Multiple institutional investors have changed their investments in Mercantile Bank. Gradient Investments LLC invested $28,000, while Voisard Asset Management Group bought shares worth $38,000. EMC Capital Management acquired $72,000 worth during the first quarter. CWM LLC increased its stake by 242.6% to 2,799 shares, valued at $114,000. Allspring Global Investments raised its stake by 9.2%, totaling 4,660 shares worth $179,000. Currently, institutional investors own 58.63% of Mercantile Bank’s shares.
Mercantile Bank Stock Update
NASDAQ MBWM opened at $41.28. It has a 12-month low of $30.12 and a high of $51.21. The company has a market cap of $665.47 million, a PE ratio of 8.00, and a beta of 0.96. Its 50-day moving average is $44.25.
Mercantile Bank (NASDAQ:MBWM Get Free Report) reported earnings on July 16th, showing an EPS of $1.17, matching estimates. Revenue was $88.56 million, exceeding expectations. Analysts suggest an EPS of 4.81 for this fiscal year.
Dividend Increase
The bank announced a quarterly dividend of $0.36, paid on September 18th, up from $0.35. The annual dividend is $1.44, yielding 3.49%. The payout ratio is 27.91%.
Insider Sales
Director Robert B. Kaminski sold 2,000 shares for $96,020 on July 22nd. He now owns 29,610 shares valued at $1,421,576. Director Michael H. Price sold 5,000 shares for $227,850 on August 26th, owning 21,556 shares worth $982,306. In total, insiders sold 10,500 shares worth $491,418 in the last 90 days, holding 3.08% of the company.
Price Target Updates
Brokerages have increased price targets for Mercantile Bank. Piper Sandler raised theirs from $42.00 to $53.00, giving a “neutral” rating. Keefe, Bruyette & Woods set a new target of $51.00. Overall, the stock holds an average rating of Hold with a target price of $52.00.
Get Our Latest Analysis on Mercantile Bank
About Mercantile Bank
(Free Report) Mercantile Bank Corporation operates as a bank holding company, offering commercial and retail banking services in the U.S.
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