.39% 47,323
Rosenthal | Henry Capital Advisors, Inc. $2,624,400 0.38% 45,000
WELLS FARGO & COMPANY/MN $2,353,299 0.34% 40,984
BRIDGEWAY CAPITAL MANAGEMENT, LLC $2,352,612 0.34% 40,972
Quantinno Capital Management LP $2,350,774 0.34% 40,940
Nuveen, LLC $2,271,705 0.33% 39,563
Creative Planning $2,250,576 0.33% 39,195
Swiss National Bank $1,889,118 0.27% 32,900
Empowered Funds, LLC $1,778,239 0.26% 30,969
LaFleur & Godfrey LLC $1,708,892 0.25% 29,302
Abundance Wealth Counselors $1,633,601 0.24% 28,011
Curi Capital, LLC $1,530,472 0.22% 26,654
UBS Group AG $1,521,054 0.22% 26,490
OSAIC HOLDINGS, INC. $1,451,002 0.21% 25,270
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC $1,385,774 0.20% 24,134
BANK OF AMERICA CORP /DE/ $1,379,974 0.20% 24,033
Invesco Ltd. $1,360,450 0.20% 23,693
XTX Topco Ltd $1,327,492 0.19% 23,119
Focus Partners Advisor Solutions, LLC $1,305,214 0.19% 22,731
CREDIT AGRICOLE S A $1,288,619 0.19% 22,442
BARCLAYS PLC $1,259,966 0.18% 21,943
State of New Jersey Common Pension Fund D $1,249,516 0.18% 21,761
ALLIANCEBERNSTEIN L.P. $1,238,032 0.18% 21,561
RHUMBLINE ADVISERS $1,229,075 0.18% 21,405
Discipline Wealth Solutions, LLC $1,156,252 0.17% 19,826
Man Group plc $1,144,036 0.17% 19,924
Cerity Partners LLC $1,127,268 0.16% 19,632
VICTORY CAPITAL MANAGEMENT INC $1,116,819 0.16% 19,450
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM $1,091,381 0.16% 19,007
FEDERATED HERMES, INC. $1,033,846 0.15% 18,005
DEUTSCHE BANK AG\ $1,029,770 0.15% 17,934
IEQ CAPITAL, LLC $1,016,563 0.15% 17,704
CITIGROUP INC $1,010,419 0.15% 17,597
Baird Financial Group, Inc. $1,003,414 0.15% 17,475
Pathstone Holdings, LLC $998,189 0.14% 17,384
WEDGE CAPITAL MANAGEMENT L L P/NC $986,716 0.14% 16,919
Round Hill Asset Management $971,833 0.14% 16,925
ACTION POINT FINANCIAL PLANNING, LLC $914,296 0.13% 15,923
CHICAGO TRUST Co NA $895,235 0.13% 15,591
Atom Investors LP $869,625 0.13% 15,145
Hennion & Walsh Asset Management, Inc. $829,543 0.12% 14,224
STRS OHIO $826,848 0.12% 14,400
LPL Financial LLC $823,058 0.12% 14,334
PRICE T ROWE ASSOCIATES INC /MD/ $811,861 0.12% 14,139
LVM CAPITAL MANAGEMENT LTD/MI $809,306 0.12% 13,877
STATE OF WISCONSIN INVESTMENT BOARD $742,957 0.11% 12,939
Legal & General Group Plc $732,218 0.11% 12,752
VANGUARD ASSET MANAGEMENT, Ltd $730,612 0.11% 12,724
Allianz Asset Management GmbH $708,103 0.10% 12,332
BLAIR WILLIAM & CO/IL $704,887 0.10% 12,276
Daytona Street Capital LLC $691,675 0.10% 11,860
CANADA PENSION PLAN INVESTMENT BOARD $683,298 0.10% 11,900
JACOBS LEVY EQUITY MANAGEMENT, INC $673,077 0.10% 11,722
Counterpoint Mutual Funds LLC $673,071 0.10% 11,541
Point72 Asset Management, L.P. $668,024 0.10% 11,634
Shakespeare Wealth Management, LLC $664,579 0.10% 11,574
Thrivent Financial for Lutherans $655,678 0.10% 11,419
Strategies Wealth Advisors, LLC $639,429 0.09% 11,136
Inspire Investing, LLC $636,446 0.09% 10,913
JONES FINANCIAL COMPANIES LLLP $629,954 0.09% 10,971
Bluebird Wealth Management LLC $609,341 0.09% 10,612
ROYAL BANK OF CANADA $609,282 0.09% 10,611
Janney Montgomery Scott LLC $582,927 0.08% 10,152

Showing the top 100 of 211 holders. Create a free account to see every holder, past quarters, search, filters and CSV export.

Key facts CIK 1042729 CUSIP 587376104 13F (30d) 44 filings 43 filers Visit website Investor relations