Mercantile Bank (NASDAQ:MBWM) Releases Quarterly Earnings Results

Mercantile Bank (NASDAQ:MBWM) released its quarterly earnings results on Tuesday. The financial services provider reported $1.53 EPS for the quarter, beating the consensus estimate of $1.34 by $0.19, FiscalAI reports. Mercantile Bank had a net margin of 24.19% and a return on equity of 13.73%. The business had revenue of $68.76 million for the quarter, compared to analyst estimates of $68.81 million.

Mercantile Bank Stock Up 1.8%

Shares of NASDAQ:MBWM opened at $58.70 on Tuesday. The firm has a market cap of $1.01 billion, a PE ratio of 10.51 and a beta of 0.80. The company has a fifty day simple moving average of $54.49 and a 200 day simple moving average of $52.56. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.62. Mercantile Bank has a 12-month low of $42.75 and a 12-month high of $59.95.

Institutional Investors Weigh In On Mercantile Bank

Several hedge funds and other institutional investors have recently modified their holdings of the stock. EP Wealth Advisors LLC bought a new position in Mercantile Bank during the 4th quarter worth approximately $267,000. Mackenzie Financial Corp bought a new stake in Mercantile Bank in the fourth quarter valued at $307,000. Empowered Funds LLC boosted its holdings in shares of Mercantile Bank by 12.2% during the fourth quarter. Empowered Funds LLC now owns 73,878 shares of the financial services provider’s stock valued at $3,554,000 after acquiring an additional 8,014 shares during the period. Wellington Management Group LLP acquired a new stake in shares of Mercantile Bank in the 4th quarter worth about $14,181,000. Finally, Bridgeway Capital Management LLC boosted its stake in Mercantile Bank by 6.2% during the 4th quarter. Bridgeway Capital Management LLC now owns 120,133 shares of the financial services provider’s stock valued at $5,778,000 after purchasing an additional 6,969 shares during the period. Institutional investors own 58.63% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on MBWM shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mercantile Bank in a research note on Friday, June 12th. Wall Street Zen raised shares of Mercantile Bank to a “hold” rating in a research note on Saturday, March 28th. Stephens initiated coverage on shares of Mercantile Bank in a report on Wednesday, March 25th. They issued an “equal weight” rating and a $54.00 target price on the stock. Finally, Piper Sandler raised their price target on shares of Mercantile Bank from $57.00 to $60.00 and gave the stock a “neutral” rating in a research note on Friday, June 26th. Four investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $56.80.

Mercantile Bank Company Profile

Mercantile Bank Corporation (NASDAQ: MBWM) is the bank holding company for Mercantile Bank of Michigan, a full-service commercial bank headquartered in Grand Rapids, Michigan. Through its state-chartered subsidiary, the company provides a broad range of financial products and services to small and mid-sized businesses, professionals and consumers across West and Central Michigan.

The bank’s core offerings include deposit products such as checking, savings and money market accounts, alongside commercial and consumer loan portfolios.