Mercantile Bank Co. (NASDAQ:MBWM) Director Robert B. Kaminski Sells 3,000 Shares of Stock

Mercantile Bank Co. (NASDAQ:MBWM) Director Robert B. Kaminski sold 3,000 shares of Mercantile Bank stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $50.16, for a total transaction of $150,480.00. Following the completion of the sale, the director now directly owns 13,810 shares of the company’s stock, valued at approximately $692,709.60. This trade represents a 17.85 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Mercantile Bank Price Performance

Shares of Mercantile Bank stock opened at $48.73 on Wednesday. The stock has a market cap of $786.99 million, a P/E ratio of 9.84 and a beta of 1.01. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.01 and a current ratio of 1.02. The stock’s fifty day moving average is $47.00 and its 200 day moving average is $45.66. Mercantile Bank Co. has a one year low of $33.46 and a one year high of $52.98.

Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.22 EPS for the quarter, topping the consensus estimate of $1.15 by $0.07. Mercantile Bank had a return on equity of 14.29% and a net margin of 21.99%. Sell-side analysts anticipate that Mercantile Bank Co. will post 4.68 earnings per share for the current year.

Mercantile Bank Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Shareholders of record on Friday, March 7th will be issued a dividend of $0.37 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.48 annualized dividend and a yield of 3.04%. This is an increase from Mercantile Bank’s previous quarterly dividend of $0.36. Mercantile Bank’s payout ratio is currently 29.09%.

Wall Street Analysts Forecast Growth

MBWM has been the topic of a number of recent research reports. Keefe, Bruyette & Woods increased their target price on Mercantile Bank from $56.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, January 22nd. Hovde Group raised shares of Mercantile Bank from a “market perform” rating to an “outperform” rating and set a $54.00 price target for the company in a research report on Wednesday, January 22nd.

Institutional Trading of Mercantile Bank

Hedge funds and other institutional investors have recently modified their holdings of the company. Geode Capital Management LLC boosted its holdings in Mercantile Bank by 3.9% in the 3rd quarter. Geode Capital Management LLC now owns 376,979 shares of the financial services provider’s stock worth $16,484,000 after buying an additional 14,202 shares during the period. Tributary Capital Management LLC grew its position in shares of Mercantile Bank by 16.2% during the fourth quarter. Tributary Capital Management LLC now owns 287,487 shares of the financial services provider’s stock worth $12,790,000 after purchasing an additional 40,055 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Mercantile Bank by 4.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 196,324 shares of the financial services provider’s stock valued at $8,583,000 after purchasing an additional 8,413 shares during the period. AQR Capital Management LLC boosted 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 worth $7,074,000 after purchasing an additional 90,802 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in Mercantile Bank by 35.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 82,357 shares of the financial services provider’s stock valued at $3,601,000 after buying an additional 21,411 shares in the last quarter. 58.63% of the stock is owned by hedge funds and other institutional investors.

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.