Mercantile Bank Corp (MBWM) announced ahead of Tuesday’s opening that it earned $1.01 per share in the third quarter of 2022.
On the revenue line, the company reported $49.6 million, beating estimates by $1.9 million.
In the same quarter a year ago, the company earned $0.95 per share on revenue of $46.7 million.
The stock is down 1.04% to $32.37 after the report.
Mercantile Bank Corp’s profits grew faster than revenue, indicating an expansion in profit margins.
Wall Street analysts’ median recommendation was buy, which may be revised based on this new data.
InvestorsObserver gives the stock a Bullish Sentiment Score at the moment based on recent trading.
Mercantile Bank Corp has slightly outperformed over the past few months. Prior to the report, Mercantile Bank Corp received a long-term technical rank of InvestorsObserver of 71, putting it in the top half of the stocks. The company recently traded at a 52-week low of $29.26 on September 29, 2022 and hit a 52-week high of $40.01 on January 19, 2022.
Mercantile Bank Corp acts as the bank holding company. The Bank provides a variety of commercial banking services to individuals, corporations, government entities and other institutions. It provides banking services and offers deposit products such as checking, savings, and term certificate accounts, and credit products such as commercial mortgage loans, home loans, and installment loans. The company generates income from interest and dividends earned on loans, securities and other financial instruments.