Mercantile Bank (NASDAQ:MBWM) Reaches New 52-Week High at $50.75

Mercantile Bank Co. (NASDAQ:MBWM) shares hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $50.75 and last traded at $50.75, with a volume of 21282 shares traded. The stock had previously closed at $48.80.

Analyst Upgrades and Downgrades

MBWM has been the subject of several research reports. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $51.00 target price (up previously from $47.00) on shares of Mercantile Bank in a research note on Wednesday, July 17th. Piper Sandler upped their target price on Mercantile Bank from $42.00 to $53.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 17th. Finally, Janney Montgomery Scott lowered Mercantile Bank from a “buy” rating to a “neutral” rating in a research note on Wednesday, May 8th. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $52.00.

Mercantile Bank Stock Performance

The stock has a market cap of $803.58 million, a PE ratio of 9.66 and a beta of 0.98. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.04 and a quick ratio of 1.04. The business has a 50 day moving average price of $40.06 and a two-hundred day moving average price of $38.54.

Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.17 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.17. The firm had revenue of $88.56 million during the quarter, compared to analyst estimates of $56.23 million. Mercantile Bank had a return on equity of 15.80% and a net margin of 23.99%. During the same quarter in the prior year, the firm posted $1.27 earnings per share. As a group, equities research analysts forecast that Mercantile Bank Co. will post 4.81 EPS for the current fiscal year.

Mercantile Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Friday, September 6th will be paid a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date is Friday, September 6th. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.35. Mercantile Bank’s dividend payout ratio is 27.13%.

Insider Activity at Mercantile Bank

In related news, Director Robert B. Kaminski sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $48.01, for a total transaction of $96,020.00. Following the completion of the transaction, the director now owns 29,610 shares in the company, valued at $1,421,576.10. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Mercantile Bank news, Director Robert B. Kaminski sold 3,000 shares of the stock in a transaction on Friday, July 19th. The stock was sold at an average price of $48.73, for a total value of $146,190.00. Following the completion of the transaction, the director now owns 31,610 shares in the company, valued at $1,540,355.30. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Robert B. Kaminski sold 2,000 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $48.01, for a total value of $96,020.00. Following the completion of the transaction, the director now owns 29,610 shares of the company’s stock, valued at approximately $1,421,576.10. The disclosure for this sale can be found here. Insiders sold a total of 5,250 shares of company stock worth $252,168 over the last quarter. 3.08% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Mercantile Bank

Institutional investors have recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. raised its holdings in Mercantile Bank by 95.4% in the fourth quarter. Assenagon Asset Management S.A. now owns 70,793 shares of the financial services provider’s stock worth $2,859,000 after purchasing an additional 34,567 shares in the last quarter. Janney Montgomery Scott LLC bought a new position in shares of Mercantile Bank during the first quarter valued at $452,000. Trust Point Inc. bought a new position in shares of Mercantile Bank during the fourth quarter valued at $375,000. Vanguard Group Inc. increased its holdings in shares of Mercantile Bank by 1.7% during the third quarter. Vanguard Group Inc. now owns 799,865 shares of the financial services provider’s stock valued at $24,724,000 after acquiring an additional 13,400 shares in the last quarter. Finally, Empowered Funds LLC increased its holdings in shares of Mercantile Bank by 8.1% during the first quarter. Empowered Funds LLC now owns 46,537 shares of the financial services provider’s stock valued at $1,791,000 after acquiring an additional 3,500 shares in the last quarter. Institutional investors own 58.63% of the company’s stock.

Mercantile Bank Company Profile

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.