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

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

Mercantile Bank Price Performance

Mercantile Bank stock opened at $46.45 on Thursday. The firm has a market cap of $748.82 million, a PE ratio of 9.00 and a beta of 0.95. Mercantile Bank has a one year low of $30.59 and a one year high of $51.21. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.03 and a quick ratio of 1.02. The stock’s fifty day moving average price is $43.56 and its two-hundred day moving average price is $40.97.

Mercantile Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Friday, December 6th will be given a $0.36 dividend. 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 Activity at Mercantile Bank

In related news, Director Michael H. Price sold 5,000 shares of the company’s 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 in the company, valued at $982,306.92. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Mercantile Bank news, Director Michael H. Price sold 5,000 shares of the business’s stock in a transaction 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 sale, the director now owns 21,556 shares of the company’s stock, valued at approximately $982,306.92. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Robert B. Kaminski sold 3,000 shares of the stock in a transaction on Friday, July 19th. The shares were sold at an average price of $48.73, for a total value of $146,190.00. Following the completion of the transaction, the director now owns 31,610 shares of the company’s stock, valued at $1,540,355.30. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 10,500 shares of company stock valued at $491,418 over the last quarter. 3.08% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Piper Sandler boosted their price target 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. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $51.00 target price (up from $47.00) on shares of Mercantile Bank in a 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.