Mercantile Bank Co. (NASDAQ:MBWM) Director Robert B. Kaminski Sells 250 Shares

Mercantile Bank Co. (NASDAQ:MBWM) Director Robert B. Kaminski sold 250 shares of the stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $42.51, for a total value of $10,627.50. Following the completion of the sale, the director now owns 94,480 shares of the company’s stock, valued at approximately $4,016,344.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Mercantile Bank Stock Up 2.1 %

MBWM stock traded up $0.89 during midday trading on Tuesday, hitting $43.90. 50,311 shares of the company’s stock were exchanged, compared to its average volume of 68,333. The firm has a 50 day moving average price of $43.76 and a 200-day moving average price of $41.73. Mercantile Bank Co. has a 12-month low of $32.51 and a 12-month high of $51.21. The stock has a market capitalization of $708.55 million, a price-to-earnings ratio of 8.77 and a beta of 0.95. The company has a current ratio of 1.03, a quick ratio of 1.02 and a debt-to-equity ratio of 1.03.

Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.18 by $0.04. Mercantile Bank had a net margin of 22.77% and a return on equity of 14.91%. The firm had revenue of $93.08 million for the quarter, compared to analysts’ expectations of $56.83 million. During the same period in the prior year, the company posted $1.30 earnings per share. On average, analysts anticipate that Mercantile Bank Co. will post 4.87 EPS for the current year.

Mercantile Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Friday, December 6th will be paid a $0.36 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.44 dividend on an annualized basis and a yield of 3.28%. Mercantile Bank’s dividend payout ratio (DPR) is 28.92%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $51.00 price target (up previously from $47.00) on shares of Mercantile Bank in a report on Wednesday, July 17th. Piper Sandler raised their price target on shares of Mercantile Bank from $42.00 to $53.00 and gave the company a “neutral” rating in a report on Wednesday, July 17th.

Institutional Trading of Mercantile Bank

Institutional investors and hedge funds have recently bought and sold shares of the company. Gradient Investments LLC bought a new position in shares of Mercantile Bank in the 2nd quarter worth about $28,000. Mattson Financial Services LLC bought a new position in shares of Mercantile Bank during the second quarter valued at approximately $28,000. EMC Capital Management acquired a new stake in shares of Mercantile Bank during the 1st quarter worth approximately $72,000. CWM LLC lifted its holdings in shares of Mercantile Bank by 242.6% in the 2nd quarter. CWM LLC now owns 2,799 shares of the financial services provider’s stock worth $114,000 after purchasing an additional 1,982 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its position in Mercantile Bank by 9.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,660 shares of the financial services provider’s stock valued at $179,000 after purchasing an additional 392 shares during the period. Institutional investors and hedge funds own 58.63% of the company’s stock.

Mercantile Bank Company 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.