Why Mercantile Bank Stock Rose 16.4% This Week
The share price of Mercantile Bank (NASDAQ: MBWM) climbed 16.4% this week as of Friday at 11:00 a.m. ET, according to S&P Global Market Intelligence. It had been up as much as 18.7% this week. Mercantile was trading at around $33.78 per share as of 11:00 a.m. ET Friday, up about 1% year to date.
The broader markets were mixed this week, as the S 500 was only up 0.9%, while the Dow Jones Industrial Average gained 2.3%. However, the Nasdaq Composite was down 0.3% as of Friday at 11:00 a.m. ET.
Mercantile Bank is a small regional bank based in Grand Rapids, Michigan, with about $5.2 billion in total assets. But it has quietly had a good year and has been largely immune from the turmoil that upset the banking industry in the past two quarters. Its solid second-quarter earnings report is proof of that, as it saw year-over-year revenue and earnings gains and only a slight drop in deposits.
Source Fool.com
