Robert B. Kaminski Sells 1,000 Shares of Mercantile Bank Co. (NASDAQ:MBWM) Stock

Mercantile Bank Co. (NASDAQ:MBWM) Director Robert B. Kaminski sold 1,000 shares of Mercantile Bank stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $50.22, for a total transaction of $50,220.00. Following the transaction, the director now owns 11,810 shares of the company’s stock, valued at $593,098.20. This represents a 7.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Mercantile Bank Stock Up 0.2 %

MBWM opened at $49.29 on Friday. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.02 and a quick ratio of 1.01. The company’s 50-day moving average is $46.80 and its 200 day moving average is $45.77. Mercantile Bank Co. has a fifty-two week low of $33.46 and a fifty-two week high of $52.98. The firm has a market capitalization of $796.03 million, a P/E ratio of 9.96 and a beta of 1.00.

Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.07. Mercantile Bank had a net margin of 21.99% and a return on equity of 14.29%. Research analysts expect that Mercantile Bank Co. will post 4.83 earnings per share for the current fiscal year.

Mercantile Bank Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Friday, March 7th will be given a dividend of $0.37 per share. 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 3.00%. The ex-dividend date is Friday, March 7th. Mercantile Bank’s dividend payout ratio (DPR) is presently 29.09%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on MBWM. Hovde Group upgraded shares of Mercantile Bank from a “market perform” rating to an “outperform” rating and set a $54.00 price objective for the company in a report on Wednesday, January 22nd. Keefe, Bruyette & Woods lifted their price objective on shares of Mercantile Bank from $56.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, January 22nd.

Institutional Trading of Mercantile Bank

Several hedge funds have recently added to or reduced their stakes in MBWM. SG Americas Securities LLC raised its position in Mercantile Bank by 32.5% in the third quarter. SG Americas Securities LLC now owns 12,216 shares of the financial services provider’s stock worth $534,000 after acquiring an additional 2,996 shares during the period. CWM LLC raised its position in Mercantile Bank by 16.1% in the third quarter. CWM LLC now owns 3,249 shares of the financial services provider’s stock worth $142,000 after acquiring an additional 450 shares during the period. Creative Planning raised its position in Mercantile Bank by 29.8% in the third quarter. Creative Planning now owns 18,907 shares of the financial services provider’s stock worth $827,000 after acquiring an additional 4,336 shares during the period. 626 Financial LLC bought a new stake in Mercantile Bank in the third quarter worth about $213,000. Finally, Trust Point Inc. raised its position in Mercantile Bank by 15.1% in the third quarter. Trust Point Inc. now owns 11,636 shares of the financial services provider’s stock worth $509,000 after acquiring an additional 1,523 shares during the period. 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.