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

Mercantile Bank Co. (NASDAQ:MBWM) Director Robert B. Kaminski sold 250 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $41.77, for a total value of $10,442.50. Following the completion of the sale, the director now directly owns 94,730 shares of the company’s stock, valued at $3,956,872.10. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Mercantile Bank Stock Up 1.2 %

Shares of NASDAQ:MBWM opened at $41.78 on Friday. The company has a market cap of $673.54 million, a price-to-earnings ratio of 8.00 and a beta of 0.96. Mercantile Bank Co. has a fifty-two week low of $30.30 and a fifty-two week high of $51.21. The firm’s 50-day simple moving average is $44.08 and its 200-day simple moving average is $40.58. The company has a quick ratio of 1.02, a current ratio of 1.03 and a debt-to-equity ratio of 1.03.

Mercantile Bank (NASDAQ:MBWM) last released its earnings results on Tuesday, July 16th. The financial services provider reported $1.17 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.17. The company had revenue of $88.56 million for the quarter, compared to analysts’ expectations of $56.23 million. Mercantile Bank had a return on equity of 15.52% and a net margin of 23.99%. During the same quarter in the previous year, the firm posted $1.27 EPS. As a group, equities research analysts predict that Mercantile Bank Co. will post 4.81 earnings per share for the current year.

Mercantile Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders of record on Friday, September 6th were issued a $0.36 dividend. The ex-dividend date of this dividend was Friday, September 6th. This represents a $1.44 dividend on an annualized basis and a yield of 3.45%. This is an increase from Mercantile Bank’s previous quarterly dividend of $0.35. Mercantile Bank’s dividend payout ratio (DPR) is 27.91%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on MBWM shares. Piper Sandler upped their target price on shares of Mercantile Bank from $42.00 to $53.00 and gave the company a “neutral” rating in a report on Wednesday, July 17th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $51.00 price objective (up from $47.00) on shares of Mercantile Bank in a research report on Wednesday, July 17th. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, Mercantile Bank currently has a consensus rating of “Hold” and a consensus target price of $52.00.

Hedge Funds Weigh In On Mercantile Bank

Institutional investors and hedge funds have recently made changes to their positions in the stock. Gradient Investments LLC acquired a new stake in shares of Mercantile Bank in the second quarter valued at about $28,000. Mattson Financial Services LLC acquired a new stake in shares of Mercantile Bank during the 2nd quarter valued at approximately $28,000. Voisard Asset Management Group Inc. purchased a new stake in shares of Mercantile Bank during the 4th quarter worth approximately $38,000. EMC Capital Management acquired a new stake in shares of Mercantile Bank in the 1st quarter worth approximately $72,000. Finally, CWM LLC increased its stake in Mercantile Bank by 242.6% in the 2nd quarter. CWM LLC now owns 2,799 shares of the financial services provider’s stock valued at $114,000 after purchasing an additional 1,982 shares in the last quarter. 58.63% of the stock is 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.