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 that occurred on Monday, March 3rd. The stock was sold at an average price of $48.11, for a total value of $12,027.50. Following the transaction, the director now owns 78,486 shares in the company, valued at $3,775,961.46. This trade represents a 0.32 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Mercantile Bank Stock Performance

Mercantile Bank stock opened at $46.31 on Thursday. The company has a quick ratio of 1.01, a current ratio of 1.02 and a debt-to-equity ratio of 0.95. The company has a market capitalization of $747.72 million, a P/E ratio of 9.36 and a beta of 0.98. The stock’s 50 day moving average is $46.80 and its 200 day moving average is $46.16. Mercantile Bank Co. has a twelve month low of $33.46 and a twelve month high of $52.98.

Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, beating 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%. On average, equities research analysts predict that Mercantile Bank Co. will post 4.83 earnings per share for the current fiscal year.

Mercantile Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Friday, March 7th will be given a $0.37 dividend. The ex-dividend date of this dividend is Friday, March 7th. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.36. This represents a $1.48 annualized dividend and a yield of 3.20%. Mercantile Bank’s dividend payout ratio is 29.90%.

Hedge Funds Weigh In On Mercantile Bank

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MBWM. Assenagon Asset Management S.A. bought a new position in Mercantile Bank in the 4th quarter valued at approximately $3,646,000. Millennium Management LLC boosted its stake in shares of Mercantile Bank by 54.0% in the 4th quarter. Millennium Management LLC now owns 132,777 shares of the financial services provider’s stock worth $5,907,000 after buying an additional 46,559 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Mercantile Bank by 48.8% in the 4th quarter. JPMorgan Chase & Co. now owns 122,532 shares of the financial services provider’s stock worth $5,451,000 after buying an additional 40,175 shares during the last quarter. Tributary Capital Management LLC grew its holdings in shares of Mercantile Bank by 16.2% in the fourth quarter. Tributary Capital Management LLC now owns 287,487 shares of the financial services provider’s stock worth $12,790,000 after acquiring an additional 40,055 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of Mercantile Bank in the fourth quarter worth $1,392,000. 58.63% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

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.