Mercantile Bank (NASDAQ:MBWM) Releases Quarterly Earnings Results, Beats Estimates By $0.07 EPS

Mercantile Bank (NASDAQ:MBWM) issued its quarterly earnings results on Tuesday. The financial services provider reported $1.42 EPS for the quarter, topping the consensus estimate of $1.35 by $0.07, Zacks reports. Mercantile Bank had a net margin of 24.75% and a return on equity of 13.66%.

Mercantile Bank Trading Down 0.3%

Shares of MBWM stock opened at $58.42 on Tuesday. The stock has a market cap of $1.01 billion, a price-to-earnings ratio of 10.29 and a beta of 0.83. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.59. Mercantile Bank has a fifty-two week low of $42.88 and a fifty-two week high of $62.95. The firm’s 50 day moving average price is $59.88 and its two-hundred day moving average price is $56.50.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on MBWM shares. Hovde Group cut shares of Mercantile Bank from an “outperform” rating to a “market perform” rating and set a $62.00 price objective for the company. in a research note on Wednesday, July 22nd. Weiss Ratings raised Mercantile Bank from a “buy (b)” rating to a “buy (a-)” rating in a research report on Friday, October 9th. Raymond James Financial began coverage on Mercantile Bank in a research report on Tuesday, September 1st. They set an “outperform” rating and a $65.00 price target for the company. Piper Sandler set a $65.00 price target on Mercantile Bank in a research note on Wednesday, July 22nd. Finally, Keefe, Bruyette & Woods raised their price objective on Mercantile Bank from $60.00 to $64.00 and gave the stock an “outperform” rating in a report on Wednesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Mercantile Bank currently has a consensus rating of “Moderate Buy” and a consensus target price of $62.00.

Mercantile Bank Company Profile

Mercantile Bank Corporation is a bank holding company headquartered in Grand Rapids, Michigan. Through its subsidiary, Mercantile Bank, the company provides commercial and retail banking services to businesses, professionals and individuals. The bank primarily serves communities across Michigan, with a focus on relationship-based banking and locally oriented financial services.

Mercantile Bank offers a range of deposit products, including checking, savings, money market and certificate of deposit accounts.