Mercantile Bank Corp. (MBWM) Hits New 12-Month High at $26.75
Mercantile Bank Corp. (NASDAQ:MBWM) shares hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $26.75 and last traded at $26.63, with a volume of 30,733 shares traded. The stock had previously closed at $26.13.
MBWM has been the subject of several research reports. Zacks Investment Research lowered shares of Mercantile Bank Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, June 22nd. Raymond James Financial Inc. upgraded shares of Mercantile Bank Corp. from a “market perform” rating to an “outperform” rating and set a $23.00 target price for the company in a research report on Thursday.
The firm has a 50 day moving average of $25.44 and a 200-day moving average of $23.90. The firm has a market capitalization of $436.77 million and a price-to-earnings ratio of 14.74.
Mercantile Bank Corp. (NASDAQ:MBWM) last released its quarterly earnings results on Tuesday, July 19th. The financial services provider reported $0.46 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.04. The business earned $31.20 million during the quarter, compared to the consensus estimate of $30.10 million. On average, analysts anticipate that Mercantile Bank Corp. will post $1.91 EPS for the current fiscal year.
The firm also recently declared 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. The ex-dividend date is Wednesday, September 7th. This represents a $0.68 annualized dividend and a yield of 2.53%. 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 stock in a transaction that occurred on Friday, August 19th. The shares were sold at an average price of $25.81, for a total value of $344,873.22. Following the transaction, the chairman now directly owns 59,712 shares in the company, valued at $1,541,166.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
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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