Mercantile Bank (NASDAQ:MBWM) Issues Quarterly Earnings Results

Mercantile Bank (NASDAQ:MBWM) issued its earnings results on Tuesday. The financial services provider reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.35 by $0.07, Zacks reports. Mercantile Bank had a return on equity of 13.66% and a net margin of 24.75%.

Mercantile Bank Trading Down 0.3%

NASDAQ MBWM opened at $58.42 on Tuesday. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.59. Mercantile Bank has a twelve month low of $42.88 and a twelve month high of $62.95. The company has a market cap of $1.01 billion, a price-to-earnings ratio of 10.29 and a beta of 0.83. The business’s fifty day moving average is $59.88 and its 200 day moving average is $56.50.

Wall Street Analysts Forecast Growth

Several brokerages have commented on MBWM. Keefe, Bruyette & Woods boosted their target price on Mercantile Bank from $60.00 to $64.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 22nd. Raymond James Financial started coverage on shares of Mercantile Bank in a research note on Tuesday, September 1st. They issued an “outperform” rating and a $65.00 price target on the stock. Hovde Group lowered shares of Mercantile Bank from an “outperform” rating to a “market perform” rating and set a $62.00 price target on the stock. in a report on Wednesday, July 22nd. Weiss Ratings upgraded shares of Mercantile Bank from a “buy (b)” rating to a “buy (a-)” rating in a research report on Friday, October 9th. Finally, Piper Sandler set a $65.00 price objective on shares of Mercantile Bank in a research report on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $62.00.

Mercantile Bank Company Profile

Mercantile Bank Corporation is a bank holding company headquartered in Grand Rapids, Michigan. Through its subsidiary, Mercantile Bank, the company provides commercial and retail banking services to businesses, professionals and individuals. The bank primarily serves communities across Michigan, with a focus on relationship-based banking and locally oriented financial services.

Mercantile Bank offers a range of deposit products, including checking, savings, money market and certificate of deposit accounts.