Mercantile Bank Corporation (NASDAQ:MBWM) Announces Earnings Results

Mercantile Bank Corporation (NASDAQ:MBWM) posted its earnings results on Tuesday, October 17th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.03, MarketWatch Earnings reports. The business had revenue of $33.25 million during the quarter, compared to analysts’ expectations of $32.20 million. Mercantile Bank Corporation had a return on equity of 9.00% and a net margin of 22.18%.

Shares of Mercantile Bank Corporation (MBWM) traded up 0.70% on Friday, hitting $37.19. The company had a trading volume of 23,782 shares. The firm has a market capitalization of $613.00 million, a price-to-earnings ratio of 19.48 and a beta of 0.72. The company has a 50 day moving average price of $34.16 and a 200 day moving average price of $32.60. Mercantile Bank Corporation has a 1-year low of $27.00 and a 1-year high of $38.68.



The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 20th. Stockholders of record on Friday, December 8th will be issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date of this dividend is Thursday, December 7th. Mercantile Bank Corporation’s dividend payout ratio is currently 39.79%.

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In related news, Director Thomas R. Sullivan sold 10,739 shares of the stock in a transaction that occurred on Friday, October 20th. The stock was sold at an average price of $37.04, for a total value of $397,772.56. Following the transaction, the director now owns 20,273 shares of the company’s stock, valued at $750,911.92. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 3.20% of the company’s stock.

Large investors have recently made changes to their positions in the stock. Dubuque Bank & Trust Co. grew its stake in Mercantile Bank Corporation by 9.0% in the second quarter. Dubuque Bank & Trust Co. now owns 4,436 shares of the financial services provider’s stock worth $140,000 after purchasing an additional 366 shares in the last quarter. Envestnet Asset Management Inc. bought a new position in Mercantile Bank Corporation in the first quarter worth approximately $257,000. Menta Capital LLC bought a new position in Mercantile Bank Corporation in the first quarter worth approximately $328,000. American International Group Inc. grew its stake in Mercantile Bank Corporation by 7.0% in the first quarter. American International Group Inc. now owns 9,781 shares of the financial services provider’s stock worth $336,000 after purchasing an additional 640 shares in the last quarter. Finally, Parametric Portfolio Associates LLC grew its stake in Mercantile Bank Corporation by 41.5% in the first quarter. Parametric Portfolio Associates LLC now owns 9,767 shares of the financial services provider’s stock worth $336,000 after purchasing an additional 2,866 shares in the last quarter. 52.84% of the stock is currently owned by institutional investors.

MBWM has been the subject of several research reports. ValuEngine cut shares of Mercantile Bank Corporation from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $34.00 price objective on shares of Mercantile Bank Corporation in a report on Tuesday, October 3rd. DA Davidson downgraded Mercantile Bank Corporation from a “buy” rating to a “neutral” rating and set a $35.00 price target for the company. in a report on Thursday, September 28th. Finally, Zacks Investment Research downgraded Mercantile Bank Corporation from a “hold” rating to a “sell” rating in a report on Friday, July 21st. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $35.75.

About Mercantile Bank Corporation

Mercantile Bank Corporation is a bank holding company. The Company owns the Mercantile Bank of Michigan (the Bank). The Bank is a state banking company. The Bank provides commercial banking services primarily to small- to medium-sized businesses and retail banking services. The Bank makes secured and unsecured commercial, construction, mortgage and consumer loans, and accepts checking, savings and time deposits.

Earnings History for Mercantile Bank Corporation (NASDAQ:MBWM)

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