Insider Selling: Mercantile Bank Co. (NASDAQ:MBWM) Director Sells $10,442.50 in Stock

Mercantile Bank Co. (NASDAQ:MBWM) Director Robert B. Kaminski sold 250 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $41.77, for a total transaction of $10,442.50. Following the completion of the sale, the director now directly owns 94,730 shares of the company’s stock, valued at $3,956,872.10. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Mercantile Bank Stock Performance

Shares of Mercantile Bank stock opened at $41.78 on Friday. The company has a 50 day moving average of $43.90 and a 200-day moving average of $40.62. The company has a market cap of $673.54 million, a PE ratio of 8.10 and a beta of 0.95. 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 1-year low of $30.30 and a 1-year high of $51.21.

Mercantile Bank (NASDAQ:MBWM) last issued its earnings results on Tuesday, July 16th. The financial services provider reported $1.17 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.17. Mercantile Bank had a return on equity of 15.52% and a net margin of 23.99%. The firm had revenue of $88.56 million for the quarter, compared to the consensus estimate of $56.23 million. During the same quarter last year, the business posted $1.27 EPS. As a group, equities research analysts forecast that Mercantile Bank Co. will post 4.81 earnings per share for the current fiscal year.

Mercantile Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Stockholders of record on Friday, September 6th were issued a $0.36 dividend. The ex-dividend date of this dividend was Friday, September 6th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.45%. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.35. Mercantile Bank’s dividend payout ratio is 27.91%.

Wall Street Analyst Weigh In

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

Institutional Investors Weigh In On Mercantile Bank

A number of hedge funds have recently made changes to their positions in the stock. AQR Capital Management LLC lifted its stake in Mercantile Bank by 108.7% in the 2nd quarter. AQR Capital Management LLC now owns 174,355 shares of the financial services provider’s stock valued at $7,074,000 after purchasing an additional 90,802 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of 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. LSV Asset Management increased its holdings in shares of 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. Vanguard Group Inc. lifted its stake in shares of Mercantile Bank by 2.8% in the 1st 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 during the last quarter. Finally, Inspire Investing LLC boosted its holdings in shares of Mercantile Bank by 218.8% during 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 in the last quarter. 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.