Mercantile Bank Co. (NASDAQ:MBWM) Director Robert B. Kaminski Sells 250 Shares

Mercantile Bank Co. (NASDAQ:MBWM) Director Robert B. Kaminski sold 250 shares of Mercantile Bank stock in a transaction on Monday, November 4th. The shares were sold at an average price of $42.51, for a total transaction of $10,627.50. Following the completion of the sale, the director now owns 94,480 shares in the company, valued at approximately $4,016,344.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Mercantile Bank Price Performance

MBWM opened at $43.90 on Wednesday. Mercantile Bank Co. has a 12-month low of $32.51 and a 12-month high of $51.21. The company has a market cap of $708.46 million, a price-to-earnings ratio of 8.82 and a beta of 0.95. The company has a current ratio of 1.03, a quick ratio of 1.02 and a debt-to-equity ratio of 1.03. The stock has a fifty day simple moving average of $43.76 and a two-hundred day simple moving average of $41.73.

Mercantile Bank (NASDAQ:MBWM) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.18 by $0.04. The company had revenue of $93.08 million during the quarter, compared to analysts’ expectations of $56.83 million. Mercantile Bank had a net margin of 22.77% and a return on equity of 14.91%. During the same period last year, the company posted $1.30 EPS. Research analysts predict that Mercantile Bank Co. will post 4.87 earnings per share for the current fiscal year.

Mercantile Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Friday, December 6th will be given a $0.36 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.28%. Mercantile Bank’s dividend payout ratio is currently 28.92%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Piper Sandler raised their target price on shares of Mercantile Bank from $42.00 to $53.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 17th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $51.00 price objective (up from $47.00) on shares of Mercantile Bank in a report on Wednesday, July 17th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MBWM. Inspire Investing LLC boosted its holdings in Mercantile Bank by 218.8% in the second quarter. Inspire Investing LLC now owns 29,820 shares of the financial services provider’s stock worth $1,210,000 after acquiring an additional 20,465 shares in the last quarter. Janney Montgomery Scott LLC bought a new position in Mercantile Bank in the 1st quarter worth about $452,000. AQR Capital Management LLC grew its position in Mercantile Bank by 108.7% during the 2nd quarter. AQR Capital Management LLC now owns 174,355 shares of the financial services provider’s stock valued at $7,074,000 after purchasing an additional 90,802 shares during the last quarter. Empowered Funds LLC increased its stake in Mercantile Bank by 8.1% during the 1st quarter. Empowered Funds LLC now owns 46,537 shares of the financial services provider’s stock valued at $1,791,000 after purchasing an additional 3,500 shares in the last quarter. Finally, American Century Companies Inc. increased its stake in Mercantile Bank by 18.2% during the 2nd quarter. American Century Companies Inc. now owns 308,849 shares of the financial services provider’s stock valued at $12,530,000 after purchasing an additional 47,528 shares in the last quarter. Institutional investors own 58.63% of the company’s stock.

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.