Mercantile Bank (NASDAQ:MBWM) Sets New 12-Month High at $50.75

Mercantile Bank Co. (NASDAQ:MBWM)’s stock price hit a new 52-week high on Tuesday . The company traded as high as $50.75 and last traded at $50.75, with a volume of 21282 shares. The stock had previously closed at $48.80.

Analyst Ratings Changes

MBWM has been the topic of a number of recent analyst reports. Piper Sandler lifted 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 restated an “outperform” rating and set a $51.00 price target (up from $47.00) on shares of Mercantile Bank in a research note on Wednesday, July 17th. Finally, Janney Montgomery Scott lowered Mercantile Bank from a “buy” rating to a “neutral” rating in a research note on Wednesday, May 8th. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $52.00.

Mercantile Bank Stock Up 0.6 %

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 business has a fifty day simple moving average of $39.51 and a two-hundred day simple moving average of $38.33. The company has a market capitalization of $791.33 million, a price-to-earnings ratio of 9.64 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 EPS for the quarter, hitting analysts’ consensus estimates of $1.17. The business had revenue of $88.56 million for the quarter, compared to analyst estimates of $56.23 million. Mercantile Bank had a return on equity of 15.80% and a net margin of 23.99%. During the same period in the prior year, the company earned $1.27 EPS. Equities analysts expect that Mercantile Bank Co. will post 4.81 EPS for the current year.

Mercantile Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Investors of record on Friday, September 6th will be paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 2.93%. The ex-dividend date of this dividend is Friday, September 6th. This is an increase from Mercantile Bank’s previous quarterly dividend of $0.35. Mercantile Bank’s dividend payout ratio (DPR) is presently 27.13%.

Insider Buying and Selling

In other Mercantile Bank news, Director Robert B. Kaminski sold 2,000 shares of Mercantile Bank stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $48.01, for a total value of $96,020.00. Following the sale, the director now owns 29,610 shares of the company’s stock, valued at approximately $1,421,576.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Robert B. Kaminski sold 2,000 shares of Mercantile Bank stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $48.01, for a total transaction of $96,020.00. Following the completion of the transaction, the director now owns 29,610 shares in the company, valued at $1,421,576.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert B. Kaminski sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $48.73, for a total value of $146,190.00. Following the sale, the director now owns 31,610 shares of the company’s stock, valued at approximately $1,540,355.30. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,250 shares of company stock valued at $252,168. 3.08% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. American Century Companies Inc. boosted its position in Mercantile Bank by 15.0% during 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 acquiring an additional 21,587 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Mercantile Bank by 1.7% during the third quarter. Vanguard Group Inc. now owns 799,865 shares of the financial services provider’s stock valued at $24,724,000 after purchasing an additional 13,400 shares during the period. Public Employees Retirement System of Ohio raised its holdings in shares of Mercantile Bank by 29.0% during the third quarter. Public Employees Retirement System of Ohio now owns 3,953 shares of the financial services provider’s stock valued at $122,000 after purchasing an additional 889 shares during the period. Assenagon Asset Management S.A. raised its holdings 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 valued at $2,859,000 after purchasing an additional 34,567 shares during the period. Finally, Well Done LLC acquired a new position in shares of Mercantile Bank during the fourth quarter valued at about $244,000. 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.