Mercantile Bank Co. (NASDAQ:MBWM) Director Sells $10,915.00 in Stock

Mercantile Bank Co. (NASDAQ:MBWM) Director Robert B. Kaminski sold 250 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $43.66, for a total value of $10,915.00. Following the transaction, the director now directly owns 95,230 shares in the company, valued at approximately $4,157,741.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Mercantile Bank Trading Down 1.5 %

NASDAQ:MBWM opened at $41.65 on Thursday. The firm has a 50-day simple moving average of $41.40 and a 200-day simple moving average of $39.01. Mercantile Bank Co. has a one year low of $30.12 and a one year high of $51.21. The firm has a market cap of $671.44 million, a P/E ratio of 8.07 and a beta of 0.98. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.04 and a current ratio of 1.04.

Mercantile Bank (NASDAQ:MBWM) last issued its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.17 EPS for the quarter, hitting analysts’ consensus estimates of $1.17. The company had revenue of $88.56 million during 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 posted $1.27 earnings per share. Equities analysts anticipate that Mercantile Bank Co. will post 4.81 EPS for the current fiscal year.

Mercantile Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Investors of record on Friday, September 6th will be given a dividend of $0.36 per share. The ex-dividend date of this dividend is Friday, September 6th. This represents a $1.44 dividend on an annualized basis and a yield of 3.46%. This is an increase from Mercantile Bank’s previous quarterly dividend of $0.35. Mercantile Bank’s dividend payout ratio (DPR) is presently 27.91%.

Hedge Funds Weigh In On Mercantile Bank

A number of large investors have recently added to or reduced their stakes in MBWM. American Century Companies Inc. boosted its stake in Mercantile Bank by 18.2% in the second quarter. American Century Companies Inc. now owns 308,849 shares of the financial services provider’s stock valued at $12,530,000 after acquiring an additional 47,528 shares in the last quarter. ClariVest Asset Management LLC boosted its position in shares of Mercantile Bank by 3.4% in the 2nd quarter. ClariVest Asset Management LLC now owns 24,250 shares of the financial services provider’s stock worth $984,000 after purchasing an additional 796 shares in the last quarter. LSV Asset Management boosted its position in shares of Mercantile Bank by 15.4% in the 2nd quarter. LSV Asset Management now owns 260,129 shares of the financial services provider’s stock worth $10,553,000 after purchasing an additional 34,725 shares in the last quarter. North Star Asset Management Inc. grew its stake in Mercantile Bank by 0.7% during the 2nd quarter. North Star Asset Management Inc. now owns 363,806 shares of the financial services provider’s stock worth $14,760,000 after buying an additional 2,532 shares during the last quarter. Finally, Rhumbline Advisers increased its position in Mercantile Bank by 2.7% during the 2nd quarter. Rhumbline Advisers now owns 25,321 shares of the financial services provider’s stock valued at $1,027,000 after buying an additional 655 shares in the last quarter. 58.63% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

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.