Mercantile Bank (NASDAQ:MBWM – Get Free Report) posted its quarterly earnings results on Tuesday. The financial services provider reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.18 by $0.04, Yahoo Finance reports. Mercantile Bank had a net margin of 23.99% and a return on equity of 15.52%. The company had revenue of $93.08 million for the quarter, compared to analysts’ expectations of $56.83 million. During the same quarter in the previous year, the firm posted $1.30 EPS.
Mercantile Bank Price Performance
Shares of NASDAQ:MBWM opened at $46.45 on Thursday. Mercantile Bank has a 12 month low of $30.59 and a 12 month high of $51.21. The company has a current ratio of 1.03, a quick ratio of 1.02 and a debt-to-equity ratio of 1.03. The stock has a market cap of $748.82 million, a P/E ratio of 9.00 and a beta of 0.95. The company has a 50 day moving average of $43.56 and a 200 day moving average of $40.97.
Mercantile Bank Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Friday, December 6th will be issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 3.10%. The ex-dividend date of this dividend is Friday, December 6th. Mercantile Bank’s payout ratio is presently 27.91%.
Insider Transactions at Mercantile Bank
Analysts Set New Price Targets
Several brokerages recently weighed in on MBWM. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $51.00 price objective (up previously from $47.00) on shares of Mercantile Bank in a report on Wednesday, July 17th. Piper Sandler lifted their target price on shares of Mercantile Bank from $42.00 to $53.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 17th.
Read Our Latest Stock Report on Mercantile Bank
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.
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