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

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

Mercantile Bank Trading Up 5.8 %

Mercantile Bank stock traded up $2.55 during mid-day trading on Tuesday, reaching $46.76. 82,733 shares of the company traded hands, compared to its average volume of 61,169. Mercantile Bank has a 52-week low of $33.46 and a 52-week 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’s 50 day moving average price is $47.09 and its 200 day moving average price is $45.30. The firm has a market capitalization of $754.71 million, a price-to-earnings ratio of 9.39 and a beta of 1.01.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In related news, Director Robert B. Kaminski sold 5,800 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $51.75, for a total value of $300,150.00. Following the sale, the director now directly owns 19,810 shares of the company’s stock, valued at $1,025,167.50. This represents a 22.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 10,300 shares of company stock valued at $521,218 over the last three months. Corporate insiders own 3.08% of the company’s stock.

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.