Mercantile Bank Corp. (NASDAQ:MBWM) posted its earnings results on Tuesday. The financial services provider reported $0.48 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.02. Mercantile Bank Corp. had a return on equity of 8.86% and a net margin of 21.98%.
Mercantile Bank Corp. (NASDAQ:MBWM) opened at 27.19 on Wednesday. The stock has a market cap of $442.63 million, a price-to-earnings ratio of 14.94 and a beta of 0.94. The stock’s 50 day moving average price is $27.02 and its 200 day moving average price is $25.01. Mercantile Bank Corp. has a one year low of $20.84 and a one year high of $27.99.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 21st. Stockholders of record on Friday, December 9th will be issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 2.50%. The ex-dividend date is Wednesday, December 7th. Mercantile Bank Corp.’s payout ratio is 37.16%.
In other Mercantile Bank Corp. news, Director Thomas R. Sullivan sold 5,000 shares of the stock in a transaction dated Friday, August 26th. The stock was sold at an average price of $26.87, for a total value of $134,350.00. Following the transaction, the director now owns 24,523 shares of the company’s stock, valued at $658,933.01. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Michael H. Price sold 11,520 shares of the stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $24.99, for a total value of $287,884.80. The disclosure for this sale can be found here. Insiders own 3.44% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Algert Global LLC purchased a new position in Mercantile Bank Corp. during the third quarter worth $223,000. Royal Bank of Canada increased its position in Mercantile Bank Corp. by 2.2% in the second quarter. Royal Bank of Canada now owns 152,680 shares of the financial services provider’s stock worth $3,643,000 after buying an additional 3,279 shares in the last quarter. Numeric Investors LLC increased its position in Mercantile Bank Corp. by 41.3% in the second quarter. Numeric Investors LLC now owns 45,134 shares of the financial services provider’s stock worth $1,077,000 after buying an additional 13,200 shares in the last quarter. Panagora Asset Management Inc. increased its position in Mercantile Bank Corp. by 17.8% in the second quarter. Panagora Asset Management Inc. now owns 16,882 shares of the financial services provider’s stock worth $403,000 after buying an additional 2,550 shares in the last quarter. Finally, First Allied Advisory Services Inc. purchased a new position in Mercantile Bank Corp. during the second quarter worth $323,000. 46.50% of the stock is currently owned by institutional investors.
A number of research analysts have weighed in on the company. Raymond James Financial Inc. raised Mercantile Bank Corp. from a “market perform” rating to an “outperform” rating and set a $23.00 target price for the company in a report on Thursday, August 25th. Zacks Investment Research lowered Mercantile Bank Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, June 22nd.
Mercantile Bank Corp. Company Profile
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, through its approximately 50 office locations, provides commercial banking services primarily to small- to medium-sized businesses and retail banking services in and around the West and Central portions of Michigan.
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