Mercantile Bank (NASDAQ:MBWM) Posts Earnings Results, Meets Estimates

Mercantile Bank (NASDAQ:MBWM) released its quarterly earnings data on Tuesday. The financial services provider reported $1.17 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.17, Yahoo Finance reports. Mercantile Bank had a return on equity of 15.80% and a net margin of 23.99%. The company had revenue of $88.56 million for the quarter, compared to analyst estimates of $56.23 million. During the same period in the previous year, the company posted $1.27 EPS.

Mercantile Bank Price Performance

MBWM opened at $49.52 on Thursday. The stock has a 50-day moving average price of $38.98 and a 200-day moving average price of $38.16. Mercantile Bank has a 12-month low of $30.12 and a 12-month high of $50.42. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.09. The stock has a market capitalization of $798.26 million, a P/E ratio of 9.60 and a beta of 0.98.

Mercantile Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Friday, September 6th will be issued a $0.36 dividend. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.35. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.91%. The ex-dividend date of this dividend is Friday, September 6th. Mercantile Bank’s dividend payout ratio is presently 27.13%.

Analyst Ratings Changes

MBWM has been the topic of a number of analyst reports. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $51.00 price objective (up from $47.00) on shares of Mercantile Bank in a research note on Wednesday. Piper Sandler upped their target price on Mercantile Bank from $42.00 to $53.00 and gave the stock a “neutral” rating in a research note on Wednesday. Finally, Janney Montgomery Scott lowered Mercantile Bank from a “buy” rating to a “neutral” rating in a research note on Wednesday, May 8th. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $52.00.

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.