Equities research analysts forecast that Mercantile Bank Corp. (NASDAQ:MBWM) will post $0.56 earnings per share for the current quarter, Zacks reports. Three analysts have provided estimates for Mercantile Bank’s earnings. The highest EPS estimate is $0.58 and the lowest is $0.54. Mercantile Bank reported earnings per share of $0.46 in the same quarter last year, which would suggest a positive year over year growth rate of 21.7%. The firm is scheduled to issue its next earnings report on Tuesday, April 17th.
On average, analysts expect that Mercantile Bank will report full year earnings of $2.37 per share for the current fiscal year, with EPS estimates ranging from $2.32 to $2.42. For the next year, analysts forecast that the firm will report earnings of $2.62 per share, with EPS estimates ranging from $2.55 to $2.70. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side research analysts that follow Mercantile Bank.
Mercantile Bank (NASDAQ:MBWM) last posted its earnings results on Tuesday, January 16th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.50 by ($0.02). The business had revenue of $32.91 million for the quarter, compared to analyst estimates of $32.93 million. Mercantile Bank had a return on equity of 8.78% and a net margin of 21.64%.
A number of analysts recently issued reports on the stock. ValuEngine downgraded shares of Mercantile Bank from a “buy” rating to a “hold” rating in a research report on Thursday, January 11th. Hovde Group reissued a “hold” rating and set a $38.50 target price on shares of Mercantile Bank in a research report on Thursday, January 18th. Zacks Investment Research downgraded shares of Mercantile Bank from a “buy” rating to a “hold” rating in a research report on Tuesday, October 31st. Finally, BidaskClub raised shares of Mercantile Bank from a “strong sell” rating to a “sell” rating in a research report on Tuesday, February 6th. One research analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $37.50.
In other Mercantile Bank news, Director Thomas R. Sullivan sold 5,200 shares of the 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 sale, the director now owns 15,073 shares of the company’s stock, valued at $529,815.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.20% of the stock is owned by company insiders.
A number of large investors have recently modified their holdings of the business. Alliancebernstein L.P. grew its position in Mercantile Bank by 4.4% in the second quarter. Alliancebernstein L.P. now owns 18,800 shares of the financial services provider’s stock valued at $592,000 after acquiring an additional 800 shares in the last quarter. New York State Common Retirement Fund grew its position in Mercantile Bank by 9.3% in the second quarter. New York State Common Retirement Fund now owns 17,700 shares of the financial services provider’s stock valued at $557,000 after acquiring an additional 1,499 shares in the last quarter. Russell Investments Group Ltd. grew its position in Mercantile Bank by 9.4% in the third quarter. Russell Investments Group Ltd. now owns 22,489 shares of the financial services provider’s stock valued at $784,000 after acquiring an additional 1,927 shares in the last quarter. Wells Fargo & Company MN grew its position in Mercantile Bank by 6.8% in the second quarter. Wells Fargo & Company MN now owns 37,222 shares of the financial services provider’s stock valued at $1,172,000 after acquiring an additional 2,367 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its position in shares of Mercantile Bank by 14.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 20,783 shares of the financial services provider’s stock worth $735,000 after buying an additional 2,613 shares in the last quarter. 51.59% of the stock is owned by institutional investors.
Mercantile Bank (MBWM) traded up $0.35 on Friday, reaching $34.71. 14,500 shares of the company were exchanged, compared to its average volume of 34,811. The firm has a market cap of $570.11, a P/E ratio of 18.27, a PEG ratio of 1.81 and a beta of 0.66. Mercantile Bank has a 12-month low of $28.92 and a 12-month high of $38.08. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.03 and a current ratio of 1.03.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 21st. Shareholders of record on Friday, March 9th will be given a $0.22 dividend. This is an increase from Mercantile Bank’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Thursday, March 8th. This represents a $0.88 annualized dividend and a yield of 2.54%. Mercantile Bank’s dividend payout ratio (DPR) is 40.00%.
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About Mercantile Bank
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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