Mercantile Bank Co. (NASDAQ:MBWM) Director Robert B. Kaminski Sells 3,000 Shares

Mercantile Bank Co. (NASDAQ:MBWM) Director Robert B. Kaminski sold 3,000 shares of Mercantile Bank stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $50.16, for a total value of $150,480.00. Following the sale, the director now directly owns 13,810 shares of the company’s stock, valued at approximately $692,709.60. This represents a 17.85 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Mercantile Bank Stock Performance

Shares of MBWM traded down $1.36 during mid-day trading on Tuesday, reaching $48.73. The company had a trading volume of 79,757 shares, compared to its average volume of 72,092. The stock has a 50 day moving average of $47.00 and a two-hundred day moving average of $45.61. The company has a quick ratio of 1.01, a current ratio of 1.02 and a debt-to-equity ratio of 0.95. The stock has a market capitalization of $786.99 million, a P/E ratio of 9.84 and a beta of 1.01. 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 EPS for the quarter, topping analysts’ consensus estimates 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, analysts expect that Mercantile Bank Co. will post 4.68 earnings per share 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 given a $0.37 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.04%. This is an increase from Mercantile Bank’s previous quarterly dividend of $0.36. Mercantile Bank’s dividend payout ratio is 29.09%.

Analyst Upgrades and Downgrades

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

Institutional Investors Weigh In On Mercantile Bank

A number of institutional investors have recently modified their holdings of MBWM. AQR Capital Management LLC raised its holdings in Mercantile Bank by 108.7% in the 2nd quarter. AQR Capital Management LLC now owns 174,355 shares of the financial services provider’s stock worth $7,074,000 after purchasing an additional 90,802 shares during the period. Assenagon Asset Management S.A. purchased a new stake in shares of Mercantile Bank in the fourth quarter valued at approximately $3,646,000. Tributary Capital Management LLC raised its stake in shares of Mercantile Bank by 16.2% during the 4th quarter. Tributary Capital Management LLC now owns 287,487 shares of the financial services provider’s stock worth $12,790,000 after buying an additional 40,055 shares during the period. JPMorgan Chase & Co. grew its stake in Mercantile Bank by 35.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 82,357 shares of the financial services provider’s stock valued at $3,601,000 after acquiring an additional 21,411 shares during the period. Finally, De Lisle Partners LLP increased its holdings in Mercantile Bank by 46.9% in the 3rd quarter. De Lisle Partners LLP now owns 55,310 shares of the financial services provider’s stock worth $2,417,000 after acquiring an additional 17,649 shares in the last quarter. 58.63% of the stock is currently owned by institutional investors and hedge funds.

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.