Mercantile Bank Co. (NASDAQ:MBWM) Director Sells $11,762.50 in Stock

Mercantile Bank Co. (NASDAQ:MBWM) Director Robert B. Kaminski sold 250 shares of Mercantile Bank stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $47.05, for a total value of $11,762.50. Following the completion of the transaction, the director now directly owns 86,730 shares of the company’s stock, valued at $4,080,646.50. This represents a 0.29 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Mercantile Bank Stock Performance

NASDAQ MBWM opened at $50.34 on Friday. The stock has a market cap of $812.99 million, a PE ratio of 10.17 and a beta of 1.00. 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’s fifty day moving average price is $46.85 and its two-hundred day moving average price is $45.74. Mercantile Bank Co. has a fifty-two week low of $33.46 and a fifty-two week high of $52.98.

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

Mercantile Bank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Shareholders of record on Friday, March 7th will be given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.94%. The ex-dividend date of this dividend is Friday, March 7th. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.36. Mercantile Bank’s payout ratio is 29.09%.

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On Mercantile Bank

A number of hedge funds have recently made changes to their positions in MBWM. Assenagon Asset Management S.A. bought a new stake in shares of Mercantile Bank in the 4th quarter valued at $3,646,000. Tributary Capital Management LLC boosted its stake in Mercantile Bank by 16.2% during the fourth quarter. Tributary Capital Management LLC now owns 287,487 shares of the financial services provider’s stock worth $12,790,000 after acquiring an additional 40,055 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Mercantile Bank in the fourth quarter worth $1,392,000. JPMorgan Chase & Co. increased its stake in Mercantile Bank by 35.1% in the third quarter. JPMorgan Chase & Co. now owns 82,357 shares of the financial services provider’s stock valued at $3,601,000 after purchasing an additional 21,411 shares in the last quarter. Finally, De Lisle Partners LLP raised its holdings in shares of Mercantile Bank by 46.9% during the third quarter. De Lisle Partners LLP now owns 55,310 shares of the financial services provider’s stock valued at $2,417,000 after purchasing an additional 17,649 shares during the period. 58.63% of the stock is currently owned by institutional investors.

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.