Mercantile Bank Corp Up 5.17% To $32.35 After Earnings

Mercantile Bank Corp (MBWM) reported better than expected earnings this morning for Q3 2023.

Analyst expectations for Mercantile Bank Corp earnings per share (EPS) were at $1.16, with the company surpassing those estimates with a reported EPS of $1.30, leading to a positive surprise of $0 per share (12%). Mercantile Bank Corp's earnings rose 29% year-over-year as the firm reported an EPS of $1.01 in its year-ago quarter. The positive annual growth shows the Financial Services company is performing well amid recent economic conditions.

Revenues were upbeat at $58.2 million. That is an increase of 17.28% in revenues from the year-ago report and is 9.19% higher than consensus estimates set at $53.3 million.

The stock is up 5.17% to $32.35 after the report.

Mercantile Bank Corp's earnings expanded faster than revenues, signaling widening profit margins.

Wall Street Analysts had an average rating of Buy on the stock prior to the report.

Trading in the five days leading up to the report earned Mercantile Bank Corp a Bearish Sentiment Rank from InvestorsObserver.

Prior to the report, InvestorsObserver gave the stock an overall score of 41. Meanwhile, the average Wall Street analyst rated the stock a Buy.

Mercantile Bank Corp operates as a bank holding company. The bank provides a variety of commercial banking services to individuals, businesses, governmental units, and other institutions. It provides banking services offering deposit products including checking, savings, and term certificate accounts, and lending products including commercial, residential mortgage, and installment loans. The company generates revenue from interest and dividends earned on loans, securities, and other financial instruments.