Mercantile Bank Co. (NASDAQ:MBWM) Director Robert B. Kaminski Sells 3,000 Shares

Mercantile Bank Co. (NASDAQ:MBWM) Director Robert B. Kaminski sold 3,000 shares of the business’s stock in a transaction on Friday, July 19th. The shares were sold at an average price of $48.73, for a total value of $146,190.00. Following the completion of the sale, the director now owns 31,610 shares in the company, valued at approximately $1,540,355.30. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

Mercantile Bank Stock Up 1.8 %

MBWM traded up $0.84 on Monday, hitting $48.80. 78,188 shares of the company were exchanged, compared to its average volume of 73,052. The firm has a 50-day moving average price of $39.31 and a two-hundred day moving average price of $38.26. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.09. Mercantile Bank Co. has a twelve month low of $30.12 and a twelve month high of $50.42. The company has a market cap of $786.66 million, a price-to-earnings ratio of 9.29 and a beta of 0.98.

Mercantile Bank (NASDAQ:MBWM) last announced its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.17 EPS for the quarter, hitting analysts’ consensus estimates of $1.17. Mercantile Bank had a return on equity of 15.80% and a net margin of 23.99%. The business had revenue of $88.56 million during the quarter, compared to the consensus estimate of $56.23 million. During the same period in the previous year, the company posted $1.27 earnings per share. On average, equities analysts predict that Mercantile Bank Co. will post 4.81 earnings per share for the current year.

Mercantile Bank Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 18th. Shareholders of record on Friday, September 6th will be issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 2.95%. The ex-dividend date is Friday, September 6th. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.35. Mercantile Bank’s payout ratio is 27.13%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Janney Montgomery Scott downgraded Mercantile Bank from a “buy” rating to a “neutral” rating in a research report on Wednesday, May 8th. Piper Sandler lifted their price objective 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. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $51.00 target price (up from $47.00) on shares of Mercantile Bank in a report on Wednesday, July 17th. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $52.00.

Institutional Investors Weigh In On Mercantile Bank

A number of hedge funds and other institutional investors have recently modified their holdings of MBWM. Assenagon Asset Management S.A. grew its stake in shares of Mercantile Bank by 95.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 70,793 shares of the financial services provider’s stock worth $2,859,000 after purchasing an additional 34,567 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Mercantile Bank by 2.8% during the first quarter. Vanguard Group Inc. now owns 805,334 shares of the financial services provider’s stock worth $30,997,000 after purchasing an additional 21,616 shares in the last quarter. American Century Companies Inc. lifted its stake in Mercantile Bank by 15.0% in the third quarter. American Century Companies Inc. now owns 165,138 shares of the financial services provider’s stock valued at $5,104,000 after buying an additional 21,587 shares during the last quarter. LSV Asset Management raised its position in Mercantile Bank by 6.0% in the 1st quarter. LSV Asset Management now owns 225,404 shares of the financial services provider’s stock valued at $8,676,000 after purchasing an additional 12,726 shares during the last quarter. Finally, Janney Montgomery Scott LLC purchased a new stake in shares of Mercantile Bank in the first quarter valued at about $452,000. 58.63% of the stock is currently owned by institutional investors and hedge funds.

About Mercantile Bank

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.