Mercantile Bank Corp. (MBWM) Announces Earnings Results, Beats Estimates By $0.02 EPS
Mercantile Bank Corp. (NASDAQ:MBWM) issued its quarterly earnings results on Tuesday. The financial services provider reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.02. Mercantile Bank Corp. had a return on equity of 8.86% and a net margin of 21.98%.
Shares of Mercantile Bank Corp. (NASDAQ:MBWM) opened at 26.59 on Tuesday. The stock’s 50 day moving average price is $27.00 and its 200-day moving average price is $24.97. The firm has a market capitalization of $432.86 million, a P/E ratio of 14.61 and a beta of 0.94. Mercantile Bank Corp. has a 12-month low of $20.84 and a 12-month high of $27.99.
A number of research firms have recently commented on MBWM. Raymond James Financial Inc. upgraded Mercantile Bank Corp. from a “market perform” rating to an “outperform” rating and set a $23.00 price objective for the company in a report on Thursday, August 25th. Zacks Investment Research downgraded Mercantile Bank Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, June 22nd.
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In related news, Chairman Michael H. Price sold 13,362 shares of the firm’s stock in a transaction that occurred on Friday, August 19th. The shares were sold at an average price of $25.81, for a total transaction of $344,873.22. Following the transaction, the chairman now owns 59,712 shares in the company, valued at $1,541,166.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Thomas R. Sullivan sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, August 26th. The shares were sold at an average price of $26.87, for a total transaction of $134,350.00. Following the transaction, the director now owns 24,523 shares in the company, valued at approximately $658,933.01. The disclosure for this sale can be found here. Corporate insiders own 3.44% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. raised its position in Mercantile Bank Corp. by 430.2% in the second quarter. BlackRock Inc. now owns 6,246 shares of the financial services provider’s stock valued at $149,000 after buying an additional 5,068 shares during the period. Spark Investment Management LLC acquired a new position in Mercantile Bank Corp. during the second quarter valued at about $207,000. BlackRock Advisors LLC raised its position in Mercantile Bank Corp. by 5.0% in the second quarter. BlackRock Advisors LLC now owns 8,854 shares of the financial services provider’s stock valued at $211,000 after buying an additional 425 shares during the period. Nationwide Fund Advisors raised its position in Mercantile Bank Corp. by 2.4% in the second quarter. Nationwide Fund Advisors now owns 12,255 shares of the financial services provider’s stock valued at $292,000 after buying an additional 283 shares during the period. Finally, First Allied Advisory Services Inc. acquired a new position in Mercantile Bank Corp. during the second quarter valued at about $323,000. Institutional investors and hedge funds own 46.50% of the company’s stock.
About Mercantile Bank Corp.
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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