Michael H. Price Sells 5,000 Shares of Mercantile Bank Co. (NASDAQ:MBWM) Stock

Mercantile Bank Co. (NASDAQ:MBWM) Director Michael H. Price sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $45.57, for a total transaction of $227,850.00. Following the completion of the transaction, the director now owns 21,556 shares in the company, valued at approximately $982,306.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Mercantile Bank Stock Up 1.0 %

Shares of NASDAQ:MBWM opened at $45.84 on Thursday. The company has a 50 day moving average of $43.33 and a two-hundred day moving average of $39.40. Mercantile Bank Co. has a 52-week low of $30.12 and a 52-week high of $51.21. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $738.99 million, a price-to-earnings ratio of 8.88 and a beta of 0.98.

Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.17 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.17. Mercantile Bank had a net margin of 23.99% and a return on equity of 15.80%. The business had revenue of $88.56 million during the quarter, compared to analyst estimates of $56.23 million. During the same period last year, the business earned $1.27 EPS. As a group, analysts forecast that Mercantile Bank Co. will post 4.81 earnings per share for the current fiscal year.

Mercantile Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Friday, September 6th will be given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.14%. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.35. The ex-dividend date is Friday, September 6th. Mercantile Bank’s payout ratio is presently 27.91%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in Mercantile Bank by 2.8% during the 1st quarter. Vanguard Group Inc. now owns 805,334 shares of the financial services provider’s stock valued at $30,997,000 after acquiring an additional 21,616 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of Mercantile Bank by 1.5% during the second quarter. Renaissance Technologies LLC now owns 530,913 shares of the financial services provider’s stock worth $21,539,000 after purchasing an additional 8,100 shares during the last quarter. North Star Asset Management Inc. grew its stake in Mercantile Bank by 0.7% in the second quarter. North Star Asset Management Inc. now owns 363,806 shares of the financial services provider’s stock worth $14,760,000 after purchasing an additional 2,532 shares in the last quarter. American Century Companies Inc. increased its holdings in Mercantile Bank by 18.2% in the second quarter. American Century Companies Inc. now owns 308,849 shares of the financial services provider’s stock valued at $12,530,000 after buying an additional 47,528 shares during the last quarter. Finally, LSV Asset Management raised its stake in Mercantile Bank by 15.4% during the second quarter. LSV Asset Management now owns 260,129 shares of the financial services provider’s stock valued at $10,553,000 after buying an additional 34,725 shares in the last quarter. Hedge funds and other institutional investors own 58.63% of the company’s stock.

Wall Street Analyst Weigh In

MBWM has been the subject of several recent research reports. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $51.00 price objective (up previously from $47.00) on shares of Mercantile Bank in a research report on Wednesday, July 17th. Piper Sandler increased their price target on Mercantile Bank from $42.00 to $53.00 and gave the company a “neutral” rating in a report on Wednesday, July 17th. Finally, Janney Montgomery Scott cut Mercantile Bank from a “buy” rating to a “neutral” rating in a research note on Wednesday, May 8th. Four analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target 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.