Mercantile Bank (NASDAQ:MBWM) Posts Earnings Results

Mercantile Bank (NASDAQ:MBWM) released its earnings results on Tuesday. The financial services provider reported $1.22 EPS for the quarter, beating the consensus estimate of $1.18 by $0.04, Yahoo Finance reports. Mercantile Bank had a return on equity of 15.52% and a net margin of 23.99%. During the same quarter in the previous year, the company posted $1.30 earnings per share.

Mercantile Bank Stock Up 2.7 %

Shares of NASDAQ:MBWM opened at $44.59 on Wednesday. The company’s fifty day moving average is $43.46 and its two-hundred day moving average is $40.93. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.02 and a current ratio of 1.03. Mercantile Bank has a 1-year low of $30.47 and a 1-year high of $51.21. The stock has a market capitalization of $718.84 million, a price-to-earnings ratio of 8.64 and a beta of 0.95.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on MBWM. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $51.00 target price (up previously from $47.00) on shares of Mercantile Bank in a research note on Wednesday, July 17th. Piper Sandler upped 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.

Insider Activity

In related news, Director Michael H. Price sold 5,000 shares of the 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 sale, the director now owns 21,556 shares in the company, valued at $982,306.92. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing 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 stock in a transaction on Monday, August 26th. The stock was sold at an average price of $45.57, for a total value of $227,850.00. Following the sale, the director now directly owns 21,556 shares of the company’s stock, valued at $982,306.92. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Robert B. Kaminski sold 3,000 shares of the firm’s 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 sale, the director now owns 31,610 shares in the company, 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. In the last three months, insiders sold 10,500 shares of company stock valued at $491,418. Company insiders own 3.08% of the company’s stock.

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.