Mercantile Bank Corp. (MBWM) Announces Earnings Results, Beats Estimates By $0.02 EPS
Mercantile Bank Corp. (NASDAQ:MBWM) released its earnings results on Tuesday. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate 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 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 one year low of $20.84 and a one year high of $27.99. The firm’s 50-day moving average price is $27.00 and its 200-day moving average price is $24.97.
In other Mercantile Bank Corp. news, Chairman Michael H. Price sold 11,520 shares of the stock in a transaction on Thursday, July 28th. The stock was sold at an average price of $24.99, for a total transaction of $287,884.80. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Chairman Michael H. Price sold 13,362 shares of the stock in a transaction on Friday, August 19th. The stock was sold at an average price of $25.81, for a total value of $344,873.22. Following the transaction, the chairman now directly owns 59,712 shares in the company, valued at approximately $1,541,166.72. The disclosure for this sale can be found here. Company insiders own 3.44% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of MBWM. BlackRock Inc. raised its position in shares of Mercantile Bank Corp. by 430.2% in the second quarter. BlackRock Inc. now owns 6,246 shares of the financial services provider’s stock worth $149,000 after buying an additional 5,068 shares in the last quarter. Spark Investment Management LLC acquired a new position in shares of Mercantile Bank Corp. during the second quarter worth $207,000. BlackRock Advisors LLC raised its position in shares of 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 worth $211,000 after buying an additional 425 shares in the last quarter. Nationwide Fund Advisors raised its position in shares of 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 worth $292,000 after buying an additional 283 shares in the last quarter. Finally, First Allied Advisory Services Inc. acquired a new position in shares of Mercantile Bank Corp. during the second quarter worth $323,000. 46.50% of the stock is currently owned by institutional investors.
MBWM has been the subject of a number of recent analyst reports. Zacks Investment Research downgraded Mercantile Bank Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, June 22nd. Raymond James Financial Inc. raised Mercantile Bank Corp. from a “market perform” rating to an “outperform” rating and set a $23.00 price target for the company in a report on Thursday, August 25th.
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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