Mercantile Bank (NASDAQ:MBWM) Announces Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Mercantile Bank (NASDAQ:MBWM) issued its earnings results on Tuesday. The financial services provider reported $0.63 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.61 by $0.02, Morningstar.com reports. The business had revenue of $37.45 million for the quarter, compared to analyst estimates of $35.51 million. Mercantile Bank had a net margin of 25.97% and a return on equity of 11.10%.

Mercantile Bank stock opened at $31.84 on Thursday. Mercantile Bank has a 1-year low of $26.40 and a 1-year high of $37.72. The company has a market capitalization of $534.24 million, a price-to-earnings ratio of 12.58, a price-to-earnings-growth ratio of 1.60 and a beta of 0.82. The firm has a fifty day simple moving average of $31.92. The company has a debt-to-equity ratio of 1.12, a current ratio of 1.09 and a quick ratio of 1.09.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Shareholders of record on Friday, September 6th will be paid a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.39%. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.26. The ex-dividend date is Thursday, September 5th. Mercantile Bank’s dividend payout ratio (DPR) is 41.11%.

Several research analysts recently issued reports on the stock. BidaskClub lowered shares of Weyco Group from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 13th. ValuEngine lowered shares of Zumiez from a “hold” rating to a “sell” rating in a research note on Tuesday, July 2nd. Finally, Zacks Investment Research lowered shares of ExlService from a “hold” rating to a “sell” rating in a research note on Wednesday, July 10th. Three investment analysts have rated the stock with a sell rating and one has assigned a hold rating to the company. The stock currently has a consensus rating of “Sell” and an average target price of $38.17.

Several institutional investors have recently added to or reduced their stakes in MBWM. BlackRock Inc. lifted its stake in shares of Mercantile Bank by 9.4% in the fourth quarter. BlackRock Inc. now owns 1,242,624 shares of the financial services provider’s stock valued at $35,115,000 after buying an additional 106,271 shares in the last quarter. Tributary Capital Management LLC lifted its stake in shares of Mercantile Bank by 15.5% in the first quarter. Tributary Capital Management LLC now owns 392,865 shares of the financial services provider’s stock valued at $12,855,000 after buying an additional 52,718 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Mercantile Bank by 4.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,131,042 shares of the financial services provider’s stock valued at $31,964,000 after buying an additional 49,382 shares in the last quarter. LaFleur & Godfrey LLC bought a new position in shares of Mercantile Bank in the first quarter valued at $1,245,000. Finally, Acadian Asset Management LLC lifted its stake in shares of Mercantile Bank by 101.6% in the first quarter. Acadian Asset Management LLC now owns 52,421 shares of the financial services provider’s stock valued at $1,715,000 after buying an additional 26,413 shares in the last quarter. 54.08% of the stock is currently owned by hedge funds and other institutional investors.

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.

Featured Story: What is the Moving Average Convergence Divergence (MACD) oscillator?

Earnings History for Mercantile Bank (NASDAQ:MBWM)

Receive News & Ratings for Mercantile Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mercantile Bank and related companies with MarketBeat.com's FREE daily email newsletter.