Insider Selling: Mercantile Bank Corporation (MBWM) Director Sells 5,800 Shares of Stock
Mercantile Bank Corporation (NASDAQ:MBWM) Director Thomas R. Sullivan sold 5,800 shares of the stock in a transaction on Friday, October 27th. The shares were sold at an average price of $37.29, for a total transaction of $216,282.00. Following the completion of the sale, the director now directly owns 20,273 shares in the company, valued at approximately $755,980.17. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.
Mercantile Bank Corporation (MBWM) traded down 4.01% on Monday, reaching $35.70. 27,387 shares of the company traded hands. The stock has a market capitalization of $588.44 million, a price-to-earnings ratio of 18.70 and a beta of 0.71. The stock has a 50 day moving average of $34.57 and a 200-day moving average of $32.67. Mercantile Bank Corporation has a 1-year low of $27.00 and a 1-year high of $38.68.
Mercantile Bank Corporation (NASDAQ:MBWM) last issued its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.03. The firm had revenue of $33.25 million for the quarter, compared to analyst estimates of $32.20 million. Mercantile Bank Corporation had a net margin of 22.18% and a return on equity of 9.00%. On average, equities analysts anticipate that Mercantile Bank Corporation will post $1.86 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 20th. Shareholders of record on Friday, December 8th will be paid a dividend of $0.19 per share. The ex-dividend date is Thursday, December 7th. This represents a $0.76 dividend on an annualized basis and a yield of 2.12%. Mercantile Bank Corporation’s dividend payout ratio (DPR) is presently 39.79%.
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Several equities research analysts have recently weighed in on MBWM shares. DA Davidson started coverage on shares of Mercantile Bank Corporation in a research note on Wednesday, July 5th. They issued a “neutral” rating and a $35.00 target price on the stock. Zacks Investment Research downgraded shares of Mercantile Bank Corporation from a “hold” rating to a “sell” rating in a research note on Friday, July 21st. ValuEngine downgraded shares of Mercantile Bank Corporation from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and issued a $34.00 target price on shares of Mercantile Bank Corporation in a research note on Tuesday, October 3rd. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $35.75.
A number of large investors have recently modified their holdings of the business. Dubuque Bank & Trust Co. increased its stake in Mercantile Bank Corporation by 9.0% during the second quarter. Dubuque Bank & Trust Co. now owns 4,436 shares of the financial services provider’s stock worth $140,000 after purchasing an additional 366 shares during the period. Russell Investments Group Ltd. increased its stake in Mercantile Bank Corporation by 3.2% during the first quarter. Russell Investments Group Ltd. now owns 18,759 shares of the financial services provider’s stock worth $645,000 after purchasing an additional 575 shares during the period. American International Group Inc. increased its stake in Mercantile Bank Corporation by 7.0% during the first quarter. American International Group Inc. now owns 9,781 shares of the financial services provider’s stock worth $336,000 after purchasing an additional 640 shares during the period. Teachers Advisors LLC increased its stake in Mercantile Bank Corporation by 3.1% during the first quarter. Teachers Advisors LLC now owns 25,787 shares of the financial services provider’s stock worth $887,000 after purchasing an additional 771 shares during the period. Finally, Alliancebernstein L.P. increased its stake in Mercantile Bank Corporation by 4.4% during the second quarter. Alliancebernstein L.P. now owns 18,800 shares of the financial services provider’s stock worth $592,000 after purchasing an additional 800 shares during the period. Institutional investors own 52.69% of the company’s stock.
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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