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 Mercantile Bank stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $41.77, for a total transaction of $10,442.50. Following the sale, the director now owns 94,730 shares in the company, valued at approximately $3,956,872.10. This represents a 0.00 % 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 hyperlink.

Mercantile Bank Stock Performance

Shares of MBWM stock opened at $41.78 on Friday. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.03 and a quick ratio of 1.02. Mercantile Bank Co. has a one year low of $30.30 and a one year high of $51.21. The business’s 50 day simple moving average is $43.90 and its 200 day simple moving average is $40.62. The stock has a market capitalization of $673.54 million, a PE ratio of 8.10 and a beta of 0.95.

Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.17 EPS 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 15.52%. The company had revenue of $88.56 million for the quarter, compared to analyst estimates of $56.23 million. During the same period in the prior year, the firm posted $1.27 EPS. As a group, research analysts forecast that Mercantile Bank Co. will post 4.81 earnings per share for the current year.

Mercantile Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders 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 dividend on an annualized basis and a yield of 3.45%. The ex-dividend date of this dividend was Friday, September 6th. Mercantile Bank’s dividend payout ratio (DPR) is presently 27.91%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in MBWM. Allspring Global Investments Holdings LLC lifted its position in shares of Mercantile Bank by 9.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,660 shares of the financial services provider’s stock valued at $179,000 after acquiring an additional 392 shares during the period. Principal Financial Group Inc. increased its stake in Mercantile Bank by 8.1% in the second quarter. Principal Financial Group Inc. now owns 8,307 shares of the financial services provider’s stock valued at $337,000 after purchasing an additional 620 shares in the last quarter. Rhumbline Advisers raised its holdings in shares of Mercantile Bank by 2.7% during the second quarter. Rhumbline Advisers now owns 25,321 shares of the financial services provider’s stock valued at $1,027,000 after purchasing an additional 655 shares during the period. Gradient Investments LLC bought a new position in shares of Mercantile Bank during the 2nd quarter worth about $28,000. Finally, Mattson Financial Services LLC acquired a new stake in shares of Mercantile Bank in the 2nd quarter valued at about $28,000. 58.63% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

MBWM has been the subject of several analyst reports. Piper Sandler raised their price target on shares of Mercantile Bank from $42.00 to $53.00 and gave the company a “neutral” rating in a research note on Wednesday, July 17th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $51.00 target price (up from $47.00) on shares of Mercantile Bank in a research report on Wednesday, July 17th.

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.