Pitcairn Co. Sells 556 Shares of Mercantile Bank Co. (NASDAQ:MBWM)

Pitcairn Co. reduced its stake in shares of Mercantile Bank Co. (NASDAQ:MBWM) by 8.3% during the third quarter, Holdings Channel reports. The firm owned 6,176 shares of the financial services provider’s stock after selling 556 shares during the quarter. Pitcairn Co.’s holdings in Mercantile Bank were worth $270,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in MBWM. Gradient Investments LLC purchased a new position in shares of Mercantile Bank in the 2nd quarter valued at approximately $28,000. Mattson Financial Services LLC bought a new position in Mercantile Bank in the second quarter worth $28,000. EMC Capital Management purchased a new position in Mercantile Bank during the first quarter valued at $72,000. CWM LLC boosted its holdings in shares of Mercantile Bank by 242.6% during the 2nd 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 in the last quarter. Finally, 626 Financial LLC purchased a new stake in shares of Mercantile Bank in the 3rd quarter worth about $213,000. 58.63% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Mercantile Bank news, Director Robert B. Kaminski sold 4,000 shares of the firm’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $49.51, for a total transaction of $198,040.00. Following the completion of the sale, the director now directly owns 25,610 shares in the company, valued at approximately $1,267,951.10. This trade represents a 13.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 10,300 shares of company stock worth $519,260 in the last quarter. Corporate insiders own 3.08% of the company’s stock.

Mercantile Bank Trading Up 0.9 %

Shares of NASDAQ MBWM opened at $50.53 on Thursday. Mercantile Bank Co. has a 1 year low of $33.46 and a 1 year high of $52.98. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.02 and a quick ratio of 1.01. The firm has a 50-day moving average of $45.26 and a 200 day moving average of $43.02. The stock has a market cap of $815.66 million, a P/E ratio of 10.21 and a beta of 0.95.

Mercantile Bank (NASDAQ:MBWM) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.18 by $0.04. Mercantile Bank had a return on equity of 14.59% and a net margin of 22.77%. The firm had revenue of $93.08 million for the quarter, compared to analysts’ expectations of $56.83 million. During the same period in the previous year, the firm posted $1.30 EPS. As a group, sell-side analysts expect that Mercantile Bank Co. will post 4.87 EPS for the current fiscal year.

Mercantile Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Friday, December 6th will be given a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 2.85%. The ex-dividend date is Friday, December 6th. Mercantile Bank’s dividend payout ratio is presently 28.92%.

Mercantile Bank 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.