Robert B. Kaminski Sells 1,000 Shares of Mercantile Bank Co. (NASDAQ:MBWM) Stock

Mercantile Bank Co. (NASDAQ:MBWM) Director Robert B. Kaminski sold 1,000 shares of the stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $50.22, for a total transaction of $50,220.00. Following the completion of the transaction, the director now directly owns 11,810 shares of the company’s stock, valued at approximately $593,098.20. The trade was a 7.81 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Mercantile Bank Trading Down 5.0 %

Shares of NASDAQ:MBWM traded down $2.60 during trading hours on Wednesday, hitting $49.19. 106,742 shares of the company’s stock traded hands, compared to its average volume of 74,359. 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 has a fifty day moving average price of $46.86 and a 200-day moving average price of $45.72. Mercantile Bank Co. has a 1 year low of $33.46 and a 1 year high of $52.98. The firm has a market capitalization of $794.42 million, a P/E ratio of 9.94 and a beta of 1.00.

Mercantile Bank (NASDAQ:MBWM) last announced its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.22 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%. Equities analysts expect that Mercantile Bank Co. will post 4.83 earnings per share for the current year.

Mercantile Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Shareholders of record on Friday, March 7th will be given a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 3.01%. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Friday, March 7th. Mercantile Bank’s payout ratio is 29.09%.

Hedge Funds Weigh In On Mercantile Bank

A number of institutional investors have recently modified their holdings of MBWM. Picton Mahoney Asset Management bought a new position in Mercantile Bank in the fourth quarter worth approximately $29,000. Quantbot Technologies LP bought a new position in shares of Mercantile Bank during the 3rd quarter worth $89,000. KLP Kapitalforvaltning AS purchased a new position in shares of Mercantile Bank during the fourth quarter valued at $133,000. CWM LLC raised its holdings in shares of Mercantile Bank by 16.1% in the third quarter. CWM LLC now owns 3,249 shares of the financial services provider’s stock valued at $142,000 after acquiring an additional 450 shares in the last quarter. Finally, Sei Investments Co. purchased a new stake in Mercantile Bank in the fourth quarter worth about $201,000. 58.63% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently issued reports on MBWM. Hovde Group raised Mercantile Bank from a “market perform” rating to an “outperform” rating and set a $54.00 price objective for the company in a research note on Wednesday, January 22nd. Keefe, Bruyette & Woods raised their price target on Mercantile Bank from $56.00 to $57.00 and gave the stock an “outperform” rating in a research report 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.