Mercantile Bank (NASDAQ:MBWM - Get Free Report) announced its quarterly earnings results on Tuesday. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.19 by $0.02, Zacks reports. Mercantile Bank had a return on equity of 14.29% and a net margin of 21.99%. The company had revenue of $57.20 million during the quarter, compared to the consensus estimate of $57.57 million.
Mercantile Bank Stock Performance
Shares of NASDAQ MBWM traded down $0.23 during trading hours on Friday, reaching $41.84. The stock had a trading volume of 46,111 shares, compared to its average volume of 65,649. The firm has a 50-day moving average of $43.55 and a 200-day moving average of $45.76. The firm has a market cap of $679.27 million, a price-to-earnings ratio of 8.45 and a beta of 0.86. Mercantile Bank has a fifty-two week low of $35.61 and a fifty-two week high of $52.98. The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 0.95.
Mercantile Bank Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Friday, June 6th will be issued a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 3.54%. The ex-dividend date is Friday, June 6th. Mercantile Bank's payout ratio is 30.71%.
Analysts Set New Price Targets
A number of research firms have recently commented on MBWM. Hovde Group upgraded Mercantile Bank from a "market perform" rating to an "outperform" rating and set a $54.00 target price on the stock in a research report on Wednesday, January 22nd. Piper Sandler decreased their target price on shares of Mercantile Bank from $50.00 to $47.50 and set a "neutral" rating on the stock in a research note on Wednesday. Finally, Keefe, Bruyette & Woods raised their target price on Mercantile Bank from $56.00 to $57.00 and gave the stock an "outperform" rating in a research note on Wednesday, January 22nd.
Read Our Latest Research Report on Mercantile Bank
Insider Buying and Selling at Mercantile Bank
In other Mercantile Bank news, Director Robert B. Kaminski sold 1,000 shares of the business's stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $50.22, for a total transaction of $50,220.00. Following the sale, the director now directly owns 11,810 shares in the company, valued at approximately $593,098.20. The trade was a 7.81 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last three months, insiders have sold 4,750 shares of company stock worth $235,275. 3.20% of the stock is owned by company insiders.
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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