Mercantile Bank Corp. (NASDAQ:MBWM) – Equities research analysts at DA Davidson upped their Q1 2018 earnings per share estimates for Mercantile Bank in a report released on Wednesday. DA Davidson analyst K. Reevey now expects that the financial services provider will post earnings of $0.58 per share for the quarter, up from their prior estimate of $0.52. DA Davidson has a “Neutral” rating and a $35.00 price objective on the stock. DA Davidson also issued estimates for Mercantile Bank’s Q2 2018 earnings at $0.57 EPS, Q3 2018 earnings at $0.59 EPS, Q4 2018 earnings at $0.62 EPS, FY2018 earnings at $2.36 EPS and FY2019 earnings at $2.62 EPS.
A number of other research firms have also recently issued reports on MBWM. BidaskClub upgraded shares of Mercantile Bank from a “strong sell” rating to a “sell” rating in a research note on Saturday, January 13th. Zacks Investment Research upgraded shares of Mercantile Bank from a “hold” rating to a “buy” rating and set a $42.00 target price for the company in a research note on Friday, October 20th. ValuEngine cut shares of Mercantile Bank from a “buy” rating to a “hold” rating in a research note on Thursday, January 11th. Hovde Group reiterated a “hold” rating and issued a $38.50 target price on shares of Mercantile Bank in a research note on Thursday. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $34.00 target price on shares of Mercantile Bank in a research note on Tuesday, October 3rd. One analyst has rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $37.50.
Mercantile Bank (NASDAQ MBWM) opened at $36.44 on Thursday. Mercantile Bank has a one year low of $28.92 and a one year high of $38.08. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.73. The stock has a market cap of $596.34, a P/E ratio of 19.18, a PEG ratio of 1.95 and a beta of 0.68.
Mercantile Bank (NASDAQ:MBWM) last posted its earnings results on Tuesday, October 17th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.03. Mercantile Bank had a net margin of 21.64% and a return on equity of 8.78%. The company had revenue of $33.25 million during the quarter, compared to analysts’ expectations of $32.20 million.
Hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp raised its position in Mercantile Bank by 4.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 111,117 shares of the financial services provider’s stock worth $3,498,000 after purchasing an additional 4,882 shares during the last quarter. Parametric Portfolio Associates LLC raised its position in shares of Mercantile Bank by 54.1% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 15,053 shares of the financial services provider’s stock valued at $474,000 after acquiring an additional 5,286 shares during the last quarter. Teachers Advisors LLC raised its position in shares of Mercantile Bank by 11.3% during the 2nd quarter. Teachers Advisors LLC now owns 28,707 shares of the financial services provider’s stock valued at $904,000 after acquiring an additional 2,920 shares during the last quarter. North Star Asset Management Inc. raised its position in shares of Mercantile Bank by 1.4% during the 3rd quarter. North Star Asset Management Inc. now owns 320,769 shares of the financial services provider’s stock valued at $11,035,000 after acquiring an additional 4,353 shares during the last quarter. Finally, Essex Investment Management Co. LLC bought a new stake in shares of Mercantile Bank during the 3rd quarter valued at $369,000. Hedge funds and other institutional investors own 52.11% of the company’s stock.
In related news, Director Thomas R. Sullivan sold 5,200 shares of the business’s stock in a transaction that occurred on Monday, November 20th. The shares were sold at an average price of $35.15, for a total value of $182,780.00. Following the completion of the transaction, the director now owns 15,073 shares in the company, valued at approximately $529,815.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas R. Sullivan sold 5,800 shares of the business’s stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $37.29, for a total transaction of $216,282.00. Following the completion of the transaction, the director now owns 20,273 shares of the company’s stock, valued at approximately $755,980.17. The disclosure for this sale can be found here. Insiders sold a total of 21,739 shares of company stock valued at $796,835 in the last 90 days. 3.20% of the stock is currently owned by corporate insiders.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 21st. Investors of record on Friday, March 9th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.41%. The ex-dividend date of this dividend is Thursday, March 8th. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.19. Mercantile Bank’s payout ratio is 40.00%.
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Mercantile Bank Company Profile
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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