Mercantile Bank Co. (NASDAQ:MBWM - Get Free Report) Director Robert B. Kaminski sold 250 shares of Mercantile Bank stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $43.14, for a total transaction of $10,785.00. Following the completion of the sale, the director now owns 78,236 shares of the company's stock, valued at $3,375,101.04. This trade represents a 0.32 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
Mercantile Bank Stock Performance
NASDAQ MBWM opened at $39.45 on Friday. The firm's 50 day simple moving average is $46.57 and its 200 day simple moving average is $46.11. The firm has a market capitalization of $640.31 million, a price-to-earnings ratio of 7.97 and a beta of 0.86. The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 0.95. Mercantile Bank Co. has a 1 year low of $33.46 and a 1 year high of $52.98.
Mercantile Bank (NASDAQ:MBWM - Get Free Report) last issued its quarterly earnings results 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%. As a group, research analysts expect that Mercantile Bank Co. will post 4.83 earnings per share for the current fiscal year.
Mercantile Bank Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Friday, March 7th were issued a $0.37 dividend. The ex-dividend date was Friday, March 7th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.75%. This is a boost from Mercantile Bank's previous quarterly dividend of $0.36. Mercantile Bank's dividend payout ratio is 29.90%.
Institutional Investors Weigh In On Mercantile Bank
Hedge funds have recently made changes to their positions in the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Mercantile Bank by 62.6% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 28,506 shares of the financial services provider's stock valued at $1,268,000 after buying an additional 10,979 shares in the last quarter. Squarepoint Ops LLC bought a new position in shares of Mercantile Bank in the 4th quarter valued at $211,000. Two Sigma Investments LP boosted its holdings in shares of Mercantile Bank by 14.1% during the 4th quarter. Two Sigma Investments LP now owns 30,845 shares of the financial services provider's stock valued at $1,372,000 after acquiring an additional 3,809 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in Mercantile Bank during the 4th quarter worth $35,000. Finally, Point72 Asset Management L.P. bought a new position in Mercantile Bank in the fourth quarter valued at about $102,000. 58.63% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently weighed in on MBWM shares. Hovde Group upgraded 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. Keefe, Bruyette & Woods increased 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.
Read Our Latest Analysis on MBWM
About Mercantile Bank
(
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.
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