Mercantile Bank Co. (NASDAQ:MBWM - Get Free Report)'s share price shot up 4.4% on Tuesday . The company traded as high as $45.63 and last traded at $45.31. 19,050 shares were traded during mid-day trading, a decline of 73% from the average session volume of 69,481 shares. The stock had previously closed at $43.40.
A number of equities research analysts have issued reports on MBWM shares. Keefe, Bruyette & Woods reissued an "outperform" rating and set a $51.00 target price (up previously from $47.00) on shares of Mercantile Bank in a report on Wednesday, July 17th. Piper Sandler boosted their price objective on Mercantile Bank from $42.00 to $53.00 and gave the company a "neutral" rating in a research note on Wednesday, July 17th.
Check Out Our Latest Analysis on MBWM
The business's 50-day moving average price is $43.42 and its 200 day moving average price is $40.89. The company has a quick ratio of 1.02, a current ratio of 1.03 and a debt-to-equity ratio of 1.03. The company has a market capitalization of $718.84 million, a P/E ratio of 8.78 and a beta of 0.95.
Mercantile Bank (NASDAQ:MBWM - Get Free Report) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.17 EPS for the quarter, meeting analysts' consensus estimates of $1.17. Mercantile Bank had a net margin of 23.99% and a return on equity of 15.52%. The firm had revenue of $88.56 million during the quarter, compared to analyst estimates of $56.23 million. During the same period in the previous year, the business earned $1.27 EPS. Analysts anticipate that Mercantile Bank Co. will post 4.82 EPS for the current fiscal year.
In other Mercantile Bank news, Director Michael H. Price sold 5,000 shares of the company's stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $45.57, for a total value of $227,850.00. Following the transaction, the director now directly owns 21,556 shares in the company, valued at $982,306.92. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Robert B. Kaminski sold 3,000 shares of the company's stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $48.73, for a total value of $146,190.00. Following the completion of the transaction, the director now directly owns 31,610 shares in the company, valued at approximately $1,540,355.30. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael H. Price sold 5,000 shares of the 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 transaction, the director now owns 21,556 shares in the company, valued at $982,306.92. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 10,500 shares of company stock valued at $491,418. Company insiders own 3.08% of the company's stock.
A number of hedge funds have recently made changes to their positions in the business. Gradient Investments LLC bought a new position in shares of Mercantile Bank during the second quarter valued at about $28,000. Mattson Financial Services LLC purchased a new stake in Mercantile Bank during the 2nd quarter valued at $28,000. EMC Capital Management bought a new stake in Mercantile Bank in the 1st quarter worth $72,000. CWM LLC increased its position in shares of Mercantile Bank by 242.6% in the second quarter. CWM LLC now owns 2,799 shares of the financial services provider's stock valued at $114,000 after acquiring an additional 1,982 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its position in shares of Mercantile Bank by 9.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 4,660 shares of the financial services provider's stock valued at $179,000 after acquiring an additional 392 shares during the period. 58.63% of the stock is currently owned by institutional investors.
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.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Before you consider Mercantile Bank, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Mercantile Bank wasn't on the list.
While Mercantile Bank currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.