Mercantile Bank (NASDAQ:MBWM - Get Free Report) posted its quarterly earnings results on Tuesday. The financial services provider reported $1.21 earnings per share for the quarter, topping analysts' consensus estimates of $1.19 by $0.02, Zacks reports. The business had revenue of $57.20 million for the quarter, compared to the consensus estimate of $57.57 million. Mercantile Bank had a net margin of 21.99% and a return on equity of 14.29%.
Mercantile Bank Stock Performance
MBWM traded down $0.23 on Friday, hitting $41.84. The company had a trading volume of 46,111 shares, compared to its average volume of 65,730. Mercantile Bank has a 1-year low of $35.61 and a 1-year 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 company's fifty day moving average price is $43.55 and its 200 day moving average price is $45.79. The stock has a market cap of $679.27 million, a price-to-earnings ratio of 8.45 and a beta of 0.86.
Mercantile Bank Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Friday, June 6th will be paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.54%. The ex-dividend date is Friday, June 6th. Mercantile Bank's payout ratio is 30.71%.
Wall Street Analyst Weigh In
Several research analysts have weighed in on MBWM shares. Keefe, Bruyette & Woods upped their target price on Mercantile Bank from $56.00 to $57.00 and gave the stock an "outperform" rating in a research report on Wednesday, January 22nd. Piper Sandler dropped their price objective on Mercantile Bank from $50.00 to $47.50 and set a "neutral" rating on the stock in a report on Wednesday. Finally, Hovde Group upgraded shares of Mercantile Bank from a "market perform" rating to an "outperform" rating and set a $54.00 target price for the company in a research note on Wednesday, January 22nd.
Read Our Latest Analysis on MBWM
Insider Buying and Selling at Mercantile Bank
In other Mercantile Bank news, Director Robert B. Kaminski sold 3,000 shares of the company's stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $50.16, for a total transaction of $150,480.00. Following the completion of the sale, the director now directly owns 13,810 shares in the company, valued at $692,709.60. This represents a 17.85 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 4,750 shares of company stock worth $235,275 over the last 90 days. Insiders own 3.20% of the company's stock.
Mercantile Bank Company Profile
(
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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