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

Mercantile Bank (NASDAQ:MBWM) posted its quarterly earnings results on Tuesday. The financial services provider reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.07, Zacks reports. Mercantile Bank had a return on equity of 14.59% and a net margin of 22.77%.

Mercantile Bank Trading Up 5.8 %

NASDAQ:MBWM opened at $46.76 on Wednesday. Mercantile Bank has a one year low of $33.46 and a one 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 firm has a market capitalization of $754.71 million, a price-to-earnings ratio of 9.39 and a beta of 1.01. The business has a fifty day moving average price of $47.02 and a 200-day moving average price of $45.36.

Insider Activity at Mercantile Bank

In related news, Director Robert B. Kaminski sold 5,800 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $51.75, for a total value of $300,150.00. Following the completion of the transaction, the director now owns 19,810 shares of the company’s stock, valued at approximately $1,025,167.50. This represents a 22.65 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In the last ninety days, insiders sold 10,300 shares of company stock worth $521,218. 3.08% of the stock is owned by company insiders.

Analysts Set New Price Targets

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

About Mercantile Bank

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.