Mercantile Bank (NASDAQ:MBWM) Issues Earnings Results

Mercantile Bank (NASDAQ:MBWM) posted its quarterly earnings results on Monday. The financial services provider reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.20, Fidelity Earnings reports. Mercantile Bank had a return on equity of 9.67% and a net margin of 23.02%.

Shares of MBWM traded up $0.36 during trading hours on Wednesday, reaching $28.79. The stock had a trading volume of 2,578 shares, compared to its average volume of 49,010. Mercantile Bank has a 12 month low of $17.09 and a 12 month high of $37.15. The firm has a 50-day simple moving average of $27.07 and a 200 day simple moving average of $23.02. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 1.02. The company has a market capitalization of $467.38 million, a price-to-earnings ratio of 10.69 and a beta of 1.12.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 17th. Investors of record on Friday, March 5th will be issued a $0.29 dividend. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.28. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.03%. The ex-dividend date of this dividend is Thursday, March 4th. Mercantile Bank’s dividend payout ratio (DPR) is currently 43.58%.

A number of equities analysts have issued reports on the company. Zacks Investment Research upgraded Mercantile Bank from a “hold” rating to a “buy” rating and set a $33.00 price target on the stock in a report on Saturday, January 9th. TheStreet upgraded Mercantile Bank from a “c+” rating to a “b-” rating in a report on Monday, November 9th. Finally, Piper Sandler cut their price target on Mercantile Bank from $23.00 to $20.00 and set a “neutral” rating on the stock in a report on Tuesday, September 29th.

In related news, COO Robert T. Worthington sold 3,500 shares of the stock in a transaction on Tuesday, December 1st. The stock was sold at an average price of $25.04, for a total value of $87,640.00. Following the transaction, the chief operating officer now directly owns 8,846 shares in the company, valued at approximately $221,503.84. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 3.20% of the stock is owned by company insiders.

About Mercantile Bank

Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan that provides commercial and retail banking services for 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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Earnings History for Mercantile Bank (NASDAQ:MBWM)

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