Mercantile Bank Corp. (MBWM) Sets New 12-Month High at $26.99
Shares of Mercantile Bank Corp. (NASDAQ:MBWM) hit a new 52-week high on Thursday . The stock traded as high as $26.99 and last traded at $26.92, with a volume of 25,302 shares. The stock had previously closed at $26.80.
Several analysts have recently weighed in on MBWM shares. Raymond James Financial Inc. upgraded shares of Mercantile Bank Corp. from a “market perform” rating to an “outperform” rating and set a $23.00 price objective for the company in a research report on Thursday, August 25th. Zacks Investment Research downgraded shares of Mercantile Bank Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, June 22nd.
The firm has a market cap of $438.07 million and a price-to-earnings ratio of 14.79. The company’s 50-day moving average price is $25.70 and its 200 day moving average price is $24.04.
Mercantile Bank Corp. (NASDAQ:MBWM) last posted its 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 analyst estimates of $30.10 million. Equities analysts predict that Mercantile Bank Corp. will post $1.91 earnings per share for the current fiscal 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 given a $0.17 dividend. This is a boost from Mercantile Bank Corp.’s previous quarterly dividend of $0.16. This represents a $0.68 annualized dividend and a yield of 2.53%. The ex-dividend date of this dividend is Wednesday, September 7th.
In other news, Director Thomas R. Sullivan sold 5,000 shares of the stock in a transaction that occurred on Friday, August 26th. The stock was sold at an average price of $26.87, for a total transaction of $134,350.00. Following the completion of the transaction, the director now directly owns 24,523 shares in the company, valued at approximately $658,933.01. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Chairman Michael H. Price sold 11,520 shares of the stock in a transaction that occurred on Thursday, July 28th. The shares were sold at an average price of $24.99, for a total value of $287,884.80. 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.
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