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%.

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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.

Insider Buying and Selling by Quarter for Mercantile Bank Corporation (NASDAQ:MBWM)

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