Mercantile Bank Corp. (NASDAQ:MBWM) announced its 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%.

Mercantile Bank Corp. (NASDAQ:MBWM) opened at 26.59 on Tuesday. The company has a 50-day moving average price of $27.00 and a 200 day moving average price of $24.97. Mercantile Bank Corp. has a 1-year low of $20.84 and a 1-year high of $27.99. The stock has a market cap of $432.86 million, a P/E ratio of 14.61 and a beta of 0.94.

Earnings History for Mercantile Bank Corp. (NASDAQ:MBWM)

In other Mercantile Bank Corp. news, Director Thomas R. Sullivan sold 5,000 shares of the firm’s stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $26.87, for a total value of $134,350.00. Following the completion of the sale, the director now directly owns 24,523 shares in the company, valued at $658,933.01. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Michael H. Price sold 11,520 shares of the firm’s stock in a transaction dated Thursday, July 28th. The stock was sold at an average price of $24.99, for a total transaction of $287,884.80. The disclosure for this sale can be found here. 3.44% of the stock is currently owned by company insiders.

Hedge funds have recently modified their holdings of the company. BlackRock Inc. increased 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 increased 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 increased 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. Institutional investors and hedge funds own 46.50% of the company’s stock.

A number of brokerages have recently weighed in on MBWM. Raymond James Financial Inc. upgraded Mercantile Bank Corp. from a “market perform” rating to an “outperform” rating and set a $23.00 target price on the stock in a research note on Thursday, August 25th. Zacks Investment Research downgraded Mercantile Bank Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, June 22nd.

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.

5 Day Chart for NASDAQ:MBWM

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