Mercantile Bank (NASDAQ:MBWM) issued its quarterly earnings results on Tuesday. The financial services provider reported $0.72 EPS for the quarter, topping the consensus estimate of $0.60 by $0.12, MarketWatch Earnings reports. Mercantile Bank had a net margin of 26.10% and a return on equity of 11.22%.
MBWM opened at $33.90 on Wednesday. Mercantile Bank has a twelve month low of $26.40 and a twelve month high of $38.47. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.06. The company has a market cap of $554.20 million, a PE ratio of 13.40, a price-to-earnings-growth ratio of 1.64 and a beta of 0.82.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 20th. Stockholders of record on Friday, March 8th were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date was Thursday, March 7th. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.25. Mercantile Bank’s payout ratio is 41.11%.
Several equities analysts have recently commented on the stock. Zacks Investment Research raised shares of Mercantile Bank from a “hold” rating to a “buy” rating and set a $37.00 price target on the stock in a research report on Saturday. BidaskClub raised shares of Mercantile Bank from a “strong sell” rating to a “sell” rating in a report on Monday, April 1st. ValuEngine raised shares of Mercantile Bank from a “sell” rating to a “hold” rating in a report on Wednesday, January 9th. Finally, Hovde Group reissued a “hold” rating and issued a $36.50 target price on shares of Mercantile Bank in a report on Monday, January 28th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $38.17.
In related news, Director Edward B. Grant sold 2,000 shares of the firm’s stock in a transaction that occurred on Friday, January 25th. The shares were sold at an average price of $34.33, for a total transaction of $68,660.00. Following the transaction, the director now owns 19,043 shares in the company, valued at $653,746.19. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 3.20% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. increased its stake in shares of Mercantile Bank by 9.4% during the fourth quarter. BlackRock Inc. now owns 1,242,624 shares of the financial services provider’s stock valued at $35,115,000 after acquiring an additional 106,271 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Mercantile Bank by 4.6% during the 4th 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 during the period. Renaissance Technologies LLC boosted its stake in shares of Mercantile Bank by 3.9% during the 3rd quarter. Renaissance Technologies LLC now owns 790,115 shares of the financial services provider’s stock valued at $26,366,000 after buying an additional 29,600 shares during the period. Vanguard Group Inc. boosted its stake in shares of Mercantile Bank by 0.8% during the 3rd quarter. Vanguard Group Inc. now owns 718,648 shares of the financial services provider’s stock valued at $23,982,000 after buying an additional 5,818 shares during the period. Finally, Vanguard Group Inc boosted its stake in shares of Mercantile Bank by 0.8% during the 3rd quarter. Vanguard Group Inc now owns 718,648 shares of the financial services provider’s stock valued at $23,982,000 after buying an additional 5,818 shares during the period. Institutional investors and hedge funds own 55.71% of the company’s stock.
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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 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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