Mercantile Bank Corp. (MBWM) Hits New 1-Year High at $26.75
Mercantile Bank Corp. (NASDAQ:MBWM) reached a new 52-week high during trading on Thursday . The stock traded as high as $26.75 and last traded at $26.63, with a volume of 30,733 shares. The stock had previously closed at $26.13.
Several research firms have commented on MBWM. Raymond James Financial Inc. raised Mercantile Bank Corp. from a “market perform” rating to an “outperform” rating and set a $23.00 target price on the stock in a report on Thursday. Zacks Investment Research downgraded Mercantile Bank Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, June 22nd.
The firm has a market cap of $433.51 million and a PE ratio of 14.63. The stock’s 50-day moving average price is $25.35 and its 200 day moving average price is $23.87.
Mercantile Bank Corp. (NASDAQ:MBWM) last issued its quarterly earnings results on Tuesday, July 19th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.04. The business had revenue of $31.20 million for the quarter, compared to the consensus estimate of $30.10 million. On average, analysts predict that Mercantile Bank Corp. will post $1.91 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 21st. Shareholders of record on Friday, September 9th will be issued a dividend of $0.17 per share. The ex-dividend date is Wednesday, September 7th. This represents a $0.68 annualized dividend and a yield of 2.55%. This is a boost from Mercantile Bank Corp.’s previous quarterly dividend of $0.16.
In other Mercantile Bank Corp. news, Chairman Michael H. Price sold 13,362 shares of the firm’s stock in a transaction on Friday, August 19th. The stock was sold at an average price of $25.81, for a total transaction of $344,873.22. Following the transaction, the chairman now directly owns 59,712 shares in the company, valued at approximately $1,541,166.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.
Mercantile Bank Corporation is a bank holding company. The Company owns the Mercantile Bank of Michigan (the Bank). The Bank is a state banking company. The bank, through its approximately 50 office locations, provides commercial banking services primarily to small- to medium-sized businesses and retail banking services in and around the West and Central portions of Michigan.
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