Wall Street brokerages predict that Mercantile Bank Corp. (NASDAQ:MBWM) will announce sales of $36.60 million for the current fiscal quarter, according to Zacks Investment Research. Three analysts have made estimates for Mercantile Bank’s earnings. The lowest sales estimate is $36.40 million and the highest is $36.90 million. Mercantile Bank posted sales of $34.55 million during the same quarter last year, which suggests a positive year-over-year growth rate of 5.9%. The company is expected to report its next quarterly earnings report on Tuesday, October 15th.
On average, analysts expect that Mercantile Bank will report full year sales of $144.97 million for the current financial year, with estimates ranging from $144.40 million to $145.60 million. For the next financial year, analysts forecast that the company will report sales of $150.83 million, with estimates ranging from $148.60 million to $154.30 million. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for Mercantile Bank.
Mercantile Bank (NASDAQ:MBWM) last issued its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.02. Mercantile Bank had a return on equity of 10.95% and a net margin of 25.97%. The business had revenue of $37.45 million for the quarter, compared to the consensus estimate of $35.51 million.
Several equities research analysts have recently weighed in on MBWM shares. BidaskClub downgraded Mercantile Bank from a “sell” rating to a “strong sell” rating in a report on Saturday, July 13th. ValuEngine upgraded Mercantile Bank from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Finally, Zacks Investment Research upgraded Mercantile Bank from a “sell” rating to a “hold” rating in a report on Tuesday, August 6th.
Shares of NASDAQ MBWM traded up $0.25 during midday trading on Wednesday, hitting $31.98. The company’s stock had a trading volume of 24,700 shares, compared to its average volume of 33,621. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 1.05. The business’s 50 day moving average price is $32.31. Mercantile Bank has a 12-month low of $26.40 and a 12-month high of $36.55. The firm has a market capitalization of $520.66 million, a price-to-earnings ratio of 12.64, a P/E/G ratio of 1.57 and a beta of 0.77.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 18th. Shareholders of record on Friday, September 6th will be given a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 3.38%. The ex-dividend date is Thursday, September 5th. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.26. Mercantile Bank’s dividend payout ratio (DPR) is 41.11%.
Hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. boosted its position in shares of Mercantile Bank by 9.4% in the 4th quarter. BlackRock Inc. now owns 1,242,624 shares of the financial services provider’s stock worth $35,115,000 after purchasing an additional 106,271 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Mercantile Bank by 4.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,131,042 shares of the financial services provider’s stock worth $31,964,000 after purchasing an additional 49,382 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Mercantile Bank by 0.8% in the 2nd quarter. Renaissance Technologies LLC now owns 794,415 shares of the financial services provider’s stock worth $25,882,000 after purchasing an additional 6,600 shares in the last quarter. Tributary Capital Management LLC boosted its position in shares of Mercantile Bank by 15.5% in the 1st quarter. Tributary Capital Management LLC now owns 392,865 shares of the financial services provider’s stock worth $12,855,000 after purchasing an additional 52,718 shares in the last quarter. Finally, Northern Trust Corp boosted its position in shares of Mercantile Bank by 2.6% in the 4th quarter. Northern Trust Corp now owns 210,621 shares of the financial services provider’s stock worth $5,952,000 after purchasing an additional 5,437 shares in the last quarter. 54.22% of the stock is currently owned by institutional investors and hedge funds.
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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