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Michael H. Price, a director at Mercantile Bank Corp (NASDAQ:MBWM), recently sold a portion of his holdings in the company. According to a Form 4 filing with the Securities and Exchange Commission, Price sold 6,372 shares of common stock on February 5, 2025. The shares were sold at a weighted average price of $48.4142, amounting to a total transaction value of approximately $308,495. The transaction comes as Mercantile Bank trades near its 52-week high of $52.98, with the stock delivering an impressive 31% return over the past year. InvestingPro analysis indicates the stock is currently fairly valued, with a "FAIR" overall financial health rating.
Following this sale, Price holds 15,184 shares directly. Additionally, he has indirect ownership of 19,909 shares through a 401(k) plan and 14,255 shares in an IRA, reflecting shares acquired since the last report by reinvesting cash dividends under the bank’s dividend reinvestment plan. The bank has maintained dividend payments for 14 consecutive years and raised dividends for 5 straight years, with a current yield of 3.13%. InvestingPro subscribers can access 6 more exclusive tips and comprehensive insider trading analysis for MBWM, along with the detailed Pro Research Report available for this and 1,400+ other US stocks.
In other recent news, Mercantile Bank Corporation reported its third-quarter 2024 earnings, surpassing analyst expectations with an earnings per share (EPS) of $1.22, compared to the forecasted $1.14. The bank’s revenue also exceeded projections, coming in at $58.5 million against an anticipated $57.38 million. Keefe, Bruyette & Woods, a financial services research firm, increased its price target on Mercantile Bank shares from $56.00 to $57.00, maintaining an Outperform rating, following the bank’s strong quarterly results. The bank reported resilient margins, in-line loan growth primarily driven by commercial loans, and a significant deposit growth of 22%.
Mercantile Bank’s strategic focus on deposit growth contributed to a decrease in the loan-to-deposit ratio from 110% a year ago to 98% at the end of the quarter. Analysts at Keefe, Bruyette & Woods anticipate that future interest rate cuts will impact margins, but the reduced number of anticipated cuts in 2025 will positively influence the bank’s margin outlook and earnings projections. In another development, Mercantile Bank announced the issuance of restricted stock to its executive officers, with the performance goals now based on a Comparative Index of similar-sized bank holding companies. This aligns executive compensation with shareholder interests and the bank’s performance relative to its peers.
The bank’s strategic shift in mortgage production and robust deposit growth significantly contributed to its financial results, with a 49% increase in mortgage banking income year-to-date. These recent developments reflect Mercantile Bank’s adaptability and strategic focus in a competitive market, as highlighted by its strong quarterly performance and favorable analyst outlook.
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