Shares of Mercantile Bank Corp. (NASDAQ:MBWM) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $36.69 and last traded at $36.04, with a volume of 35646 shares. The stock had previously closed at $36.13.
A number of brokerages have recently issued reports on MBWM. Zacks Investment Research lowered shares of Mercantile Bank from a “hold” rating to a “sell” rating in a research report on Thursday, September 19th. BidaskClub upgraded shares of Mercantile Bank from a “sell” rating to a “hold” rating in a report on Friday. Finally, ValuEngine lowered shares of Mercantile Bank from a “hold” rating to a “sell” rating in a report on Thursday, October 17th.
The company’s fifty day moving average is $34.19 and its two-hundred day moving average is $32.76. The firm has a market capitalization of $593.33 million, a price-to-earnings ratio of 14.25 and a beta of 0.84. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.01.
Mercantile Bank (NASDAQ:MBWM) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.77 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.14. Mercantile Bank had a net margin of 26.36% and a return on equity of 11.39%. The business had revenue of $38.28 million for the quarter, compared to analyst estimates of $36.69 million. On average, equities research analysts expect that Mercantile Bank Corp. will post 2.73 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Friday, December 6th will be paid a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 3.00%. The ex-dividend date of this dividend is Thursday, December 5th. Mercantile Bank’s payout ratio is presently 42.69%.
In other Mercantile Bank news, Director Michael H. Price sold 2,947 shares of the company’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $35.48, for a total value of $104,559.56. Following the completion of the sale, the director now owns 54,206 shares of the company’s stock, valued at $1,923,228.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.20% of the stock is currently owned by corporate insiders.
Several hedge funds have recently modified their holdings of MBWM. WINTON GROUP Ltd bought a new stake in shares of Mercantile Bank during the second quarter worth $339,000. Well Done LLC bought a new stake in shares of Mercantile Bank during the second quarter worth $219,000. Bessemer Group Inc. bought a new stake in shares of Mercantile Bank during the second quarter worth $733,000. Aperio Group LLC bought a new stake in shares of Mercantile Bank during the second quarter worth $146,000. Finally, Swiss National Bank increased its position in shares of Mercantile Bank by 1.8% during the second quarter. Swiss National Bank now owns 27,700 shares of the financial services provider’s stock worth $902,000 after acquiring an additional 500 shares in the last quarter. 54.36% of the stock is owned by institutional investors.
About Mercantile Bank (NASDAQ:MBWM)
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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