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

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

Mercantile Bank Trading Down 0.3%

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

Analyst Upgrades and Downgrades

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