Insider Selling: Mercantile Bank Co. (NASDAQ:MBWM) Director Sells 3,000 Shares of Stock

Mercantile Bank Co. (NASDAQ:MBWM) Director Robert B. Kaminski sold 3,000 shares of the business’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $49.14, for a total transaction of $147,420.00. Following the completion of the sale, the director now directly owns 16,810 shares in the company, valued at approximately $826,043.40. This represents a 15.14 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Mercantile Bank Stock Performance

NASDAQ MBWM opened at $48.73 on Wednesday. The firm has a market capitalization of $786.99 million, a P/E ratio of 9.84 and a beta of 1.01. The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 0.95. The firm’s fifty day moving average price is $47.00 and its two-hundred day moving average price is $45.66. Mercantile Bank Co. has a 1 year low of $33.46 and a 1 year high of $52.98.

Mercantile Bank (NASDAQ:MBWM) last issued its earnings results on Tuesday, January 21st. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, beating 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%. As a group, research analysts anticipate that Mercantile Bank Co. will post 4.68 EPS for the current year.

Mercantile Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Friday, March 7th will be issued 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 dividend on an annualized basis and a dividend yield of 3.04%. Mercantile Bank’s payout ratio is presently 29.09%.

Analysts Set New Price Targets

MBWM has been the topic of several analyst reports. Keefe, Bruyette & Woods boosted their price target on shares of 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 report on Wednesday, January 22nd.

Institutional Investors Weigh In On Mercantile Bank

Hedge funds have recently added to or reduced their stakes in the business. Mattson Financial Services LLC acquired a new position in shares of Mercantile Bank in the second quarter valued at $28,000. Quantbot Technologies LP acquired a new position in Mercantile Bank in the 3rd quarter valued at about $89,000. CWM LLC raised its holdings in Mercantile Bank by 16.1% in the 3rd quarter. CWM LLC now owns 3,249 shares of the financial services provider’s stock valued at $142,000 after acquiring an additional 450 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in shares of Mercantile Bank during the third quarter worth approximately $202,000. Finally, 626 Financial LLC acquired a new position in shares of Mercantile Bank in the third quarter valued at approximately $213,000. Institutional investors and hedge funds own 58.63% of the company’s stock.

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.