Mercantile Bank (NASDAQ:MBWM) Stock Price Crosses Above 200-Day Moving Average – Here’s Why

Mercantile Bank Co. (NASDAQ:MBWM)’s share price passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $45.94 and traded as high as $48.50. Mercantile Bank shares last traded at $47.33, with a volume of 60,508 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on MBWM shares. Keefe, Bruyette & Woods increased their target price on Mercantile Bank from $56.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, January 22nd. Hovde Group upgraded shares of Mercantile Bank from a “market perform” rating to an “outperform” rating and set a $54.00 target price on the stock in a report on Wednesday, January 22nd.

Mercantile Bank Stock Down 0.7 %

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 company has a market capitalization of $764.19 million, a PE ratio of 9.56 and a beta of 1.00. The business has a fifty day moving average of $46.58 and a 200 day moving average of $45.94.

Mercantile Bank (NASDAQ:MBWM) last issued its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.07. Mercantile Bank had a return on equity of 14.29% and a net margin of 21.99%. Equities research analysts anticipate that Mercantile Bank Co. will post 4.83 EPS for the current year.

Mercantile Bank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Shareholders of record on Friday, March 7th will be paid a $0.37 dividend. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.36. This represents a $1.48 annualized dividend and a yield of 3.13%. The ex-dividend date of this dividend is Friday, March 7th. Mercantile Bank’s dividend payout ratio is currently 29.90%.

Insider Buying and Selling at Mercantile Bank

In other Mercantile Bank news, Director Robert B. Kaminski sold 3,000 shares of the firm’s stock in a transaction on Monday, January 27th. The shares were sold at an average price of $50.16, for a total transaction of $150,480.00. Following the transaction, the director now directly owns 13,810 shares of the company’s stock, valued at approximately $692,709.60. This trade represents a 17.85 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders sold 7,500 shares of company stock worth $372,283 over the last 90 days. Corporate insiders own 3.08% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of MBWM. Barclays PLC raised its holdings in Mercantile Bank by 99.2% during the third quarter. Barclays PLC now owns 32,981 shares of the financial services provider’s stock worth $1,441,000 after purchasing an additional 16,423 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Mercantile Bank by 3.9% during the 3rd quarter. Geode Capital Management LLC now owns 376,979 shares of the financial services provider’s stock worth $16,484,000 after buying an additional 14,202 shares in the last quarter. Cerity Partners LLC lifted its holdings in shares of Mercantile Bank by 132.9% in the 3rd quarter. Cerity Partners LLC now owns 21,451 shares of the financial services provider’s stock valued at $938,000 after buying an additional 12,239 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Mercantile Bank by 35.1% in the third quarter. JPMorgan Chase & Co. now owns 82,357 shares of the financial services provider’s stock valued at $3,601,000 after buying an additional 21,411 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Mercantile Bank by 83.7% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 31,301 shares of the financial services provider’s stock valued at $1,368,000 after buying an additional 14,263 shares in the last quarter. Institutional investors and hedge funds own 58.63% of the company’s stock.

Mercantile Bank Company Profile

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.