Mercantile Bank (NASDAQ:MBWM) Director Purchases $43,500.00 in Stock

Mercantile Bank Corporation (NASDAQ:MBWM) Director Nelson Sanchez purchased 1,000 shares of the business’s stock in a transaction that occurred on Friday, October 31st. The shares were purchased at an average price of $43.50 per share, for a total transaction of $43,500.00. Following the completion of the acquisition, the director owned 3,502 shares of the company’s stock, valued at $152,337. The trade was a 39.97% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Mercantile Bank Price Performance

Mercantile Bank stock opened at $45.26 on Friday. Mercantile Bank Corporation has a 52 week low of $37.76 and a 52 week high of $52.98. The company’s 50 day moving average price is $45.99 and its two-hundred day moving average price is $45.81. The stock has a market cap of $735.66 million, a P/E ratio of 8.57 and a beta of 0.94. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.79.

Mercantile Bank (NASDAQ:MBWM) last issued its quarterly earnings results on Tuesday, October 21st. The financial services provider reported $1.46 EPS for the quarter, beating analysts’ consensus estimates of $1.38 by $0.08. The company had revenue of $65.48 million during the quarter, compared to the consensus estimate of $61.33 million. Mercantile Bank had a return on equity of 14.07% and a net margin of 23.05%. On average, equities analysts predict that Mercantile Bank Corporation will post 4.83 earnings per share for the current year.

Mercantile Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 17th. Stockholders of record on Friday, December 5th will be paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date is Friday, December 5th. Mercantile Bank’s payout ratio is presently 28.79%.

Wall Street Analyst Weigh In

MBWM has been the topic of a number of research analyst reports. Zacks Research downgraded shares of Mercantile Bank from a “strong-buy” rating to a “hold” rating in a report on Monday, September 22nd. Piper Sandler lifted their price objective on shares of Mercantile Bank from $47.50 to $56.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 23rd. Raymond James Financial reissued an “outperform” rating and set a $52.00 target price (down from $55.00) on shares of Mercantile Bank in a research report on Wednesday, October 22nd. Weiss Ratings restated a “buy (b-)” rating on shares of Mercantile Bank in a research note on Tuesday, October 14th. Finally, Keefe, Bruyette & Woods upped their price objective on Mercantile Bank from $53.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday, July 23rd. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.50.

Hedge Funds Weigh In On Mercantile Bank

Several large investors have recently modified their holdings of the business. Focus Partners Advisor Solutions LLC lifted its stake in shares of Mercantile Bank by 1.3% during the 2nd quarter. Focus Partners Advisor Solutions LLC now owns 22,877 shares of the financial services provider’s stock valued at $1,062,000 after buying an additional 300 shares in the last quarter. Cerity Partners LLC raised its holdings in Mercantile Bank by 1.4% during the 2nd quarter. Cerity Partners LLC now owns 21,779 shares of the financial services provider’s stock valued at $1,011,000 after acquiring an additional 308 shares during the period. Federated Hermes Inc. lifted its position in shares of Mercantile Bank by 4.5% during the second quarter. Federated Hermes Inc. now owns 7,178 shares of the financial services provider’s stock worth $333,000 after acquiring an additional 309 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Mercantile Bank by 3.6% in the first quarter. Principal Financial Group Inc. now owns 9,675 shares of the financial services provider’s stock worth $420,000 after acquiring an additional 340 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH grew its position in shares of Mercantile Bank by 7.0% in the third quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 5,324 shares of the financial services provider’s stock valued at $240,000 after purchasing an additional 349 shares in the last quarter. Hedge funds and other institutional investors own 58.63% of the company’s stock.

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.