Mercantile Bank Co. (NASDAQ:MBWM) Director Sells $147,420.00 in Stock

Mercantile Bank Co. (NASDAQ:MBWM) Director Robert B. Kaminski sold 3,000 shares of the business’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $49.14, for a total transaction of $147,420.00. Following the transaction, the director now owns 16,810 shares in the company, valued at approximately $826,043.40. The trade was a 15.14 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Mercantile Bank Stock Performance

NASDAQ MBWM opened at $48.62 on Thursday. The stock has a market cap of $785.02 million, a PE ratio of 9.82 and a beta of 1.01. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.01 and a current ratio of 1.02. The firm has a 50-day moving average of $47.01 and a 200-day moving average of $45.68. Mercantile Bank Co. has a 52-week low of $33.46 and a 52-week high of $52.98.

Mercantile Bank (NASDAQ:MBWM) last issued its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, topping 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%. On average, sell-side analysts anticipate that Mercantile Bank Co. will post 4.68 EPS for the current year.

Mercantile Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Shareholders of record on Friday, March 7th will be issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 3.04%. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Friday, March 7th. Mercantile Bank’s dividend payout ratio is currently 29.90%.

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. grew its stake in shares of Mercantile Bank by 3.7% in the third 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 in the last quarter. Hotchkis & Wiley Capital Management LLC boosted its holdings in Mercantile Bank by 0.5% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 75,720 shares of the financial services provider’s stock valued at $3,310,000 after purchasing an additional 400 shares during the period. Janney Montgomery Scott LLC increased its holdings in shares of Mercantile Bank by 3.8% during the fourth quarter. Janney Montgomery Scott LLC now owns 11,864 shares of the financial services provider’s stock worth $528,000 after purchasing an additional 430 shares during the period. CWM LLC increased its holdings in shares of Mercantile Bank by 16.1% during the third quarter. CWM LLC now owns 3,249 shares of the financial services provider’s stock worth $142,000 after purchasing an additional 450 shares during the period. Finally, Semanteon Capital Management LP raised its position in shares of Mercantile Bank by 10.1% in the third quarter. Semanteon Capital Management LP now owns 5,751 shares of the financial services provider’s stock valued at $251,000 after buying an additional 528 shares in the last quarter. Institutional investors own 58.63% of the company’s stock.

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.