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

Mercantile Bank (NASDAQ:MBWM) issued its quarterly earnings data on Tuesday. The financial services provider reported $1.22 earnings per share (EPS) 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 %

Shares of NASDAQ:MBWM traded up $2.55 during mid-day trading on Tuesday, hitting $46.76. The company had a trading volume of 82,733 shares, compared to its average volume of 61,169. The firm has a fifty day moving average price of $47.09 and a 200 day moving average price of $45.30. The company has a market capitalization of $754.71 million, a PE ratio of 9.39 and a beta of 1.01. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.02 and a quick ratio of 1.01. Mercantile Bank has a one year low of $33.46 and a one year high of $52.98.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods raised their price target on shares of Mercantile Bank from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th.

Insider Activity

In other news, Director Robert B. Kaminski sold 5,800 shares of Mercantile Bank stock in a transaction on Monday, November 25th. The shares were sold at an average price of $51.75, for a total value of $300,150.00. Following the completion of the sale, the director now owns 19,810 shares in the company, valued at $1,025,167.50. The trade was a 22.65 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders sold 10,300 shares of company stock worth $521,218 in the last quarter. 3.08% of the stock is owned by corporate insiders.

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.