Mercantile Bank (NASDAQ:MBWM) announced its quarterly earnings results on Monday. The financial services provider reported $0.75 EPS for the quarter, beating the Zacks’ consensus estimate of $0.55 by $0.20, Fidelity Earnings reports. Mercantile Bank had a return on equity of 9.67% and a net margin of 23.02%.
Shares of Mercantile Bank stock traded up $0.34 during midday trading on Wednesday, reaching $28.77. The company had a trading volume of 69,786 shares, compared to its average volume of 50,766. The stock has a fifty day moving average price of $27.07 and a 200 day moving average price of $23.02. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.09 and a quick ratio of 1.09. The firm has a market cap of $467.05 million, a PE ratio of 10.69 and a beta of 1.12. Mercantile Bank has a fifty-two week low of $17.09 and a fifty-two week high of $37.15.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 17th. Investors of record on Friday, March 5th will be paid a $0.29 dividend. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.28. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.03%. The ex-dividend date of this dividend is Thursday, March 4th. Mercantile Bank’s payout ratio is currently 43.58%.
In related news, COO Robert T. Worthington sold 3,500 shares of Mercantile Bank stock in a transaction that occurred on Tuesday, December 1st. The stock was sold at an average price of $25.04, for a total value of $87,640.00. Following the transaction, the chief operating officer now directly owns 8,846 shares of the company’s stock, valued at $221,503.84. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 3.20% of the stock is owned by insiders.
A number of analysts have recently commented on MBWM shares. Piper Sandler cut their price target on Mercantile Bank from $23.00 to $20.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 29th. TheStreet raised Mercantile Bank from a “c+” rating to a “b-” rating in a research note on Monday, November 9th. Finally, Zacks Investment Research raised Mercantile Bank from a “hold” rating to a “buy” rating and set a $33.00 price target on the stock in a research note on Saturday, January 9th.
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.
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