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 $1.15 by $0.07, Zacks reports. Mercantile Bank had a return on equity of 14.29% and a net margin of 21.99%.

Mercantile Bank Trading Up 3.8 %

Mercantile Bank stock opened at $48.52 on Thursday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.01 and a current ratio of 1.02. Mercantile Bank has a 1 year low of $33.46 and a 1 year high of $52.98. The firm’s 50-day moving average is $47.00 and its 200-day moving average is $45.39. The company has a market cap of $783.11 million, a P/E 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. Shareholders of record on Friday, March 7th will be paid a dividend of $0.37 per share. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.48 annualized dividend and a yield of 3.05%. Mercantile Bank’s payout ratio is presently 29.09%.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In related news, Director Robert B. Kaminski sold 5,800 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $51.75, for a total transaction of $300,150.00. Following the completion of the transaction, the director now owns 19,810 shares in the company, valued at $1,025,167.50. The trade was a 22.65 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through 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 company 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.