Mercantile Bank (NASDAQ:MBWM) issued its quarterly earnings data on Tuesday. The financial services provider reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.12, MarketWatch Earnings reports. Mercantile Bank had a return on equity of 11.22% and a net margin of 26.10%.
NASDAQ:MBWM opened at $33.90 on Wednesday. The stock has a market capitalization of $554.20 million, a P/E ratio of 13.40, a price-to-earnings-growth ratio of 1.64 and a beta of 0.82. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.06. Mercantile Bank has a twelve month low of $26.40 and a twelve month high of $38.47.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 20th. Investors of record on Friday, March 8th were paid a $0.26 dividend. The ex-dividend date of this dividend was Thursday, March 7th. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a yield of 3.07%. Mercantile Bank’s dividend payout ratio (DPR) is 41.11%.
In other Mercantile Bank news, Director Edward B. Grant sold 2,000 shares of the stock in a transaction dated Friday, January 25th. The stock was sold at an average price of $34.33, for a total value of $68,660.00. Following the completion of the transaction, the director now directly owns 19,043 shares in the company, valued at $653,746.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 3.20% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. raised its position in shares of Mercantile Bank by 9.4% during the fourth quarter. BlackRock Inc. now owns 1,242,624 shares of the financial services provider’s stock worth $35,115,000 after acquiring an additional 106,271 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Mercantile Bank by 4.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,131,042 shares of the financial services provider’s stock worth $31,964,000 after acquiring an additional 49,382 shares during the period. Renaissance Technologies LLC lifted its holdings in Mercantile Bank by 3.9% during the third quarter. Renaissance Technologies LLC now owns 790,115 shares of the financial services provider’s stock worth $26,366,000 after acquiring an additional 29,600 shares during the period. Vanguard Group Inc raised its stake in shares of Mercantile Bank by 0.8% in the third quarter. Vanguard Group Inc now owns 718,648 shares of the financial services provider’s stock valued at $23,982,000 after buying an additional 5,818 shares during the period. Finally, Vanguard Group Inc. raised its stake in shares of Mercantile Bank by 0.8% in the third quarter. Vanguard Group Inc. now owns 718,648 shares of the financial services provider’s stock valued at $23,982,000 after buying an additional 5,818 shares during the period. Institutional investors own 55.71% of the company’s stock.
MBWM has been the topic of a number of research reports. ValuEngine raised Mercantile Bank from a “sell” rating to a “hold” rating in a report on Wednesday, January 9th. BidaskClub raised Mercantile Bank from a “sell” rating to a “hold” rating in a report on Thursday, January 17th. Zacks Investment Research raised Mercantile Bank from a “hold” rating to a “buy” rating and set a $39.00 price objective on the stock in a report on Thursday, January 24th. Finally, Hovde Group reaffirmed a “hold” rating and issued a $36.50 price objective on shares of Mercantile Bank in a research note on Monday, January 28th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company. Mercantile Bank has an average rating of “Hold” and an average target price of $38.17.
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About Mercantile Bank
Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan that provides commercial and retail banking services for small- to medium-sized businesses and individuals in the United States. It accepts various deposit products, including checking, savings, and term certificate accounts; time deposits; and certificates of deposit.
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