Mercantile Bank Corp. (MBWM) Hits New 1-Year High at $26.99
Mercantile Bank Corp. (NASDAQ:MBWM) shares reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $26.99 and last traded at $26.92, with a volume of 25,302 shares trading hands. The stock had previously closed at $26.80.
A number of research analysts recently issued reports on MBWM shares. Raymond James Financial Inc. upgraded Mercantile Bank Corp. from a “market perform” rating to an “outperform” rating and set a $23.00 target price for the company in a report on Thursday, August 25th. Zacks Investment Research cut Mercantile Bank Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, June 22nd.
The firm has a market cap of $438.23 million and a P/E ratio of 14.79. The firm’s 50 day moving average price is $25.68 and its 200-day moving average price is $24.04.
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 for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.04. The business earned $31.20 million during the quarter, compared to analyst estimates of $30.10 million. On average, equities 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. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.53%. This is a boost from Mercantile Bank Corp.’s previous quarterly dividend of $0.16.
In other news, Chairman Michael H. Price sold 13,362 shares of the company’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 completion of the sale, the chairman now directly owns 59,712 shares in the company, valued at approximately $1,541,166.72. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Thomas R. Sullivan sold 5,000 shares of the company’s stock in a transaction on Friday, August 26th. The stock was sold at an average price of $26.87, for a total value of $134,350.00. Following the sale, the director now owns 24,523 shares of the company’s stock, valued at $658,933.01. The disclosure for this sale can be found here.
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.