Wall Street analysts expect that Mercantile Bank Co. (NASDAQ:MBWM) will report earnings of $0.57 per share for the current fiscal quarter, according to Zacks Investment Research. Three analysts have made estimates for Mercantile Bank’s earnings, with the highest EPS estimate coming in at $0.58 and the lowest estimate coming in at $0.57. Mercantile Bank reported earnings of $0.45 per share in the same quarter last year, which suggests a positive year over year growth rate of 26.7%. The company is expected to announce its next quarterly earnings report on Tuesday, July 17th.
On average, analysts expect that Mercantile Bank will report full year earnings of $2.46 per share for the current year, with EPS estimates ranging from $2.44 to $2.48. For the next fiscal year, analysts expect that the business will report earnings of $2.61 per share, with EPS estimates ranging from $2.56 to $2.64. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of sell-side research firms that that provide coverage for Mercantile Bank.
Mercantile Bank (NASDAQ:MBWM) last released its earnings results on Tuesday, April 17th. The financial services provider reported $0.66 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.56 by $0.10. The firm had revenue of $34.58 million during the quarter, compared to analyst estimates of $33.03 million. Mercantile Bank had a return on equity of 9.50% and a net margin of 23.13%.
Several equities analysts recently commented on MBWM shares. ValuEngine lowered Mercantile Bank from a “buy” rating to a “hold” rating in a research note on Thursday, March 1st. BidaskClub lowered Mercantile Bank from a “sell” rating to a “strong sell” rating in a research note on Tuesday, February 27th. Hovde Group restated a “hold” rating and set a $37.00 price target on shares of Mercantile Bank in a research note on Wednesday, April 18th. Sandler O’Neill set a $37.00 price target on Mercantile Bank and gave the stock a “hold” rating in a research note on Tuesday, March 27th. Finally, Keefe, Bruyette & Woods upgraded Mercantile Bank from a “market perform” rating to an “outperform” rating in a research note on Thursday, March 1st. Six investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $36.80.
In other Mercantile Bank news, Director Michael H. Price sold 3,000 shares of the company’s stock in a transaction dated Wednesday, May 30th. The stock was sold at an average price of $36.32, for a total transaction of $108,960.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 3.20% of the company’s stock.
A number of large investors have recently made changes to their positions in the business. Royal Bank of Canada increased its stake in Mercantile Bank by 9.6% during the first quarter. Royal Bank of Canada now owns 220,880 shares of the financial services provider’s stock worth $7,344,000 after acquiring an additional 19,273 shares during the last quarter. Atlantic Trust Group LLC acquired a new stake in Mercantile Bank during the first quarter worth about $345,000. Millennium Management LLC increased its stake in Mercantile Bank by 40.2% during the first quarter. Millennium Management LLC now owns 129,062 shares of the financial services provider’s stock worth $4,291,000 after acquiring an additional 37,032 shares during the last quarter. Citadel Advisors LLC grew its stake in shares of Mercantile Bank by 50.2% in the first quarter. Citadel Advisors LLC now owns 15,923 shares of the financial services provider’s stock valued at $529,000 after buying an additional 5,319 shares in the last quarter. Finally, GSA Capital Partners LLP acquired a new stake in shares of Mercantile Bank in the first quarter valued at about $326,000. Institutional investors own 53.50% of the company’s stock.
Mercantile Bank stock traded up $0.33 during trading on Monday, hitting $36.99. The company’s stock had a trading volume of 94,711 shares, compared to its average volume of 31,531. The firm has a market capitalization of $608.48 million, a P/E ratio of 19.57, a PEG ratio of 1.86 and a beta of 0.71. Mercantile Bank has a 1-year low of $28.92 and a 1-year high of $38.08. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.72.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 20th. Shareholders of record on Friday, June 8th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Thursday, June 7th. This represents a $0.88 annualized dividend and a yield of 2.38%. Mercantile Bank’s dividend payout ratio is presently 46.56%.
About Mercantile Bank
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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