Mercantile Bank (NASDAQ:MBWM) Releases Earnings Results, Beats Estimates By $0.07 EPS

Mercantile Bank (NASDAQ:MBWM) released its earnings results on Tuesday. The financial services provider reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.07, Zacks reports. Mercantile Bank had a return on equity of 14.59% and a net margin of 22.77%.

Mercantile Bank Price Performance

Shares of MBWM stock opened at $46.76 on Wednesday. The stock has a 50 day moving average price of $47.02 and a 200 day moving average price of $45.36. The firm has a market capitalization of $754.71 million, a P/E ratio of 9.39 and a beta of 1.01. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.01 and a current ratio of 1.02. Mercantile Bank has a 52-week low of $33.46 and a 52-week high of $52.98.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods increased their target price on shares of Mercantile Bank from $50.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th.

Insiders Place Their Bets

In other news, Director Robert B. Kaminski sold 5,800 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $51.75, for a total transaction of $300,150.00. Following the transaction, the director now directly owns 19,810 shares of the company’s stock, valued at approximately $1,025,167.50. This trade represents a 22.65 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold a total of 10,300 shares of company stock worth $521,218 over the last quarter. Company 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.