Mercantile Bank Co. (NASDAQ:MBWM) Director Sells $150,480.00 in Stock

Mercantile Bank Co. (NASDAQ:MBWM) Director Robert B. Kaminski sold 3,000 shares of the business’s stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $50.16, for a total transaction of $150,480.00. Following the completion of the sale, the director now directly owns 13,810 shares of the company’s stock, valued at approximately $692,709.60. This trade represents a 17.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Mercantile Bank Stock Down 2.7 %

Shares of MBWM traded down $1.36 during mid-day trading on Tuesday, hitting $48.73. The company’s stock had a trading volume of 79,757 shares, compared to its average volume of 72,092. The firm has a market capitalization of $786.99 million, a price-to-earnings ratio of 9.84 and a beta of 1.01. The company’s 50-day moving average is $47.00 and its 200-day moving average is $45.61. 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 52-week low of $33.46 and a 52-week high of $52.98.

Mercantile Bank (NASDAQ:MBWM) last announced its earnings results on Tuesday, January 21st. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.07. Mercantile Bank had a return on equity of 14.29% and a net margin of 21.99%. On average, equities research analysts forecast that Mercantile Bank Co. will post 4.68 EPS for the current fiscal year.

Mercantile Bank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Shareholders of record on Friday, March 7th will be paid a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 3.04%. The ex-dividend date of this dividend is Friday, March 7th. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.36. Mercantile Bank’s payout ratio is 29.09%.

Institutional Trading of Mercantile Bank

Several hedge funds have recently modified their holdings of MBWM. Barclays PLC raised its stake in shares of Mercantile Bank by 99.2% during the 3rd quarter. Barclays PLC now owns 32,981 shares of the financial services provider’s stock worth $1,441,000 after acquiring an additional 16,423 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Mercantile Bank by 3.9% during the third quarter. Geode Capital Management LLC now owns 376,979 shares of the financial services provider’s stock worth $16,484,000 after purchasing an additional 14,202 shares in the last quarter. Cerity Partners LLC lifted its holdings in shares of Mercantile Bank by 132.9% during the 3rd quarter. Cerity Partners LLC now owns 21,451 shares of the financial services provider’s stock valued at $938,000 after purchasing an additional 12,239 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Mercantile Bank by 35.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 82,357 shares of the financial services provider’s stock worth $3,601,000 after purchasing an additional 21,411 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in Mercantile Bank by 83.7% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 31,301 shares of the financial services provider’s stock worth $1,368,000 after buying an additional 14,263 shares during the last quarter. 58.63% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

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.