Mercantile Bank (NASDAQ:MBWM) Posts Earnings Results, Beats Expectations By $0.04 EPS

Mercantile Bank (NASDAQ:MBWM) posted its earnings results on Tuesday. The financial services provider reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.18 by $0.04, Yahoo Finance reports. Mercantile Bank had a net margin of 23.99% and a return on equity of 15.52%. The company had revenue of $93.08 million for the quarter, compared to analyst estimates of $56.83 million. During the same quarter in the prior year, the business posted $1.30 EPS.

Mercantile Bank Trading Up 4.2 %

Shares of MBWM stock opened at $46.45 on Thursday. Mercantile Bank has a 52-week low of $30.59 and a 52-week high of $51.21. The company has a 50-day simple moving average of $43.56 and a two-hundred day simple moving average of $40.97. The company has a market capitalization of $748.82 million, a price-to-earnings ratio of 9.00 and a beta of 0.95. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.02 and a current ratio of 1.03.

Mercantile Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Friday, December 6th will be given a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 3.10%. The ex-dividend date of this dividend is Friday, December 6th. Mercantile Bank’s payout ratio is 27.91%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $51.00 price objective (up from $47.00) on shares of Mercantile Bank in a research report on Wednesday, July 17th. Piper Sandler upped their price objective on shares of Mercantile Bank from $42.00 to $53.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 17th.

Insider Activity

In other news, Director Robert B. Kaminski sold 3,000 shares of the stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $48.73, for a total transaction of $146,190.00. Following the completion of the transaction, the director now directly owns 31,610 shares of the company’s stock, valued at $1,540,355.30. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, 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 completion of the transaction, the director now directly owns 21,556 shares of the company’s stock, valued at $982,306.92. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert B. Kaminski sold 3,000 shares of the stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $48.73, for a total transaction of $146,190.00. Following the transaction, the director now directly owns 31,610 shares of the company’s stock, valued at $1,540,355.30. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 10,500 shares of company stock valued at $491,418 in the last three months. Company insiders own 3.08% 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.