Mercantile Bank Co. (NASDAQ:MBWM - Get Free Report) Director Robert B. Kaminski sold 250 shares of the stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $41.77, for a total transaction of $10,442.50. Following the transaction, the director now owns 94,730 shares in the company, valued at approximately $3,956,872.10. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.
Mercantile Bank Price Performance
NASDAQ:MBWM opened at $41.28 on Friday. The firm has a market cap of $665.47 million, a PE ratio of 8.00 and a beta of 0.96. Mercantile Bank Co. has a 12 month low of $30.12 and a 12 month high of $51.21. The company has a quick ratio of 1.02, a current ratio of 1.03 and a debt-to-equity ratio of 1.03. The company's 50-day moving average price is $44.25 and its two-hundred day moving average price is $40.57.
Mercantile Bank (NASDAQ:MBWM - Get Free Report) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.17 EPS for the quarter, meeting analysts' consensus estimates of $1.17. The firm had revenue of $88.56 million for the quarter, compared to analyst estimates of $56.23 million. Mercantile Bank had a net margin of 23.99% and a return on equity of 15.52%. During the same period in the previous year, the business earned $1.27 earnings per share. On average, equities analysts anticipate that Mercantile Bank Co. will post 4.81 EPS for the current fiscal year.
Mercantile Bank Increases Dividend
Next opportunity for crypto millions
From Crypto 101 Media | Ad
October isn't just another month in crypto. It's the launchpad for what could be the most explosive bull run in history.
And I've found the rocket fuel…
One coin is quietly positioning itself to outperform the entire market.
The signs are everywhere…
Go here to discover the coin that could define this historic bull run with gains kicking off this mo
The business also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Stockholders of record on Friday, September 6th were given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.49%. This is a positive change from Mercantile Bank's previous quarterly dividend of $0.35. The ex-dividend date was Friday, September 6th. Mercantile Bank's dividend payout ratio is presently 27.91%.
Analyst Upgrades and Downgrades
A number of research firms recently issued reports on MBWM. Piper Sandler raised their target price on shares of Mercantile Bank from $42.00 to $53.00 and gave the company a "neutral" rating in a research note on Wednesday, July 17th. Keefe, Bruyette & Woods reaffirmed 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. Four analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $52.00.
Check Out Our Latest Report on Mercantile Bank
Hedge Funds Weigh In On Mercantile Bank
Large investors have recently modified their holdings of the stock. SG Americas Securities LLC raised its stake in shares of Mercantile Bank by 32.5% during the third quarter. SG Americas Securities LLC now owns 12,216 shares of the financial services provider's stock worth $534,000 after buying an additional 2,996 shares during the last quarter. Mattson Financial Services LLC bought a new stake in shares of Mercantile Bank during the second quarter worth $28,000. Creative Planning boosted its holdings in Mercantile Bank by 22.2% during the second quarter. Creative Planning now owns 14,571 shares of the financial services provider's stock worth $591,000 after purchasing an additional 2,644 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in Mercantile Bank during the second quarter worth $404,000. Finally, AQR Capital Management LLC boosted its holdings in Mercantile Bank by 108.7% during the second 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 last quarter. 58.63% of the stock is currently owned by institutional investors and hedge funds.
Mercantile Bank Company Profile
(
Get Free Report)
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.
Featured Articles
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. This story was reviewed by InsiderTrades.com's editorial team prior to publication. Please send any questions or comments about this story to [email protected].
