Mercantile Bank Co. (NASDAQ:MBWM) Director Robert B. Kaminski Sells 1,000 Shares

Mercantile Bank Co. (NASDAQ:MBWM) Director Robert B. Kaminski sold 1,000 shares of the stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $50.22, for a total value of $50,220.00. Following the completion of the transaction, the director now directly owns 11,810 shares in the company, valued at $593,098.20. This trade represents a 7.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Mercantile Bank Stock Down 5.0 %

Shares of NASDAQ MBWM opened at $49.19 on Thursday. The stock has a fifty day moving average price of $46.82 and a 200 day moving average price of $45.74. The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 0.95. Mercantile Bank Co. has a 12-month low of $33.46 and a 12-month high of $52.98. The company has a market cap of $794.42 million, a P/E ratio of 9.94 and a beta of 1.00.

Mercantile Bank (NASDAQ:MBWM) last posted its earnings results on Tuesday, January 21st. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.07. Mercantile Bank had a return on equity of 14.29% and a net margin of 21.99%. Research analysts anticipate that Mercantile Bank Co. will post 4.83 EPS for the current fiscal year.

Mercantile Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Friday, March 7th will be paid a dividend of $0.37 per share. The ex-dividend date is Friday, March 7th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.01%. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.36. Mercantile Bank’s dividend payout ratio (DPR) is currently 29.09%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on MBWM shares. Keefe, Bruyette & Woods raised their price objective on Mercantile Bank from $56.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, January 22nd. Hovde Group raised shares of Mercantile Bank from a “market perform” rating to an “outperform” rating and set a $54.00 target price for the company in a research report on Wednesday, January 22nd.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Pitcairn Co. grew its holdings in Mercantile Bank by 7.5% during the 4th quarter. Pitcairn Co. now owns 6,639 shares of the financial services provider’s stock valued at $295,000 after purchasing an additional 463 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its stake in shares of Mercantile Bank by 6.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 70,043 shares of the financial services provider’s stock valued at $3,116,000 after acquiring an additional 4,114 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Mercantile Bank by 48.8% during the fourth quarter. JPMorgan Chase & Co. now owns 122,532 shares of the financial services provider’s stock worth $5,451,000 after acquiring an additional 40,175 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Mercantile Bank by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 869,777 shares of the financial services provider’s stock worth $38,696,000 after acquiring an additional 2,252 shares during the last quarter. Finally, LPL Financial LLC lifted its stake in shares of Mercantile Bank by 17.6% in the fourth quarter. LPL Financial LLC now owns 10,841 shares of the financial services provider’s stock worth $482,000 after acquiring an additional 1,622 shares in the last quarter. 58.63% of the stock is owned by institutional investors and hedge funds.

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.