Mercantile Bank Corp down 1.04% to $32.37 after earnings beat

Mercantile Bank Corp (MBWM) said ahead of Tuesday’s open that it earned $1.01 per share in the third quarter of 2022.

As for revenue, the company reported $49.6 million, beating estimates of $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% at $32.37 after the report.

Mercantile Bank Corp’s profits rose faster than revenue, signaling widening profit margins.

The average recommendation from Wall Street analysts was a buy that could be revised based on this new data.

InvestorsObserver gives the stock a bullish sentiment score at the moment based on recent trades.

Mercantile Bank Corp has performed slightly above average in recent months. Ahead of the report, Mercantile Bank Corp received a long-term technical ranking by InvestorsObserver of 71, putting it in the top half of the stock. The company was recently trading at a 52-week low of $29.26 on September 29, 2022 and set a 52-week high on January 19, 2022 at $40.01.

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

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