Mercantile Bank Corp. (MBWM) Scheduled to Post Quarterly Earnings on Tuesday
Mercantile Bank Corp. (NASDAQ:MBWM) is scheduled to post its Q316 quarterly earnings results on Tuesday, October 18th. Analysts expect Mercantile Bank Corp. to post earnings of $0.46 per share and revenue of $31.20 million for the quarter.
Mercantile Bank Corp. (NASDAQ:MBWM) opened at 26.72 on Monday. The firm has a 50-day moving average price of $27.01 and a 200-day moving average price of $24.91. Mercantile Bank Corp. has a 12 month low of $20.84 and a 12 month high of $27.99. The company has a market capitalization of $434.97 million, a price-to-earnings ratio of 14.68 and a beta of 0.94.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 21st. Stockholders of record on Friday, September 9th were given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.54%. This is an increase from Mercantile Bank Corp.’s previous quarterly dividend of $0.16. The ex-dividend date was Wednesday, September 7th. Mercantile Bank Corp.’s payout ratio is presently 37.16%.
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In other Mercantile Bank Corp. news, Director Thomas R. Sullivan sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, August 26th. The shares were sold at an average price of $26.87, for a total transaction of $134,350.00. Following the completion of the transaction, the director now directly owns 24,523 shares in the company, valued at $658,933.01. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Michael H. Price sold 13,362 shares of the business’s stock in a transaction that occurred on Friday, August 19th. The shares were sold at an average price of $25.81, for a total transaction of $344,873.22. Following the transaction, the chairman now owns 59,712 shares of the company’s stock, valued at $1,541,166.72. The disclosure for this sale can be found here. 3.44% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP increased its position in shares of Mercantile Bank Corp. by 4.3% in the second quarter. Dimensional Fund Advisors LP now owns 773,107 shares of the financial services provider’s stock valued at $18,446,000 after buying an additional 32,006 shares in the last quarter. State Street Corp increased its position in shares of Mercantile Bank Corp. by 11.5% in the second quarter. State Street Corp now owns 265,849 shares of the financial services provider’s stock valued at $6,342,000 after buying an additional 27,361 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Mercantile Bank Corp. by 4.1% in the second quarter. Vanguard Group Inc. now owns 490,380 shares of the financial services provider’s stock valued at $11,701,000 after buying an additional 19,455 shares in the last quarter. First Allied Advisory Services Inc. purchased a new position in shares of Mercantile Bank Corp. during the second quarter valued at approximately $323,000. Finally, Spark Investment Management LLC purchased a new position in shares of Mercantile Bank Corp. during the second quarter valued at approximately $207,000. Institutional investors and hedge funds own 46.69% of the company’s stock.
A number of equities research analysts have recently weighed in on MBWM shares. Zacks Investment Research downgraded shares of Mercantile Bank Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, June 22nd. Raymond James Financial Inc. upgraded shares of Mercantile Bank Corp. from a “market perform” rating to an “outperform” rating and set a $23.00 price target for the company in a research report on Thursday, August 25th.
About Mercantile Bank Corp.
Mercantile Bank Corporation is a bank holding company. The Company owns the Mercantile Bank of Michigan (the Bank). The Bank is a state banking company. The bank, through its approximately 50 office locations, provides commercial banking services primarily to small- to medium-sized businesses and retail banking services in and around the West and Central portions of Michigan.
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