Mercantile Bank Co. (NASDAQ:MBWM) Director David B. Ramaker Purchases 1,500 Shares

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

Several institutional investors and hedge funds have recently modified their holdings of MBWM. American Century Companies Inc. raised its holdings in shares of Mercantile Bank by 29.0% in the 1st quarter. American Century Companies Inc. now owns 73,259 shares of the financial services provider’s stock valued at $2,595,000 after buying an additional 16,465 shares during the period. US Bancorp DE grew its stake in Mercantile Bank by 18.5% during the 1st quarter. US Bancorp DE now owns 6,180 shares of the financial services provider’s stock worth $219,000 after purchasing an additional 966 shares in the last quarter. MetLife Investment Management LLC grew its stake in Mercantile Bank by 57.0% during the 1st quarter. MetLife Investment Management LLC now owns 8,397 shares of the financial services provider’s stock worth $297,000 after purchasing an additional 3,047 shares in the last quarter. Panagora Asset Management Inc. grew its stake in Mercantile Bank by 61.6% during the 1st quarter. Panagora Asset Management Inc. now owns 10,452 shares of the financial services provider’s stock worth $370,000 after purchasing an additional 3,985 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in Mercantile Bank by 0.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,153,934 shares of the financial services provider’s stock worth $40,873,000 after purchasing an additional 5,838 shares in the last quarter. Hedge funds and other institutional investors own 55.50% of the company’s stock.

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

(Get Rating)

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.