Mercantile Bank Co. (NASDAQ:MBWM – Get Rating) Director David B. Ramaker bought 1,500 shares of Mercantile Bank stock in a transaction on Friday, January 20th. The stock was acquired at an average price of $33.33 per share, for a total transaction of $49,995.00. Following the transaction, the director now directly owns 7,394 shares of the company’s stock, valued at $246,442.02. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
Mercantile Bank Price Performance
MBWM stock opened at $33.36 on Monday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.14. The company has a market capitalization of $529.29 million, a PE ratio of 8.66 and a beta of 0.98. Mercantile Bank Co. has a 12-month low of $29.26 and a 12-month high of $39.82. The business’s fifty day moving average price is $33.93 and its 200 day moving average price is $33.53.
Mercantile Bank Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 15th. Investors of record on Friday, March 3rd will be issued a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 3.96%. The ex-dividend date is Thursday, March 2nd. This is an increase from Mercantile Bank’s previous quarterly dividend of $0.32. Mercantile Bank’s payout ratio is currently 33.25%.
Institutional Investors Weigh In On Mercantile Bank
Analysts Set New Price Targets
A number of equities research analysts have commented on the company. Piper Sandler reduced their target price on Mercantile Bank to $33.00 in a research report on Thursday, September 29th. Raymond James downgraded Mercantile Bank from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 18th. Finally, StockNews.com downgraded Mercantile Bank from a “buy” rating to a “hold” rating in a research report on Thursday, December 15th.
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.
- Get a free copy of the StockNews.com research report on Mercantile Bank (MBWM)
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