Mercantile Bank (NASDAQ:MBWM) Stock Price Passes Above 200-Day Moving Average – Time to Sell?

Mercantile Bank Co. (NASDAQ:MBWM) shares passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $45.94 and traded as high as $48.50. Mercantile Bank shares last traded at $47.33, with a volume of 60,508 shares trading hands.

Analyst Upgrades and Downgrades

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

Mercantile Bank Trading Down 0.7 %

The firm has a market cap of $764.19 million, a PE ratio of 9.56 and a beta of 1.00. 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 business has a 50-day moving average price of $46.58 and a two-hundred day moving average price of $45.94.

Mercantile Bank (NASDAQ:MBWM) last posted its earnings results on Tuesday, January 21st. The financial services provider reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.07. Mercantile Bank had a net margin of 21.99% and a return on equity of 14.29%. Analysts forecast that Mercantile Bank Co. will post 4.83 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. Investors of record on Friday, March 7th will be given a dividend of $0.37 per share. This is an increase from Mercantile Bank’s previous quarterly dividend of $0.36. This represents a $1.48 annualized dividend and a dividend yield of 3.13%. The ex-dividend date of this dividend is Friday, March 7th. Mercantile Bank’s payout ratio is currently 29.90%.

Insider Activity at Mercantile Bank

In related news, Director Robert B. Kaminski sold 1,000 shares of Mercantile Bank stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $50.22, for a total transaction of $50,220.00. Following the completion of the sale, the director now owns 11,810 shares in the company, valued at approximately $593,098.20. This trade represents a 7.81 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last 90 days, insiders have sold 7,500 shares of company stock valued at $372,283. 3.08% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Mercantile Bank

Several hedge funds have recently modified their holdings of MBWM. Quantbot Technologies LP raised its position in shares of Mercantile Bank by 14.6% in the fourth quarter. Quantbot Technologies LP now owns 2,328 shares of the financial services provider’s stock valued at $104,000 after buying an additional 297 shares during the last quarter. Principal Financial Group Inc. raised its holdings in Mercantile Bank by 3.7% in the 3rd quarter. Principal Financial Group Inc. now owns 8,611 shares of the financial services provider’s stock valued at $376,000 after acquiring an additional 304 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Mercantile Bank by 3.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,978 shares of the financial services provider’s stock worth $399,000 after purchasing an additional 313 shares during the period. Hotchkis & Wiley Capital Management LLC boosted its holdings in shares of Mercantile Bank by 0.5% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 75,720 shares of the financial services provider’s stock worth $3,310,000 after purchasing an additional 400 shares during the last quarter. Finally, Victory Capital Management Inc. grew its position in shares of Mercantile Bank by 2.4% in the fourth quarter. Victory Capital Management Inc. now owns 17,550 shares of the financial services provider’s stock valued at $781,000 after purchasing an additional 410 shares during the period. 58.63% of the stock is 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.