Mercantile Bank Corp. (NASDAQ:MBWM) SVP Lonna Wiersma sold 1,000 shares of Mercantile Bank stock in a transaction dated Tuesday, November 20th. The stock was sold at an average price of $31.37, for a total value of $31,370.00. Following the completion of the transaction, the senior vice president now directly owns 5,000 shares of the company’s stock, valued at $156,850. The transaction was disclosed in a document filed with the SEC, which is available at this link.
Shares of MBWM stock traded up $0.23 during mid-day trading on Friday, hitting $31.41. The company’s stock had a trading volume of 10,541 shares, compared to its average volume of 25,605. Mercantile Bank Corp. has a 52 week low of $29.60 and a 52 week high of $38.47. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.75. The firm has a market cap of $517.41 million, a PE ratio of 16.62, a price-to-earnings-growth ratio of 1.60 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. The firm had revenue of $34.55 million during the quarter, compared to analyst estimates of $34.60 million. Mercantile Bank had a return on equity of 10.33% and a net margin of 24.66%. On average, analysts forecast that Mercantile Bank Corp. will post 2.44 earnings per share for the current year.
MBWM has been the subject of several research analyst reports. Zacks Investment Research raised Mercantile Bank from a “sell” rating to a “hold” rating in a research report on Wednesday. BidaskClub raised Mercantile Bank from a “sell” rating to a “hold” rating in a research report on Tuesday, October 30th. Finally, ValuEngine lowered Mercantile Bank from a “hold” rating to a “sell” rating in a research report on Thursday, September 27th. One investment analyst has rated the stock with a sell rating and four have given a hold rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $39.00.
Several institutional investors and hedge funds have recently modified their holdings of MBWM. FMR LLC acquired a new stake in shares of Mercantile Bank in the 3rd quarter valued at about $103,000. Ramsey Quantitative Systems boosted its stake in Mercantile Bank by 62.4% during the 3rd quarter. Ramsey Quantitative Systems now owns 4,317 shares of the financial services provider’s stock valued at $144,000 after purchasing an additional 1,658 shares during the last quarter. ClariVest Asset Management LLC acquired a new position in Mercantile Bank during the 2nd quarter valued at about $209,000. Voya Investment Management LLC acquired a new position in Mercantile Bank during the 2nd quarter valued at about $263,000. Finally, Paloma Partners Management Co acquired a new position in Mercantile Bank during the 3rd quarter valued at about $268,000. Institutional investors own 55.56% of the company’s stock.
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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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