Thomas R. Sullivan Sells 620 Shares of Mercantile Bank Corp. (MBWM) Stock

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Mercantile Bank Corp. (NASDAQ:MBWM) Director Thomas R. Sullivan sold 620 shares of the stock in a transaction dated Wednesday, November 7th. The stock was sold at an average price of $32.56, for a total value of $20,187.20. Following the sale, the director now directly owns 16,567 shares in the company, valued at approximately $539,421.52. The sale was disclosed in a filing with the SEC, which is accessible through this link.

NASDAQ MBWM traded down $0.44 during trading on Friday, reaching $32.38. The company’s stock had a trading volume of 21,981 shares, compared to its average volume of 32,594. The firm has a market capitalization of $543.46 million, a P/E ratio of 17.13, a P/E/G ratio of 1.68 and a beta of 0.67. The company has a quick ratio of 1.04, a current ratio of 1.05 and a debt-to-equity ratio of 0.75. Mercantile Bank Corp. has a one year low of $29.60 and a one year high of $38.47.

Mercantile Bank (NASDAQ:MBWM) last announced its earnings results on Tuesday, October 16th. The financial services provider reported $0.61 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.61. The business had revenue of $34.55 million for the quarter, compared to analyst estimates of $34.60 million. Mercantile Bank had a return on equity of 10.33% and a net margin of 24.66%. As a group, research analysts anticipate that Mercantile Bank Corp. will post 2.44 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 19th. Shareholders of record on Friday, December 7th will be paid a $0.25 dividend. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a yield of 3.09%. The ex-dividend date is Thursday, December 6th. Mercantile Bank’s dividend payout ratio is currently 50.79%.

MBWM has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods upped their target price on Mercantile Bank from $40.00 to $41.00 and gave the stock a “$36.20” rating in a research note on Wednesday, July 18th. Zacks Investment Research upgraded Mercantile Bank from a “hold” rating to a “buy” rating and set a $41.00 target price on the stock in a research note on Friday, July 20th. BidaskClub lowered Mercantile Bank from a “buy” rating to a “hold” rating in a research note on Friday, July 20th. Finally, ValuEngine lowered Mercantile Bank from a “hold” rating to a “sell” rating in a research note on Thursday, September 27th. Two investment analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. Mercantile Bank presently has a consensus rating of “Hold” and an average target price of $39.00.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. increased its position in shares of Mercantile Bank by 13.1% during the 2nd quarter. BlackRock Inc. now owns 1,079,652 shares of the financial services provider’s stock valued at $39,904,000 after purchasing an additional 125,179 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in shares of Mercantile Bank during the 3rd quarter valued at about $2,568,000. Renaissance Technologies LLC increased its position in shares of Mercantile Bank by 8.0% during the 2nd quarter. Renaissance Technologies LLC now owns 760,515 shares of the financial services provider’s stock valued at $28,109,000 after purchasing an additional 56,600 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Mercantile Bank by 5.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,048,925 shares of the financial services provider’s stock valued at $38,768,000 after purchasing an additional 56,045 shares during the last quarter. Finally, Millennium Management LLC increased its position in shares of Mercantile Bank by 40.2% during the 1st quarter. Millennium Management LLC now owns 129,062 shares of the financial services provider’s stock valued at $4,291,000 after purchasing an additional 37,032 shares during the last quarter. Institutional investors and hedge funds own 55.13% of the company’s stock.

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About Mercantile Bank

Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan that provides commercial and retail banking services for 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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