Robert B. Kaminski Sells 2,000 Shares of Mercantile Bank Co. (NASDAQ:MBWM) Stock

Mercantile Bank Co. (NASDAQ:MBWM) Director Robert B. Kaminski sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $48.01, for a total transaction of $96,020.00. Following the completion of the sale, the director now directly owns 29,610 shares in the company, valued at approximately $1,421,576.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Mercantile Bank Stock Performance

Shares of NASDAQ MBWM traded up $0.84 during mid-day trading on Monday, hitting $48.80. 78,188 shares of the company were exchanged, compared to its average volume of 73,052. The stock has a 50 day simple moving average of $39.31 and a 200-day simple moving average of $38.26. Mercantile Bank Co. has a 1-year low of $30.12 and a 1-year high of $50.42. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.09. The firm has a market cap of $786.66 million, a price-to-earnings ratio of 9.46 and a beta of 0.98.

Mercantile Bank (NASDAQ:MBWM) last issued its earnings results on Tuesday, July 16th. The financial services provider reported $1.17 earnings per share for the quarter, meeting the consensus estimate of $1.17. The business had revenue of $88.56 million for the quarter, compared to the consensus estimate of $56.23 million. Mercantile Bank had a net margin of 23.99% and a return on equity of 15.80%. During the same quarter in the previous year, the firm earned $1.27 earnings per share. On average, sell-side analysts forecast that Mercantile Bank Co. will post 4.81 EPS for the current fiscal year.

Mercantile Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Friday, September 6th will be paid a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.95%. This is an increase from Mercantile Bank’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend is Friday, September 6th. Mercantile Bank’s dividend payout ratio is 27.13%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on MBWM. Piper Sandler boosted their target price on shares of Mercantile Bank from $42.00 to $53.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 17th. Janney Montgomery Scott cut shares of Mercantile Bank from a “buy” rating to a “neutral” rating in a report on Wednesday, May 8th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and set a $51.00 price target (up previously from $47.00) on shares of Mercantile Bank in a research note on Wednesday, July 17th. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, Mercantile Bank currently has a consensus rating of “Hold” and an average target price of $52.00.

Institutional Trading of Mercantile Bank

Hedge funds have recently modified their holdings of the business. Gradient Investments LLC acquired a new position in Mercantile Bank during the second quarter worth $28,000. Voisard Asset Management Group Inc. purchased a new stake in shares of Mercantile Bank during the 4th quarter worth $38,000. Tower Research Capital LLC TRC grew its stake in shares of Mercantile Bank by 104.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,772 shares of the financial services provider’s stock worth $72,000 after purchasing an additional 904 shares during the period. EMC Capital Management purchased a new position in shares of Mercantile Bank in the 1st quarter valued at about $72,000. Finally, CWM LLC lifted its stake in shares of Mercantile Bank by 242.6% in the second quarter. CWM LLC now owns 2,799 shares of the financial services provider’s stock valued at $114,000 after purchasing an additional 1,982 shares during the period. 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.