Mercantile Bank Co. (NASDAQ:MBWM) Director Sells $147,420.00 in Stock

Mercantile Bank Co. (NASDAQ:MBWM) Director Robert B. Kaminski sold 3,000 shares of the stock in a transaction on Friday, January 24th. The stock was sold at an average price of $49.14, for a total value of $147,420.00. Following the sale, the director now owns 16,810 shares of the company’s stock, valued at approximately $826,043.40. This represents a 15.14 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link.

Mercantile Bank Trading Up 0.3 %

Shares of MBWM stock opened at $48.75 on Friday. Mercantile Bank Co. has a 12 month low of $33.46 and a 12 month high of $52.98. The company has a market cap of $787.31 million, a PE ratio of 9.85 and a beta of 1.01. The company has a quick ratio of 1.01, a current ratio of 1.02 and a debt-to-equity ratio of 0.95. The business’s 50 day moving average is $47.00 and its two-hundred day moving average is $45.70.

Mercantile Bank (NASDAQ:MBWM) last released its earnings results on Tuesday, January 21st. The financial services provider reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.15 by $0.07. Mercantile Bank had a return on equity of 14.29% and a net margin of 21.99%. Equities analysts predict that Mercantile Bank Co. will post 4.68 EPS for the current year.

Mercantile Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Friday, March 7th will be paid a $0.37 dividend. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.36. This represents a $1.48 annualized dividend and a dividend yield of 3.04%. The ex-dividend date is Friday, March 7th. Mercantile Bank’s dividend payout ratio is currently 29.09%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Hovde Group raised Mercantile Bank from a “market perform” rating to an “outperform” rating and set a $54.00 price target for the company in a research note on Wednesday, January 22nd. Keefe, Bruyette & Woods boosted their target price on shares of Mercantile Bank from $56.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 22nd.

Hedge Funds Weigh In On Mercantile Bank

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Thrivent Financial for Lutherans boosted its stake in shares of Mercantile Bank by 12.5% in the 2nd quarter. Thrivent Financial for Lutherans now owns 40,140 shares of the financial services provider’s stock valued at $1,628,000 after purchasing an additional 4,452 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of Mercantile Bank by 108.7% in the second quarter. AQR Capital Management LLC now owns 174,355 shares of the financial services provider’s stock valued at $7,074,000 after acquiring an additional 90,802 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in shares of Mercantile Bank in the 2nd quarter worth approximately $404,000. Creative Planning grew its position in Mercantile Bank by 22.2% during the 2nd quarter. Creative Planning now owns 14,571 shares of the financial services provider’s stock worth $591,000 after acquiring an additional 2,644 shares during the last quarter. Finally, Mattson Financial Services LLC acquired a new stake in Mercantile Bank during the 2nd quarter valued at $28,000. Institutional investors own 58.63% of the company’s stock.

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.