Mercantile Bank (NASDAQ:MBWM) Shares Cross Above 200-Day Moving Average – Here’s Why

Shares of Mercantile Bank Co. (NASDAQ:MBWM) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $42.29 and traded as high as $51.03. Mercantile Bank shares last traded at $49.56, with a volume of 53,333 shares trading hands.

Analyst Ratings Changes

MBWM has been the topic of several recent analyst reports. Piper Sandler increased their price objective on shares of Mercantile Bank from $42.00 to $53.00 and gave the company a “neutral” rating in a research report on Wednesday, July 17th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $51.00 price objective (up from $47.00) on shares of Mercantile Bank in a research report on Wednesday, July 17th.

Mercantile Bank Stock Down 1.3 %

The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 0.95. The firm has a market cap of $799.90 million, a P/E ratio of 9.95 and a beta of 0.95. The company’s 50 day simple moving average is $44.21 and its 200-day simple moving average is $42.29.

Mercantile Bank (NASDAQ:MBWM) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.18 by $0.04. The business had revenue of $93.08 million for the quarter, compared to analysts’ expectations of $56.83 million. Mercantile Bank had a net margin of 22.77% and a return on equity of 14.59%. During the same quarter in the prior year, the business earned $1.30 EPS. Research analysts forecast that Mercantile Bank Co. will post 4.87 earnings per share for the current fiscal year.

Mercantile Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Friday, December 6th will be paid a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 2.91%. The ex-dividend date is Friday, December 6th. Mercantile Bank’s dividend payout ratio (DPR) is presently 28.92%.

Insider Transactions at Mercantile Bank

In other Mercantile Bank news, Director Michael H. Price sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $45.57, for a total transaction of $227,850.00. Following the sale, the director now owns 21,556 shares in the company, valued at approximately $982,306.92. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 5,500 shares of company stock worth $248,920 in the last quarter. Company insiders own 3.08% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Gradient Investments LLC acquired a new position in Mercantile Bank in the 2nd quarter worth approximately $28,000. Mattson Financial Services LLC acquired a new position in Mercantile Bank in the 2nd quarter worth approximately $28,000. EMC Capital Management acquired a new position in Mercantile Bank in the 1st quarter worth approximately $72,000. Quantbot Technologies LP acquired a new position in Mercantile Bank in the 3rd quarter worth approximately $89,000. Finally, CWM LLC increased its holdings in Mercantile Bank by 242.6% in the 2nd quarter. CWM LLC now owns 2,799 shares of the financial services provider’s stock worth $114,000 after buying an additional 1,982 shares during the period. Institutional investors own 58.63% of the company’s stock.

About Mercantile Bank

Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan that provides commercial and retail banking services to small- to medium-sized businesses and individuals in the United States. It accepts various deposit products, including checking, savings, and term certificate accounts; time deposits; and certificates of deposit.