Mercantile Bank Co. (NASDAQ:MBWM) Director Sells $50,220.00 in Stock

Mercantile Bank Co. (NASDAQ:MBWM) Director Robert B. Kaminski sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $50.22, for a total transaction of $50,220.00. Following the sale, the director now directly owns 11,810 shares in the company, valued at approximately $593,098.20. The trade was a 7.81 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Mercantile Bank Stock Performance

NASDAQ MBWM opened at $48.63 on Friday. The firm has a market cap of $785.37 million, a P/E ratio of 9.82 and a beta of 1.00. Mercantile Bank Co. has a 52-week low of $33.46 and a 52-week high of $52.98. The business’s 50-day moving average price is $46.76 and its 200 day moving average price is $45.77. The company has a quick ratio of 1.01, a current ratio of 1.02 and a debt-to-equity ratio of 0.95.

Mercantile Bank (NASDAQ:MBWM) last released its earnings results on Tuesday, January 21st. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, beating 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%. On average, equities research analysts expect that Mercantile Bank Co. will post 4.83 earnings per share for the current year.

Mercantile Bank Increases Dividend

The company also recently announced 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 represents a $1.48 annualized dividend and a dividend yield of 3.04%. The ex-dividend date is Friday, March 7th. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.36. Mercantile Bank’s dividend payout ratio (DPR) is 29.09%.

Analysts Set New Price Targets

Several 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 target price for the company in a report on Wednesday, January 22nd. Keefe, Bruyette & Woods increased their price objective on Mercantile Bank from $56.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, January 22nd.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Barclays PLC lifted its position in shares of Mercantile Bank by 99.2% during the 3rd quarter. Barclays PLC now owns 32,981 shares of the financial services provider’s stock valued at $1,441,000 after acquiring an additional 16,423 shares during the period. Geode Capital Management LLC grew its holdings in Mercantile Bank by 3.9% in the third quarter. Geode Capital Management LLC now owns 376,979 shares of the financial services provider’s stock valued at $16,484,000 after purchasing an additional 14,202 shares during the last quarter. Cerity Partners LLC increased its position in shares of Mercantile Bank by 132.9% in the third quarter. Cerity Partners LLC now owns 21,451 shares of the financial services provider’s stock valued at $938,000 after buying an additional 12,239 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Mercantile Bank by 35.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 82,357 shares of the financial services provider’s stock worth $3,601,000 after buying an additional 21,411 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Mercantile Bank by 83.7% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 31,301 shares of the financial services provider’s stock worth $1,368,000 after buying an additional 14,263 shares in the last quarter. 58.63% of the stock is currently 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.