Mercantile Bank Co. (NASDAQ:MBWM - Get Free Report) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $42.29 and traded as high as $51.03. Mercantile Bank shares last traded at $49.56, with a volume of 53,333 shares changing hands.
Analyst Ratings Changes
Several equities analysts have recently weighed in on MBWM shares. Piper Sandler boosted 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. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and issued a $51.00 price objective (up previously from $47.00) on shares of Mercantile Bank in a research report on Wednesday, July 17th.
View Our Latest Stock Analysis on MBWM
Mercantile Bank Stock Down 0.2 %
The firm has a market capitalization of $798.22 million, a PE ratio of 9.93 and a beta of 0.95. The company has a fifty day simple moving average of $44.32 and a two-hundred day simple moving average of $42.34. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.01 and a current ratio of 1.02.
Mercantile Bank (NASDAQ:MBWM - Get Free Report) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $1.22 earnings per share for the quarter, topping 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 prior year, the business earned $1.30 EPS. Analysts forecast that Mercantile Bank Co. will post 4.87 EPS for the current fiscal year.
Mercantile Bank Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Friday, December 6th will be paid a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.91%. The ex-dividend date is Friday, December 6th. Mercantile Bank's dividend payout ratio (DPR) is currently 28.92%.
Insider Activity at Mercantile Bank
In other news, Director Michael H. Price sold 5,000 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $45.57, for a total value of $227,850.00. Following the transaction, the director now directly owns 21,556 shares of the company's stock, valued at approximately $982,306.92. This represents a 18.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 5,500 shares of company stock valued at $248,920 in the last ninety days. Corporate insiders own 3.08% of the company's stock.
Institutional Inflows and Outflows
A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Mercantile Bank by 2.8% in the first quarter. Vanguard Group Inc. now owns 805,334 shares of the financial services provider's stock valued at $30,997,000 after acquiring an additional 21,616 shares in the last quarter. Renaissance Technologies LLC lifted its position in Mercantile Bank by 1.5% during the second quarter. Renaissance Technologies LLC now owns 530,913 shares of the financial services provider's stock worth $21,539,000 after buying an additional 8,100 shares in the last quarter. North Star Asset Management Inc. lifted its position in Mercantile Bank by 0.7% during the second quarter. North Star Asset Management Inc. now owns 363,806 shares of the financial services provider's stock worth $14,760,000 after buying an additional 2,532 shares in the last quarter. American Century Companies Inc. lifted its position in Mercantile Bank by 18.2% during the second quarter. American Century Companies Inc. now owns 308,849 shares of the financial services provider's stock worth $12,530,000 after buying an additional 47,528 shares in the last quarter. Finally, LSV Asset Management lifted its position in Mercantile Bank by 15.4% during the second quarter. LSV Asset Management now owns 260,129 shares of the financial services provider's stock worth $10,553,000 after buying an additional 34,725 shares in the last quarter. 58.63% of the stock is owned by institutional investors and hedge funds.
About Mercantile Bank
(
Get Free Report)
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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