Mercantile Bank Co. (NASDAQ:MBWM - Get Free Report) Director Robert B. Kaminski sold 3,000 shares of the firm's stock in a transaction on Friday, January 24th. The shares were sold at an average price of $49.14, for a total transaction of $147,420.00. Following the completion of the transaction, the director now directly owns 16,810 shares of the company's stock, valued at approximately $826,043.40. The trade was a 15.14 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.
Mercantile Bank Price Performance
MBWM stock traded up $0.06 during midday trading on Friday, reaching $48.81. The company had a trading volume of 92,418 shares, compared to its average volume of 65,148. The firm has a 50-day moving average price of $46.97 and a 200-day moving average price of $45.71. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.02 and a quick ratio of 1.01. The company has a market capitalization of $788.28 million, a P/E ratio of 9.86 and a beta of 1.01. Mercantile Bank Co. has a 1 year low of $33.46 and a 1 year high of $52.98.
Mercantile Bank (NASDAQ:MBWM - Get Free Report) last announced its earnings results on Tuesday, January 21st. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, topping 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, research analysts anticipate that Mercantile Bank Co. will post 4.83 earnings per share for the current fiscal year.
Mercantile Bank Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Friday, March 7th will be given a dividend of $0.37 per share. The ex-dividend date is Friday, March 7th. This is a positive change from Mercantile Bank's previous quarterly dividend of $0.36. This represents a $1.48 annualized dividend and a dividend yield of 3.03%. Mercantile Bank's dividend payout ratio is 29.09%.
Analysts Set New Price Targets
A number of brokerages recently issued reports on MBWM. Keefe, Bruyette & Woods increased their price objective on 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 note on Wednesday, January 22nd.
Check Out Our Latest Research Report on Mercantile Bank
Institutional Trading of Mercantile Bank
A number of hedge funds have recently bought and sold shares of the company. Principal Financial Group Inc. grew its position in Mercantile Bank by 3.7% during the third quarter. Principal Financial Group Inc. now owns 8,611 shares of the financial services provider's stock valued at $376,000 after acquiring an additional 304 shares during the last quarter. Hotchkis & Wiley Capital Management LLC boosted its stake in shares of Mercantile Bank by 0.5% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 75,720 shares of the financial services provider's stock valued at $3,310,000 after purchasing an additional 400 shares in the last quarter. Janney Montgomery Scott LLC boosted its stake in shares of Mercantile Bank by 3.8% in the 4th quarter. Janney Montgomery Scott LLC now owns 11,864 shares of the financial services provider's stock valued at $528,000 after purchasing an additional 430 shares in the last quarter. CWM LLC grew its holdings in shares of Mercantile Bank by 16.1% during the 3rd quarter. CWM LLC now owns 3,249 shares of the financial services provider's stock valued at $142,000 after purchasing an additional 450 shares during the last quarter. Finally, Semanteon Capital Management LP raised its position in Mercantile Bank by 10.1% in the 3rd quarter. Semanteon Capital Management LP now owns 5,751 shares of the financial services provider's stock worth $251,000 after purchasing an additional 528 shares during the period. Institutional investors own 58.63% of the company's stock.
Mercantile Bank Company Profile
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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.
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