Mercantile Bank (NASDAQ:MBWM) Trading 6.9% Higher – Time to Buy?

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

Analysts Set New Price Targets

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

Mercantile Bank Stock Performance

The stock has a market capitalization of $731.79 million, a price-to-earnings ratio of 9.08 and a beta of 1.01. The company has a 50 day simple moving average of $47.09 and a 200-day simple moving average of $45.30. The company has a quick ratio of 1.01, a current ratio of 1.02 and a debt-to-equity ratio of 0.95.

Insider Buying and Selling

In other Mercantile Bank news, Director Robert B. Kaminski sold 4,000 shares of the stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $49.51, for a total value of $198,040.00. Following the transaction, the director now owns 25,610 shares in the company, valued at approximately $1,267,951.10. This represents a 13.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold a total of 10,300 shares of company stock valued at $521,218 over the last ninety days. 3.08% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Mercantile Bank

A number of large investors have recently modified their holdings of MBWM. Mattson Financial Services LLC bought a new stake in Mercantile Bank during the 2nd quarter valued at $28,000. Quantbot Technologies LP acquired a new stake in shares of Mercantile Bank in the 3rd quarter worth about $89,000. CWM LLC lifted its position in 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 acquiring an additional 450 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new stake in Mercantile Bank during the 3rd quarter worth approximately $202,000. Finally, 626 Financial LLC bought a new stake in Mercantile Bank during the 3rd quarter worth approximately $213,000. 58.63% of the stock is currently owned by institutional investors.

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.