Mercantile Bank (NASDAQ:MBWM) Issues Quarterly 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, topping the consensus estimate of $1.15 by $0.07, Zacks reports. Mercantile Bank had a return on equity of 14.29% and a net margin of 21.99%.

Mercantile Bank Stock Up 3.8 %

Shares of Mercantile Bank stock opened at $48.52 on Thursday. The company has a fifty day moving average price of $47.00 and a 200 day moving average price of $45.39. The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 0.95. Mercantile Bank has a twelve month low of $33.46 and a twelve month high of $52.98. The stock has a market cap of $783.11 million, a price-to-earnings ratio of 9.80 and a beta of 1.01.

Mercantile Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Friday, March 7th will be paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.05%. The ex-dividend date of this dividend is Friday, March 7th. This is an increase from Mercantile Bank’s previous quarterly dividend of $0.36. Mercantile Bank’s dividend payout ratio (DPR) is currently 29.09%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on MBWM shares. Keefe, Bruyette & Woods upped their price objective on shares of Mercantile Bank from $56.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday. Hovde Group raised shares of Mercantile Bank from a “market perform” rating to an “outperform” rating and set a $54.00 price target for the company in a research report on Wednesday.

Insiders Place Their Bets

In other news, Director Robert B. Kaminski sold 5,800 shares of the business’s stock in a transaction 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. The trade was a 22.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold a total of 10,300 shares of company stock worth $521,218 over the last quarter. 3.08% of the stock is owned by corporate insiders.

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.