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

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

Mercantile Bank Trading Down 2.7 %

Shares of NASDAQ MBWM opened at $48.73 on Wednesday. Mercantile Bank Co. has a 1-year low of $33.46 and a 1-year high of $52.98. 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 business’s 50 day moving average is $47.00 and its two-hundred day moving average is $45.66. The stock has a market capitalization of $786.99 million, a P/E ratio of 9.84 and a beta of 1.01.

Mercantile Bank (NASDAQ:MBWM) last released its earnings results on Tuesday, January 21st. The financial services provider reported $1.22 earnings per share 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%. As a group, research analysts expect that Mercantile Bank Co. will post 4.68 EPS for the current year.

Mercantile Bank Increases Dividend

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

Analysts Set New Price Targets

Several brokerages have recently issued reports on MBWM. Keefe, Bruyette & Woods upped their price objective 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 shares of Mercantile Bank from a “market perform” rating to an “outperform” rating and set a $54.00 price target on the stock in a research report on Wednesday, January 22nd.

Hedge Funds Weigh In On Mercantile Bank

A number of large investors have recently made changes to their positions in the company. Mattson Financial Services LLC purchased a new stake in Mercantile Bank in the 2nd quarter worth about $28,000. Quantbot Technologies LP purchased a new stake in shares of Mercantile Bank in the third quarter worth approximately $89,000. CWM LLC lifted its stake in shares of Mercantile Bank by 16.1% during the 3rd 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 last quarter. Y Intercept Hong Kong Ltd purchased a new position in Mercantile Bank during the 3rd quarter valued at $202,000. Finally, 626 Financial LLC purchased a new position in Mercantile Bank during the 3rd quarter valued at $213,000. 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.