Mercantile Bank (NASDAQ:MBWM) Announces Quarterly Earnings Results

Mercantile Bank (NASDAQ:MBWM) announced its earnings results on Tuesday. The financial services provider reported $1.17 EPS for the quarter, meeting analysts’ consensus estimates of $1.17, Yahoo Finance reports. The business had revenue of $88.56 million during the quarter, compared to analysts’ expectations of $56.23 million. Mercantile Bank had a return on equity of 15.80% and a net margin of 23.99%. During the same quarter in the prior year, the firm earned $1.27 earnings per share.

Mercantile Bank Trading Down 2.7 %

Mercantile Bank stock traded down $1.32 during midday trading on Thursday, hitting $48.20. 81,431 shares of the stock were exchanged, compared to its average volume of 72,494. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.09. The stock has a market capitalization of $776.98 million, a price-to-earnings ratio of 9.60 and a beta of 0.98. The stock’s 50-day simple moving average is $38.98 and its 200 day simple moving average is $38.16. Mercantile Bank has a fifty-two week low of $30.12 and a fifty-two week high of $50.42.

Mercantile Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Investors of record on Friday, September 6th will be issued a $0.36 dividend. The ex-dividend date is Friday, September 6th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.99%. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.35. Mercantile Bank’s dividend payout ratio is currently 27.13%.

Analysts Set New Price Targets

MBWM has been the subject of a number of research reports. Piper Sandler upped their target price on shares of Mercantile Bank from $42.00 to $53.00 and gave the stock a “neutral” rating in a report on Wednesday. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $51.00 price objective (up previously from $47.00) on shares of Mercantile Bank in a research note on Wednesday. Finally, Janney Montgomery Scott lowered shares of Mercantile Bank from a “buy” rating to a “neutral” rating in a research note on Wednesday, May 8th. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $52.00.

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.