The Mercantile Bank Corporation (MBWM) Releases Earnings Results, Beats Expectations By $0.03 EPS

The Mercantile Bank Corporation (MBWM) Releases  Earnings Results, Beats Expectations By $0.03 EPS

Mercantile Bank Corporation (NASDAQ:MBWM) issued its earnings results on Tuesday. The financial services provider reported $0.49 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.03. Mercantile Bank Corporation had a return on equity of 8.87% and a net margin of 22.00%.

Mercantile Bank Corporation (NASDAQ:MBWM) opened at 33.14 on Thursday. Mercantile Bank Corporation has a 12 month low of $20.87 and a 12 month high of $38.68. The company has a 50-day moving average of $36.04 and a 200 day moving average of $29.34. The company has a market cap of $540.25 million, a PE ratio of 17.92 and a beta of 0.98.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 22nd. Investors of record on Friday, March 10th will be given a $0.18 dividend. This is a boost from Mercantile Bank Corporation’s previous quarterly dividend of $0.17. The ex-dividend date is Wednesday, March 8th. This represents a $0.72 annualized dividend and a yield of 2.17%. Mercantile Bank Corporation’s dividend payout ratio (DPR) is presently 36.56%.

In other news, Chairman Michael H. Price sold 9,551 shares of the company’s stock in a transaction dated Monday, December 12th. The shares were sold at an average price of $35.18, for a total transaction of $336,004.18. Following the completion of the transaction, the chairman now directly owns 56,261 shares of the company’s stock, valued at $1,979,261.98. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Edward B. Grant sold 2,000 shares of the company’s stock in a transaction dated Wednesday, November 30th. The shares were sold at an average price of $32.92, for a total transaction of $65,840.00. Following the transaction, the director now directly owns 18,987 shares of the company’s stock, valued at $625,052.04. The disclosure for this sale can be found here. 3.44% of the stock is currently owned by company insiders.

Several institutional investors have recently modified their holdings of MBWM. Panagora Asset Management Inc. increased its position in shares of Mercantile Bank Corporation by 445.4% in the third quarter. Panagora Asset Management Inc. now owns 92,068 shares of the financial services provider’s stock valued at $2,472,000 after buying an additional 75,186 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Mercantile Bank Corporation by 4.3% in the second quarter. Dimensional Fund Advisors LP now owns 773,107 shares of the financial services provider’s stock valued at $18,446,000 after buying an additional 32,006 shares during the period. BlackRock Fund Advisors increased its position in shares of Mercantile Bank Corporation by 7.5% in the third quarter. BlackRock Fund Advisors now owns 444,492 shares of the financial services provider’s stock valued at $11,935,000 after buying an additional 30,863 shares during the period. BlackRock Institutional Trust Company N.A. increased its position in shares of Mercantile Bank Corporation by 14.5% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 225,217 shares of the financial services provider’s stock valued at $6,047,000 after buying an additional 28,545 shares during the period. Finally, State Street Corp increased its position in shares of Mercantile Bank Corporation by 11.5% in the second quarter. State Street Corp now owns 265,849 shares of the financial services provider’s stock valued at $6,342,000 after buying an additional 27,361 shares during the period. 47.63% of the stock is owned by hedge funds and other institutional investors.

Several analysts have recently commented on MBWM shares. Zacks Investment Research upgraded Mercantile Bank Corporation from a “hold” rating to a “buy” rating and set a $31.00 target price for the company in a research note on Thursday, October 20th. Raymond James Financial, Inc. downgraded Mercantile Bank Corporation from an “outperform” rating to a “mkt perform” rating in a research note on Wednesday. Hovde Group started coverage on Mercantile Bank Corporation in a research note on Monday, November 21st. They issued a “market perform” rating and a $32.00 target price for the company. Finally, Keefe, Bruyette & Woods downgraded Mercantile Bank Corporation from an “outperform” rating to a “market perform” rating and raised their target price for the company from $30.00 to $35.00 in a research note on Tuesday, November 29th.

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, through its approximately 50 office locations, provides commercial banking services primarily to small- to medium-sized businesses and retail banking services in and around the West and Central portions of Michigan.

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