Mercantile Bank (NASDAQ:MBWM) Stock Price Up 6.9% – Time to Buy?

Mercantile Bank Co. (NASDAQ:MBWM)’s stock price shot up 6.9% during trading on Tuesday . The stock traded as high as $47.50 and last traded at $47.26. 11,700 shares were traded during mid-day trading, a decline of 79% from the average session volume of 55,183 shares. The stock had previously closed at $44.21.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods raised their target price on shares of Mercantile Bank from $50.00 to $56.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th.

Mercantile Bank Stock Up 2.6 %

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 stock has a fifty day moving average price of $47.09 and a two-hundred day moving average price of $45.30. The company has a market cap of $731.79 million, a price-to-earnings ratio of 9.08 and a beta of 1.01.

Insider Buying and Selling at Mercantile Bank

In other Mercantile Bank news, Director Robert B. Kaminski sold 5,800 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $51.75, for a total transaction of $300,150.00. Following the transaction, the director now owns 19,810 shares in the company, valued at $1,025,167.50. This trade represents a 22.65 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 10,300 shares of company stock valued at $521,218 in the last quarter. Company insiders own 3.08% of the company’s stock.

Institutional Trading of Mercantile Bank

Large investors have recently modified their holdings of the stock. Principal Financial Group Inc. lifted its position in shares of Mercantile Bank by 3.7% during the 3rd quarter. Principal Financial Group Inc. now owns 8,611 shares of the financial services provider’s stock worth $376,000 after buying an additional 304 shares during the last quarter. Hotchkis & Wiley Capital Management LLC raised its stake in 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 acquiring an additional 400 shares in the last quarter. Janney Montgomery Scott LLC lifted its holdings in shares of Mercantile Bank by 3.8% in the fourth quarter. Janney Montgomery Scott LLC now owns 11,864 shares of the financial services provider’s stock worth $528,000 after acquiring an additional 430 shares during the last quarter. CWM LLC boosted its stake in shares of Mercantile Bank by 16.1% in the 3rd quarter. CWM LLC now owns 3,249 shares of the financial services provider’s stock valued at $142,000 after purchasing an additional 450 shares in the last quarter. Finally, Semanteon Capital Management LP grew its holdings in shares of Mercantile Bank by 10.1% during the 3rd quarter. Semanteon Capital Management LP now owns 5,751 shares of the financial services provider’s stock valued at $251,000 after purchasing an additional 528 shares during the last quarter. 58.63% of the stock is owned by institutional investors and hedge funds.

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.