Robert B. Kaminski Sells 250 Shares of Mercantile Bank Co. (NASDAQ:MBWM) Stock

Mercantile Bank Co. (NASDAQ:MBWM) Director Robert B. Kaminski sold 250 shares of the company’s stock in a transaction on Monday, November 4th. The shares were sold at an average price of $42.51, for a total value of $10,627.50. Following the transaction, the director now directly owns 94,480 shares in the company, valued at approximately $4,016,344.80. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Mercantile Bank Stock Performance

Shares of MBWM opened at $43.90 on Wednesday. The firm has a market capitalization of $708.46 million, a P/E ratio of 8.82 and a beta of 0.95. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.03 and a quick ratio of 1.02. Mercantile Bank Co. has a one year low of $32.51 and a one year high of $51.21. The business has a fifty day moving average of $43.76 and a 200 day moving average of $41.73.

Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.18 by $0.04. Mercantile Bank had a return on equity of 14.91% and a net margin of 22.77%. The business had revenue of $93.08 million during the quarter, compared to the consensus estimate of $56.83 million. During the same period in the previous year, the company posted $1.30 EPS. As a group, sell-side analysts anticipate that Mercantile Bank Co. will post 4.87 EPS for the current year.

Mercantile Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Friday, December 6th will be given a $0.36 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.44 annualized dividend and a yield of 3.28%. Mercantile Bank’s payout ratio is presently 28.92%.

Institutional Trading of Mercantile Bank

Several institutional investors and hedge funds have recently modified their holdings of the company. AQR Capital Management LLC boosted its holdings 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 worth $7,074,000 after buying an additional 90,802 shares during the period. American Century Companies Inc. grew its position 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 purchasing an additional 47,528 shares in the last quarter. LSV Asset Management raised its stake in Mercantile Bank by 15.4% during the 2nd quarter. LSV Asset Management now owns 260,129 shares of the financial services provider’s stock valued at $10,553,000 after purchasing an additional 34,725 shares during the period. Vanguard Group Inc. lifted its holdings in Mercantile Bank by 2.8% in the 1st quarter. Vanguard Group Inc. now owns 805,334 shares of the financial services provider’s stock worth $30,997,000 after purchasing an additional 21,616 shares in the last quarter. Finally, Inspire Investing LLC boosted its stake in Mercantile Bank by 218.8% in the 2nd 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 during the period. 58.63% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

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.