Mercantile Bank (NASDAQ:MBWM) Announces Quarterly Earnings Results

Mercantile Bank (NASDAQ:MBWM) posted its quarterly earnings results on Tuesday. The financial services provider reported $1.22 EPS 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 firm had revenue of $93.08 million for the quarter, compared to the consensus estimate of $56.83 million. During the same period last year, the firm posted $1.30 earnings per share.

Mercantile Bank Trading Up 4.2 %

NASDAQ:MBWM opened at $46.45 on Thursday. The firm has a market capitalization of $748.82 million, a P/E ratio of 9.00 and a beta of 0.95. Mercantile Bank has a 52 week low of $30.59 and a 52 week high of $51.21. 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 fifty day moving average of $43.56 and a 200 day moving average of $40.97.

Mercantile Bank Dividend Announcement

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

Analysts Set New Price Targets

Several research firms recently commented on MBWM. Keefe, Bruyette & Woods reaffirmed 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 raised 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.

Insiders Place Their Bets

In other news, Director Michael H. Price sold 5,000 shares of the company’s stock in a transaction dated 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 approximately $982,306.92. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Mercantile Bank news, Director Robert B. Kaminski sold 2,000 shares of Mercantile Bank stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $48.01, for a total value of $96,020.00. Following the completion of the sale, the director now owns 29,610 shares of the company’s stock, valued at approximately $1,421,576.10. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael H. Price sold 5,000 shares of the company’s stock in a transaction on Monday, August 26th. The shares were 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 approximately $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. Insiders have sold a total of 10,500 shares of company stock valued at $491,418 in the last quarter. Insiders own 3.08% of the company’s stock.

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.