Wall Street brokerages expect Mercantile Bank Corp. (NASDAQ:MBWM) to report sales of $34.57 million for the current quarter, Zacks reports. Three analysts have provided estimates for Mercantile Bank’s earnings. The lowest sales estimate is $34.20 million and the highest is $35.00 million. Mercantile Bank posted sales of $34.58 million during the same quarter last year, which would indicate a negative year over year growth rate of 0%. The business is scheduled to issue its next earnings report on Tuesday, April 16th.
On average, analysts expect that Mercantile Bank will report full year sales of $143.70 million for the current fiscal year, with estimates ranging from $143.30 million to $144.20 million. For the next financial year, analysts anticipate that the business will report sales of $153.43 million, with estimates ranging from $152.10 million to $154.80 million. Zacks’ sales calculations are an average based on a survey of sell-side analysts that cover Mercantile Bank.
Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings results on Tuesday, January 22nd. The financial services provider reported $0.70 EPS for the quarter, topping the consensus estimate of $0.61 by $0.09. Mercantile Bank had a return on equity of 11.23% and a net margin of 26.10%. The business had revenue of $36.19 million during the quarter, compared to analyst estimates of $34.60 million.
Several research analysts have recently commented on the company. Hovde Group restated a “hold” rating and set a $36.50 price target on shares of Mercantile Bank in a research report on Monday, January 28th. Zacks Investment Research lowered Mercantile Bank from a “buy” rating to a “hold” rating in a research report on Friday, January 25th. BidaskClub upgraded Mercantile Bank from a “sell” rating to a “hold” rating in a research report on Thursday, January 17th. Finally, ValuEngine upgraded Mercantile Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, January 9th. Five analysts have rated the stock with a hold rating, Mercantile Bank currently has an average rating of “Hold” and a consensus target price of $38.38.
In related news, SVP Lonna Wiersma sold 1,000 shares of Mercantile Bank stock in a transaction on Tuesday, November 20th. The stock was sold at an average price of $31.37, for a total value of $31,370.00. Following the completion of the transaction, the senior vice president now directly owns 5,000 shares in the company, valued at $156,850. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Edward B. Grant sold 2,000 shares of Mercantile Bank stock in a transaction on Friday, January 25th. The shares were sold at an average price of $34.33, for a total value of $68,660.00. Following the completion of the transaction, the director now owns 19,043 shares of the company’s stock, valued at $653,746.19. The disclosure for this sale can be found here. Company insiders own 3.20% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Tributary Capital Management LLC boosted its holdings in Mercantile Bank by 10.5% in the third quarter. Tributary Capital Management LLC now owns 341,530 shares of the financial services provider’s stock valued at $11,397,000 after purchasing an additional 32,529 shares during the period. Dimensional Fund Advisors LP raised its stake in Mercantile Bank by 3.1% in the third quarter. Dimensional Fund Advisors LP now owns 1,081,660 shares of the financial services provider’s stock valued at $36,095,000 after buying an additional 32,735 shares in the last quarter. First Trust Advisors LP raised its stake in Mercantile Bank by 11.2% in the third quarter. First Trust Advisors LP now owns 75,239 shares of the financial services provider’s stock valued at $2,511,000 after buying an additional 7,558 shares in the last quarter. FMR LLC acquired a new stake in Mercantile Bank in the third quarter valued at $103,000. Finally, Wells Fargo & Company MN raised its stake in Mercantile Bank by 18.6% in the third quarter. Wells Fargo & Company MN now owns 82,637 shares of the financial services provider’s stock valued at $2,758,000 after buying an additional 12,982 shares in the last quarter. Hedge funds and other institutional investors own 56.12% of the company’s stock.
Shares of MBWM traded down $0.42 during midday trading on Wednesday, hitting $33.42. 22,350 shares of the stock were exchanged, compared to its average volume of 45,549. Mercantile Bank has a 52-week low of $26.40 and a 52-week high of $38.47. The firm has a market cap of $554.44 million, a P/E ratio of 13.21, a P/E/G ratio of 1.65 and a beta of 0.82. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.75.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 20th. Investors of record on Friday, March 8th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Thursday, March 7th. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.25. This represents a $1.04 dividend on an annualized basis and a yield of 3.11%. Mercantile Bank’s dividend payout ratio (DPR) is 39.53%.
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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