Mercantile Bank Corp up 4.62% to $33.54 after earnings falter
Mercantile Bank Corp (MBWM) said ahead of Tuesday’s open that it earned $0.74 per share in the second quarter of 2022.
On the revenue line, the company reported $42.1 million, missing estimates of $663,000.
In the same quarter a year ago, the company earned $1.12 per share on revenue of $45.4 million.
The stock is up 4.62% at $33.54 after the report.
The higher growth of the company’s revenue compared to profits indicates that the company has not been able to cut costs and has seen its profit margin shrink.
The average recommendation from Wall Street analysts was a buy that could be revised based on this new data.
Trading in the five days leading up to the report earned Mercantile Bank Corp a bullish sentiment ranking of InvestorsObserver.
Mercantile Bank Corp has been a strong performer over the past few months, earning a high long-term technical ranking by InvestorsObserver of 81, placing Mercantile Bank Corp in the top 25% of stocks. The company set a 52-week high on January 19, 2022 at $40.01 and a 52-week low on July 19, 2021 at $29.
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.