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 company’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $42.51, for a total value of $10,627.50. Following the completion of the transaction, the director now directly owns 94,480 shares in the company, valued at $4,016,344.80. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Mercantile Bank Price Performance

Mercantile Bank stock opened at $51.16 on Thursday. Mercantile Bank Co. has a 12 month low of $32.51 and a 12 month high of $51.31. The stock’s 50 day moving average is $43.83 and its 200-day moving average is $41.85. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.95. The company has a market capitalization of $825.72 million, a price-to-earnings ratio of 10.27 and a beta of 0.95.

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 the consensus estimate of $1.18 by $0.04. The business had revenue of $93.08 million during the quarter, compared to analysts’ expectations of $56.83 million. Mercantile Bank had a return on equity of 14.59% and a net margin of 22.77%. During the same period in the previous year, the company posted $1.30 earnings per share. Equities research analysts expect that Mercantile Bank Co. will post 4.87 EPS for the current year.

Mercantile Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Friday, December 6th will be paid a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 2.81%. The ex-dividend date of this dividend is Friday, December 6th. Mercantile Bank’s dividend payout ratio (DPR) is currently 28.92%.

Institutional Investors Weigh In On Mercantile Bank

Institutional investors have recently made changes to their positions in the stock. Gradient Investments LLC bought a new stake in shares of Mercantile Bank in the second quarter valued at approximately $28,000. Mattson Financial Services LLC bought a new stake in shares of Mercantile Bank in the second quarter valued at approximately $28,000. EMC Capital Management bought a new stake in Mercantile Bank during the first quarter worth $72,000. CWM LLC lifted its stake in Mercantile Bank by 242.6% during the second quarter. CWM LLC now owns 2,799 shares of the financial services provider’s stock worth $114,000 after purchasing an additional 1,982 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in Mercantile Bank by 9.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 4,660 shares of the financial services provider’s stock worth $179,000 after purchasing an additional 392 shares during the last quarter. 58.63% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

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.