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

by · The Markets Daily

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

Mercantile Bank Trading Up 5.8 %

Mercantile Bank stock traded up $2.55 during mid-day trading on Tuesday, reaching $46.76. 82,733 shares of the company traded hands, compared to its average volume of 61,169. Mercantile Bank has a 52-week low of $33.46 and a 52-week high of $52.98. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.02 and a quick ratio of 1.01. The firm’s 50 day moving average price is $47.09 and its 200 day moving average price is $45.30. The firm has a market capitalization of $754.71 million, a price-to-earnings ratio of 9.39 and a beta of 1.01.

Analyst Upgrades and Downgrades

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

Read Our Latest Report on Mercantile Bank

Insider Buying and Selling

In related news, Director Robert B. Kaminski sold 5,800 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $51.75, for a total value of $300,150.00. Following the sale, the director now directly owns 19,810 shares of the company’s stock, valued at $1,025,167.50. This represents a 22.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 10,300 shares of company stock valued at $521,218 over the last three months. Corporate insiders own 3.08% of the company’s stock.

About Mercantile Bank

(Get Free Report)

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.

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