Mercantile Bank (NASDAQ:MBWM) Releases Earnings Results, Beats Estimates By $0.04 EPS

Mercantile Bank (NASDAQ:MBWM) released its quarterly earnings data on Tuesday. The financial services provider reported $1.22 earnings per share for the quarter, topping the consensus estimate 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 period in the previous year, the business earned $1.30 EPS.

Mercantile Bank Trading Up 4.2 %

MBWM opened at $46.45 on Thursday. The stock 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 quick ratio of 1.02, a current ratio of 1.03 and a debt-to-equity ratio of 1.03. Mercantile Bank has a twelve month low of $30.59 and a twelve month high of $51.21. The company has a 50-day simple moving average of $43.56 and a 200 day simple moving average of $40.97.

Mercantile Bank Announces Dividend

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

Insider Buying and Selling at Mercantile Bank

In related 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 sale, the director now owns 31,610 shares in the company, valued at approximately $1,540,355.30. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director Robert B. Kaminski sold 3,000 shares of Mercantile Bank stock in a transaction on Friday, July 19th. The stock was sold at an average price of $48.73, for a total value of $146,190.00. Following the transaction, the director now owns 31,610 shares in the company, valued at approximately $1,540,355.30. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Michael H. Price sold 5,000 shares of the business’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 of the company’s stock, valued at approximately $982,306.92. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 10,500 shares of company stock valued at $491,418 in the last ninety days. 3.08% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

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

About Mercantile Bank

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.