Mercantile Bank (MBWM) Issues Quarterly Earnings Results

Mercantile Bank (NASDAQ:MBWM) posted its quarterly earnings data on Tuesday. The financial services provider reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.10, reports. Mercantile Bank had a net margin of 21.64% and a return on equity of 8.72%.

NASDAQ MBWM opened at $34.61 on Tuesday. Mercantile Bank has a twelve month low of $28.92 and a twelve month high of $38.08. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.03 and a current ratio of 1.03. The company has a market cap of $565.99, a price-to-earnings ratio of 17.95, a PEG ratio of 1.80 and a beta of 0.71.

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In other Mercantile Bank news, Director Thomas R. Sullivan sold 6,930 shares of Mercantile Bank stock in a transaction that occurred on Friday, March 2nd. The shares were sold at an average price of $34.28, for a total transaction of $237,560.40. Following the transaction, the director now directly owns 20,143 shares in the company, valued at approximately $690,502.04. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 3.20% of the company’s stock.

MBWM has been the topic of several research analyst reports. BidaskClub upgraded shares of Mercantile Bank from a “strong sell” rating to a “sell” rating in a research report on Wednesday, March 7th. Keefe, Bruyette & Woods upgraded shares of Mercantile Bank from a “market perform” rating to an “outperform” rating in a research report on Thursday, March 1st. Zacks Investment Research upgraded shares of Mercantile Bank from a “hold” rating to a “buy” rating and set a $41.00 price objective on the stock in a research report on Tuesday, January 2nd. Sandler O’Neill set a $37.00 price objective on shares of Mercantile Bank and gave the stock a “hold” rating in a research report on Tuesday, March 27th. Finally, Hovde Group reiterated a “hold” rating and set a $38.50 price objective on shares of Mercantile Bank in a research report on Thursday, January 18th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $37.10.

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About Mercantile Bank

Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan that provides commercial and retail banking services for 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.

Earnings History for Mercantile Bank (NASDAQ:MBWM)

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