Several institutional investors have changed their stakes in Mercantile Bank. Gradient Investments LLC invested $28,000, while Voisard Asset Management bought in for around $38,000. EMC Capital Management purchased shares worth $72,000. CWM LLC enlarged its stake by 242.6%, owning now 2,799 shares worth $114,000. Allspring Global Investments increased its holdings to $179,000, a 9.2% rise. Overall, institutional investors own 58.63% of the stock.
Mercantile Bank Stock Performance
NASDAQ MBWM opened at $41.28 recently, with a 12-month range from $30.12 to $51.21. It has a market cap of $665.47 million and a PE ratio of 8.00.
Mercantile Bank reported earnings on July 16th, showing $1.17 EPS and revenue of $88.56 million, surpassing estimates. Analysts expect $4.81 EPS for the current fiscal year.
Dividend Increase
The bank has increased its quarterly dividend to $0.36, with a yield of 3.49%. This marks a rise from the previous dividend of $0.35, with a payout ratio of 27.91%.
Insider Transactions
Director Robert B. Kaminski sold 2,000 shares for $96,020 on July 22. Director Michael H. Price sold 5,000 shares for $227,850 on August 26. Insiders sold a total of 10,500 shares valued at $491,418 in the last 90 days, owning 3.08% of the company.
Analysts’ Ratings
Brokerages have given Mercantile Bank a mixed rating. Piper Sandler increased its target to $53, and Keefe, Bruyette & Woods raised its target to $51. The consensus price target is $52.
Company Overview
Mercantile Bank Corporation operates Mercantile Bank of Michigan, providing banking services to small and medium-sized businesses and individuals in the U.S.
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