Thomas R. Sullivan Sells 5,800 Shares of Mercantile Bank Corporation (MBWM) Stock

Mercantile Bank Corporation (NASDAQ:MBWM) Director Thomas R. Sullivan sold 5,800 shares of the stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $37.29, for a total transaction of $216,282.00. Following the sale, the director now owns 20,273 shares of the company’s stock, valued at $755,980.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Shares of Mercantile Bank Corporation (NASDAQ:MBWM) opened at 36.10 on Wednesday. The stock has a market capitalization of $595.04 million, a price-to-earnings ratio of 18.91 and a beta of 0.72. Mercantile Bank Corporation has a 12-month low of $27.00 and a 12-month high of $38.68. The stock’s 50 day moving average is $34.90 and its 200-day moving average is $32.72.

Mercantile Bank Corporation (NASDAQ:MBWM) last issued its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.51 EPS for the quarter, beating the consensus estimate of $0.48 by $0.03. The company had revenue of $33.25 million for the quarter, compared to the consensus estimate of $32.20 million. Mercantile Bank Corporation had a net margin of 22.18% and a return on equity of 9.00%. On average, analysts expect that Mercantile Bank Corporation will post $1.86 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 20th. Investors of record on Friday, December 8th will be issued 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 2.11%. Mercantile Bank Corporation’s payout ratio is 39.79%.

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A number of research firms have recently weighed in on MBWM. Zacks Investment Research lowered shares of Mercantile Bank Corporation from a “hold” rating to a “sell” rating in a report on Friday, July 21st. ValuEngine lowered shares of Mercantile Bank Corporation from a “buy” rating to a “hold” rating in a report on Friday, July 28th. DA Davidson began coverage on shares of Mercantile Bank Corporation in a report on Wednesday, July 5th. They set a “neutral” rating and a $35.00 target price for the company. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and set a $34.00 target price on shares of Mercantile Bank Corporation in a report 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 company has a consensus rating of “Hold” and a consensus price target of $35.25.

A number of large investors have recently modified their holdings of MBWM. Russell Investments Group Ltd. grew its holdings in Mercantile Bank Corporation by 3.2% during the 1st quarter. Russell Investments Group Ltd. now owns 18,759 shares of the financial services provider’s stock valued at $645,000 after purchasing an additional 575 shares during the last quarter. Wells Fargo & Company MN grew its holdings in Mercantile Bank Corporation by 7.8% during the 1st quarter. Wells Fargo & Company MN now owns 34,855 shares of the financial services provider’s stock valued at $1,199,000 after purchasing an additional 2,534 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Mercantile Bank Corporation by 3.0% in the 1st quarter. Bank of New York Mellon Corp now owns 106,235 shares of the financial services provider’s stock valued at $3,654,000 after buying an additional 3,104 shares during the period. Parametric Portfolio Associates LLC boosted its position in Mercantile Bank Corporation by 41.5% in the 1st quarter. Parametric Portfolio Associates LLC now owns 9,767 shares of the financial services provider’s stock valued at $336,000 after buying an additional 2,866 shares during the period. Finally, American International Group Inc. boosted its position in Mercantile Bank Corporation by 7.0% in the 1st quarter. American International Group Inc. now owns 9,781 shares of the financial services provider’s stock valued at $336,000 after buying an additional 640 shares during the period. Institutional investors own 52.69% of the company’s stock.

Mercantile Bank Corporation 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 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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