Wall Street brokerages expect Mercantile Bank Corp. (NASDAQ:MBWM) to post earnings per share (EPS) of $0.61 for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for Mercantile Bank’s earnings. The lowest EPS estimate is $0.59 and the highest is $0.62. Mercantile Bank posted earnings per share of $0.51 in the same quarter last year, which indicates a positive year over year growth rate of 19.6%. The business is expected to report its next earnings results on Tuesday, October 16th.
According to Zacks, 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 expect that the company will report 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 a mean average based on a survey of sell-side research analysts that cover Mercantile Bank.
Mercantile Bank (NASDAQ:MBWM) last announced its earnings results on Tuesday, July 17th. The financial services provider reported $0.57 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.57. The business had revenue of $33.78 million during the quarter, compared to the consensus estimate of $33.87 million. Mercantile Bank had a net margin of 23.91% and a return on equity of 9.96%.
A number of equities analysts have commented on the stock. Zacks Investment Research upgraded shares of Mercantile Bank from a “hold” rating to a “buy” rating and set a $41.00 target price for the company in a report on Friday, July 20th. BidaskClub upgraded shares of Mercantile Bank from a “sell” rating to a “hold” rating in a report on Friday, May 18th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Mercantile Bank from $40.00 to $41.00 and gave the stock a “$36.20” rating in a report on Wednesday, July 18th. Six equities research analysts have rated the stock with a hold rating, The stock presently has a consensus rating of “Hold” and an average price target of $38.20.
Several institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. increased its holdings in shares of Mercantile Bank by 13.1% during the second quarter. BlackRock Inc. now owns 1,079,652 shares of the financial services provider’s stock valued at $39,904,000 after acquiring an additional 125,179 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Mercantile Bank by 5.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,048,925 shares of the financial services provider’s stock valued at $38,768,000 after acquiring an additional 56,045 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of Mercantile Bank by 8.0% during the second quarter. Renaissance Technologies LLC now owns 760,515 shares of the financial services provider’s stock valued at $28,109,000 after acquiring an additional 56,600 shares in the last quarter. Tributary Capital Management LLC increased its holdings in shares of Mercantile Bank by 8.5% during the second quarter. Tributary Capital Management LLC now owns 334,596 shares of the financial services provider’s stock valued at $12,367,000 after acquiring an additional 26,137 shares in the last quarter. Finally, LSV Asset Management increased its holdings in shares of Mercantile Bank by 3.3% during the first quarter. LSV Asset Management now owns 254,097 shares of the financial services provider’s stock valued at $8,448,000 after acquiring an additional 8,104 shares in the last quarter. Hedge funds and other institutional investors own 54.67% of the company’s stock.
Shares of Mercantile Bank stock opened at $34.84 on Thursday. The stock has a market capitalization of $588.17 million, a price-to-earnings ratio of 18.43, a PEG ratio of 1.80 and a beta of 0.64. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.74. Mercantile Bank has a one year low of $28.92 and a one year high of $38.47.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 19th. Stockholders of record on Friday, September 7th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Thursday, September 6th. This represents a $0.96 annualized dividend and a dividend yield of 2.76%. This is an increase from Mercantile Bank’s previous quarterly dividend of $0.22. 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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