Insider Selling: Mercantile Bank Co. (NASDAQ:MBWM) Director Sells 250 Shares of Stock

Mercantile Bank Co. (NASDAQ:MBWM) Director Robert B. Kaminski sold 250 shares of Mercantile Bank stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $42.51, for a total value of $10,627.50. Following the sale, the director now owns 94,480 shares of the company’s stock, valued at approximately $4,016,344.80. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Mercantile Bank Trading Up 2.1 %

Shares of NASDAQ MBWM traded up $0.89 on Tuesday, reaching $43.90. 50,311 shares of the company traded hands, compared to its average volume of 68,333. The company has a 50 day moving average of $43.76 and a 200 day moving average of $41.73. The company has a current ratio of 1.03, a quick ratio of 1.02 and a debt-to-equity ratio of 1.03. Mercantile Bank Co. has a fifty-two week low of $32.51 and a fifty-two week high of $51.21. The stock has a market capitalization of $708.55 million, a PE ratio of 8.77 and a beta of 0.95.

Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.18 by $0.04. Mercantile Bank had a net margin of 22.77% and a return on equity of 14.91%. The company had revenue of $93.08 million for the quarter, compared to the consensus estimate of $56.83 million. During the same quarter last year, the firm posted $1.30 earnings per share. On average, equities research analysts forecast that Mercantile Bank Co. will post 4.87 earnings per share for the current fiscal year.

Mercantile Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Friday, December 6th will be issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date is Friday, December 6th. Mercantile Bank’s payout ratio is currently 28.92%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on MBWM. Piper Sandler lifted their price target on shares of Mercantile Bank from $42.00 to $53.00 and gave the stock a “neutral” rating in a report on Wednesday, July 17th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $51.00 price target (up previously from $47.00) on shares of Mercantile Bank in a research note on Wednesday, July 17th.

Institutional Investors Weigh In On Mercantile Bank

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. AQR Capital Management LLC grew its holdings in shares of Mercantile Bank by 108.7% during the 2nd quarter. AQR Capital Management LLC now owns 174,355 shares of the financial services provider’s stock worth $7,074,000 after purchasing an additional 90,802 shares during the period. 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 valued at $12,530,000 after buying an additional 47,528 shares in the last quarter. LSV Asset Management grew its stake 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 during the period. Vanguard Group Inc. increased 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 worth $30,997,000 after acquiring an additional 21,616 shares in the last quarter. Finally, Inspire Investing LLC raised its stake in shares of Mercantile Bank by 218.8% in the 2nd quarter. Inspire Investing LLC now owns 29,820 shares of the financial services provider’s stock valued at $1,210,000 after acquiring an additional 20,465 shares during the period. 58.63% of the stock is currently 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.