Brokerages expect Mercantile Bank Corporation (NASDAQ:MBWM) to report $30.73 million in sales for the current quarter, Zacks reports. Three analysts have provided estimates for Mercantile Bank Corporation’s earnings. The lowest sales estimate is $27.99 million and the highest is $32.10 million. Mercantile Bank Corporation reported sales of $31.73 million during the same quarter last year, which would suggest a negative year over year growth rate of 3.2%. The business is expected to report its next earnings report on Tuesday, October 17th.
On average, analysts expect that Mercantile Bank Corporation will report full year sales of $30.73 million for the current fiscal year, with estimates ranging from $109.14 million to $127.80 million. For the next year, analysts forecast that the firm will post sales of $130.61 million per share, with estimates ranging from $118.22 million to $137.40 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that that provide coverage for Mercantile Bank Corporation.
Mercantile Bank Corporation (NASDAQ:MBWM) last posted its earnings results on Tuesday, July 18th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.45. The firm had revenue of $31.24 million for the quarter, compared to the consensus estimate of $31.27 million. Mercantile Bank Corporation had a return on equity of 8.92% and a net margin of 22.25%.
Several research analysts have recently weighed in on MBWM shares. ValuEngine upgraded shares of Mercantile Bank Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Zacks Investment Research cut shares of Mercantile Bank Corporation from a “buy” rating to a “hold” rating in a research note on Saturday, April 22nd. Keefe, Bruyette & Woods set a $35.00 price target on shares of Mercantile Bank Corporation and gave the stock a “hold” rating in a research note on Monday, April 10th. Finally, DA Davidson started coverage on shares of Mercantile Bank Corporation in a research note on Wednesday, July 5th. They set a “neutral” rating and a $35.00 price target on the stock. One analyst has rated the stock with a sell rating and five have given a hold rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $32.60.
In related news, Director Thomas R. Sullivan sold 3,801 shares of Mercantile Bank Corporation stock in a transaction on Monday, June 12th. The shares were sold at an average price of $34.23, for a total transaction of $130,108.23. Following the transaction, the director now owns 19,523 shares in the company, valued at approximately $668,272.29. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Thomas R. Sullivan sold 7,113 shares of Mercantile Bank Corporation stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $33.75, for a total transaction of $240,063.75. Following the transaction, the director now owns 19,523 shares in the company, valued at approximately $658,901.25. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 13,711 shares of company stock worth $463,144. 3.44% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in MBWM. Tributary Capital Management LLC purchased a new position in Mercantile Bank Corporation during the first quarter worth $9,099,000. Wellington Management Group LLP purchased a new position in Mercantile Bank Corporation during the first quarter worth $4,710,000. Seizert Capital Partners LLC purchased a new position in Mercantile Bank Corporation during the first quarter worth $1,983,000. Victory Capital Management Inc. purchased a new position in Mercantile Bank Corporation during the first quarter worth $1,420,000. Finally, Dimensional Fund Advisors LP boosted its position in Mercantile Bank Corporation by 4.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 832,237 shares of the financial services provider’s stock worth $31,375,000 after buying an additional 36,540 shares during the period. Institutional investors own 52.83% of the company’s stock.
Mercantile Bank Corporation (NASDAQ:MBWM) traded up 1.54% during midday trading on Friday, hitting $32.31. The company’s stock had a trading volume of 24,723 shares. The company’s 50 day moving average price is $32.06 and its 200 day moving average price is $32.73. Mercantile Bank Corporation has a 12 month low of $25.01 and a 12 month high of $38.68. The firm has a market cap of $532.50 million, a P/E ratio of 17.10 and a beta of 0.67.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 20th. Stockholders of record on Friday, September 8th will be paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 2.35%. The ex-dividend date is Thursday, September 7th. This is a boost from Mercantile Bank Corporation’s previous quarterly dividend of $0.18. Mercantile Bank Corporation’s dividend payout ratio (DPR) is currently 38.30%.
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About Mercantile Bank Corporation
Mercantile Bank Corporation is a bank holding company. The Company owns the Mercantile Bank of Michigan (the Bank). The Bank is a state banking company. The Bank provides commercial banking services primarily to small- to medium-sized businesses and retail banking services. The Bank makes secured and unsecured commercial, construction, mortgage and consumer loans, and accepts checking, savings and time deposits.
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