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 shares were sold at an average price of $42.51, for a total value of $10,627.50. Following the completion of the sale, the director now owns 94,480 shares of the company’s stock, valued at $4,016,344.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Mercantile Bank Price Performance

MBWM stock opened at $47.99 on Friday. The company has a market cap of $774.56 million, a PE ratio of 9.64 and a beta of 0.95. 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 stock has a 50-day moving average price of $43.88 and a two-hundred day moving average price of $41.89. Mercantile Bank Co. has a 12-month low of $32.51 and a 12-month high of $51.31.

Mercantile Bank (NASDAQ:MBWM) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.18 by $0.04. Mercantile Bank had a return on equity of 14.59% and a net margin of 22.77%. The business had revenue of $93.08 million during the quarter, compared to analysts’ expectations of $56.83 million. During the same quarter in the previous year, the business earned $1.30 EPS. As a group, research analysts predict that Mercantile Bank Co. will post 4.87 EPS for the current year.

Mercantile Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Friday, December 6th will be given a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 3.00%. The ex-dividend date is Friday, December 6th. Mercantile Bank’s payout ratio is currently 28.92%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on MBWM shares. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $51.00 target price (up from $47.00) on shares of Mercantile Bank in a research report on Wednesday, July 17th. Piper Sandler increased their price target on shares of Mercantile Bank from $42.00 to $53.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 17th.

Hedge Funds Weigh In On Mercantile Bank

Hedge funds have recently made changes to their positions in the business. AQR Capital Management LLC grew its stake in shares of Mercantile Bank by 108.7% in the second quarter. AQR Capital Management LLC now owns 174,355 shares of the financial services provider’s stock valued at $7,074,000 after buying an additional 90,802 shares in the last quarter. American Century Companies Inc. grew its position in Mercantile Bank by 18.2% in 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 acquiring an additional 47,528 shares in the last quarter. LSV Asset Management grew its position in Mercantile Bank by 15.4% in the second quarter. LSV Asset Management now owns 260,129 shares of the financial services provider’s stock valued at $10,553,000 after acquiring an additional 34,725 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Mercantile Bank by 2.8% during the first quarter. Vanguard Group Inc. now owns 805,334 shares of the financial services provider’s stock valued at $30,997,000 after purchasing an additional 21,616 shares during the period. Finally, Inspire Investing LLC lifted its position in shares of Mercantile Bank by 218.8% during the second quarter. Inspire Investing LLC now owns 29,820 shares of the financial services provider’s stock worth $1,210,000 after purchasing an additional 20,465 shares in the last quarter. Hedge funds and other institutional investors own 58.63% of the company’s stock.

About Mercantile Bank

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.