Insider Selling: Mercantile Bank Corporation (MBWM) Director Sells 10,739 Shares of Stock
Mercantile Bank Corporation (NASDAQ:MBWM) Director Thomas R. Sullivan sold 10,739 shares of Mercantile Bank Corporation stock in a transaction that occurred on Friday, October 20th. The stock was sold at an average price of $37.04, for a total value of $397,772.56. Following the completion of the transaction, the director now directly owns 20,273 shares in the company, valued at $750,911.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.
Mercantile Bank Corporation (NASDAQ MBWM) traded up 0.16% during trading on Tuesday, hitting $36.73. The company had a trading volume of 21,062 shares. The stock has a market capitalization of $605.42 million, a price-to-earnings ratio of 19.24 and a beta of 0.71. Mercantile Bank Corporation has a 1-year low of $27.00 and a 1-year high of $38.68. The company’s 50 day moving average price is $33.97 and its 200-day moving average price is $32.57.
Mercantile Bank Corporation (NASDAQ:MBWM) last posted its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.03. Mercantile Bank Corporation had a return on equity of 9.00% and a net margin of 22.18%. The business had revenue of $33.25 million for the quarter, compared to analyst estimates of $32.20 million. On average, analysts expect that Mercantile Bank Corporation will post $1.86 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 20th. Investors of record on Friday, December 8th will be given a dividend of $0.19 per share. The ex-dividend date is Thursday, December 7th. This represents a $0.76 annualized dividend and a yield of 2.07%. Mercantile Bank Corporation’s payout ratio is 39.79%.
A number of institutional investors and hedge funds have recently bought and sold shares of MBWM. Wellington Management Group LLP bought a new position in Mercantile Bank Corporation during the 1st quarter worth approximately $4,710,000. Vanguard Group Inc. grew its position in Mercantile Bank Corporation by 7.1% during the 2nd quarter. Vanguard Group Inc. now owns 681,367 shares of the financial services provider’s stock worth $21,449,000 after acquiring an additional 45,330 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Mercantile Bank Corporation by 4.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 866,358 shares of the financial services provider’s stock worth $29,803,000 after acquiring an additional 34,121 shares during the last quarter. Tributary Capital Management LLC grew its position in Mercantile Bank Corporation by 12.1% during the 2nd quarter. Tributary Capital Management LLC now owns 296,508 shares of the financial services provider’s stock worth $9,334,000 after acquiring an additional 31,993 shares during the last quarter. Finally, Menta Capital LLC grew its position in Mercantile Bank Corporation by 312.2% during the 2nd quarter. Menta Capital LLC now owns 39,342 shares of the financial services provider’s stock worth $1,238,000 after acquiring an additional 29,797 shares during the last quarter. Institutional investors and hedge funds own 52.84% of the company’s stock.
A number of equities analysts recently commented on MBWM shares. Zacks Investment Research raised Mercantile Bank Corporation from a “hold” rating to a “buy” rating and set a $42.00 price objective on the stock in a research note on Friday. DA Davidson raised Mercantile Bank Corporation from a “neutral” rating to a “buy” rating and set a $35.00 price objective on the stock in a research note on Monday, September 11th. ValuEngine raised Mercantile Bank Corporation from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $34.00 price objective on shares of Mercantile Bank Corporation in a research note on Tuesday, October 3rd. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $35.75.
About Mercantile Bank Corporation
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 provides commercial banking services primarily to small- to medium-sized businesses and retail banking services. The Bank makes secured and unsecured commercial, construction, mortgage and consumer loans, and accepts checking, savings and time deposits.
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