Mercantile Bank Co. (NASDAQ:MBWM) Director Sells $10,442.50 in Stock

Mercantile Bank Co. (NASDAQ:MBWM) Director Robert B. Kaminski sold 250 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $41.77, for a total value of $10,442.50. Following the transaction, the director now owns 94,730 shares in the company, valued at approximately $3,956,872.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Mercantile Bank Trading Up 0.0 %

MBWM stock traded up $0.02 during mid-day trading on Thursday, reaching $41.28. 32,996 shares of the stock traded hands, compared to its average volume of 70,447. The stock’s fifty day moving average is $44.25 and its 200-day moving average is $40.57. Mercantile Bank Co. has a 52-week low of $30.12 and a 52-week high of $51.21. The company has a current ratio of 1.03, a quick ratio of 1.02 and a debt-to-equity ratio of 1.03. The company has a market cap of $665.47 million, a P/E ratio of 7.95 and a beta of 0.96.

Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.17 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.17. Mercantile Bank had a return on equity of 15.52% and a net margin of 23.99%. The firm had revenue of $88.56 million during the quarter, compared to analysts’ expectations of $56.23 million. During the same quarter last year, the firm earned $1.27 earnings per share. As a group, sell-side analysts expect that Mercantile Bank Co. will post 4.81 earnings per share for the current year.

Mercantile Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Friday, September 6th were issued a dividend of $0.36 per share. This is an increase from Mercantile Bank’s previous quarterly dividend of $0.35. This represents a $1.44 annualized dividend and a dividend yield of 3.49%. The ex-dividend date was Friday, September 6th. Mercantile Bank’s dividend payout ratio is currently 27.91%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Gradient Investments LLC bought a new stake in shares of Mercantile Bank during the second quarter worth $28,000. Mattson Financial Services LLC acquired a new position in Mercantile Bank in the second quarter valued at approximately $28,000. Voisard Asset Management Group Inc. bought a new position in Mercantile Bank during the fourth quarter worth about $38,000. EMC Capital Management acquired a new stake in Mercantile Bank during the 1st quarter worth $72,000. Finally, CWM LLC boosted its holdings in shares of Mercantile Bank by 242.6% in the second quarter. CWM LLC now owns 2,799 shares of the financial services provider’s stock valued at $114,000 after buying an additional 1,982 shares during the period. 58.63% of the stock is owned by institutional investors.

Analyst Ratings Changes

MBWM has been the topic of several research analyst reports. Piper Sandler raised their price objective on Mercantile Bank from $42.00 to $53.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 17th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $51.00 price target (up from $47.00) on shares of Mercantile Bank in a research report on Wednesday, July 17th. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, Mercantile Bank currently has a consensus rating of “Hold” and a consensus target price of $52.00.

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.