Mercantile Bank Corp. (MBWM) Director Thomas R. Sullivan Sells 620 Shares of Stock

Mercantile Bank Corp. (NASDAQ:MBWM) Director Thomas R. Sullivan sold 620 shares of the company’s stock in a transaction on Wednesday, November 7th. The stock was sold at an average price of $32.56, for a total value of $20,187.20. Following the sale, the director now owns 16,567 shares of the company’s stock, valued at approximately $539,421.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

MBWM stock traded down $0.44 during midday trading on Friday, hitting $32.38. The company’s stock had a trading volume of 21,981 shares, compared to its average volume of 32,594. The company has a current ratio of 1.05, a quick ratio of 1.04 and a debt-to-equity ratio of 0.75. Mercantile Bank Corp. has a 1 year low of $29.60 and a 1 year high of $38.47. The stock has a market cap of $543.46 million, a P/E ratio of 17.13, a P/E/G ratio of 1.68 and a beta of 0.67.

Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings data on Tuesday, October 16th. The financial services provider reported $0.61 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.61. Mercantile Bank had a return on equity of 10.33% and a net margin of 24.66%. The business had revenue of $34.55 million for the quarter, compared to analysts’ expectations of $34.60 million. As a group, analysts forecast that Mercantile Bank Corp. will post 2.44 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 19th. Shareholders of record on Friday, December 7th will be given a $0.25 dividend. The ex-dividend date of this dividend is Thursday, December 6th. This represents a $1.00 annualized dividend and a yield of 3.09%. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.24. Mercantile Bank’s payout ratio is currently 50.79%.

A number of hedge funds have recently bought and sold shares of MBWM. Wells Fargo & Company MN boosted its position in Mercantile Bank by 3.9% in the first quarter. Wells Fargo & Company MN now owns 61,237 shares of the financial services provider’s stock worth $2,036,000 after purchasing an additional 2,326 shares during the last quarter. Millennium Management LLC lifted its position in shares of Mercantile Bank by 40.2% during the 1st quarter. Millennium Management LLC now owns 129,062 shares of the financial services provider’s stock valued at $4,291,000 after buying an additional 37,032 shares during the last quarter. Royal Bank of Canada lifted its position in shares of Mercantile Bank by 9.6% during the 1st quarter. Royal Bank of Canada now owns 220,880 shares of the financial services provider’s stock valued at $7,344,000 after buying an additional 19,273 shares during the last quarter. Acadian Asset Management LLC lifted its position in shares of Mercantile Bank by 184.3% during the 2nd quarter. Acadian Asset Management LLC now owns 19,983 shares of the financial services provider’s stock valued at $738,000 after buying an additional 12,955 shares during the last quarter. Finally, Tributary Capital Management LLC lifted its position in shares of Mercantile Bank by 8.5% during the 2nd quarter. Tributary Capital Management LLC now owns 334,596 shares of the financial services provider’s stock valued at $12,367,000 after buying an additional 26,137 shares during the last quarter. 55.13% of the stock is currently owned by institutional investors and hedge funds.

Several research analysts have weighed in on the company. Zacks Investment Research cut Mercantile Bank from a “buy” rating to a “hold” rating in a research report on Saturday, July 21st. BidaskClub raised Mercantile Bank from a “sell” rating to a “hold” rating in a research report on Tuesday, October 30th. Keefe, Bruyette & Woods boosted their price objective on Mercantile Bank from $40.00 to $41.00 and gave the stock a “$36.20” rating in a research report on Wednesday, July 18th. Finally, ValuEngine cut Mercantile Bank from a “hold” rating to a “sell” rating in a research report on Thursday, September 27th. Two equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. Mercantile Bank presently has an average rating of “Hold” and an average target price of $39.00.

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About Mercantile Bank

Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan that provides commercial and retail banking services for 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.

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