Wall Street analysts expect Mercantile Bank Corp. (NASDAQ:MBWM) to announce $0.61 earnings per share (EPS) for the current quarter, Zacks Investment Research reports. Three analysts have issued estimates for Mercantile Bank’s earnings, with the lowest EPS estimate coming in at $0.59 and the highest estimate coming in at $0.62. Mercantile Bank posted earnings per share of $0.51 during the same quarter last year, which indicates a positive year over year growth rate of 19.6%. The firm is expected to issue its next earnings results on Tuesday, October 16th.
On average, analysts expect that Mercantile Bank will report full year earnings of $2.45 per share for the current year, with EPS estimates ranging from $2.44 to $2.46. For the next financial year, analysts anticipate that the company will post earnings of $2.62 per share, with EPS estimates ranging from $2.60 to $2.64. Zacks Investment Research’s earnings per share averages are an average based on a survey of research firms that cover Mercantile Bank.
Mercantile Bank (NASDAQ:MBWM) last issued its quarterly earnings data on Tuesday, July 17th. The financial services provider reported $0.57 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.57. The firm had revenue of $33.78 million for the quarter, compared to analysts’ expectations of $33.87 million. Mercantile Bank had a net margin of 23.91% and a return on equity of 9.96%.
Several brokerages have weighed in on MBWM. Zacks Investment Research cut shares of Mercantile Bank from a “buy” rating to a “hold” rating in a research note on Saturday, July 21st. BidaskClub raised shares of Mercantile Bank from a “hold” rating to a “buy” rating in a research note on Friday, June 22nd. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Mercantile Bank from $40.00 to $41.00 and gave the stock a “$36.20” rating in a research note on Wednesday, July 18th. Six investment analysts have rated the stock with a hold rating, Mercantile Bank presently has an average rating of “Hold” and an average target price of $38.20.
In other news, Director Michael H. Price sold 3,000 shares of the stock in a transaction that occurred on Wednesday, May 30th. The shares were sold at an average price of $36.32, for a total transaction of $108,960.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 3.20% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Swiss National Bank grew its stake in shares of Mercantile Bank by 7.5% during the first quarter. Swiss National Bank now owns 28,700 shares of the financial services provider’s stock valued at $954,000 after purchasing an additional 2,000 shares during the last quarter. John W. Rosenthal Capital Management Inc. grew its stake in shares of Mercantile Bank by 2.6% during the second quarter. John W. Rosenthal Capital Management Inc. now owns 80,000 shares of the financial services provider’s stock valued at $2,957,000 after purchasing an additional 2,000 shares during the last quarter. Well Done LLC grew its stake in shares of Mercantile Bank by 35.5% during the second quarter. Well Done LLC now owns 7,634 shares of the financial services provider’s stock valued at $282,000 after purchasing an additional 2,000 shares during the last quarter. Schwab Charles Investment Management Inc. grew its stake in shares of Mercantile Bank by 3.1% during the first quarter. Schwab Charles Investment Management Inc. now owns 73,348 shares of the financial services provider’s stock valued at $2,439,000 after purchasing an additional 2,223 shares during the last quarter. Finally, Wells Fargo & Company MN grew its stake in shares of Mercantile Bank by 3.9% during the first quarter. Wells Fargo & Company MN now owns 61,237 shares of the financial services provider’s stock valued at $2,036,000 after purchasing an additional 2,326 shares during the last quarter. 52.89% of the stock is currently owned by institutional investors and hedge funds.
Shares of Mercantile Bank stock opened at $35.77 on Monday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.74. The stock has a market cap of $589.17 million, a price-to-earnings ratio of 18.93, a PEG ratio of 1.81 and a beta of 0.64. Mercantile Bank has a 1-year low of $28.92 and a 1-year high of $38.47.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 19th. Stockholders of record on Friday, September 7th will be paid a dividend of $0.24 per share. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 2.68%. The ex-dividend date of this dividend is Thursday, September 6th. Mercantile Bank’s dividend payout ratio is 46.56%.
Mercantile Bank Company Profile
Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan that provides commercial and retail banking services for small- to medium-sized businesses and individuals in the United States. It accepts various deposit products, including checking, savings, and term certificate accounts; time deposits; and certificates of deposit.
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