Analysts predict that Mercantile Bank Corp. (NASDAQ:MBWM) will announce $0.61 earnings per share (EPS) for the current quarter, Zacks reports. Three analysts have made estimates for Mercantile Bank’s earnings, with estimates ranging from $0.59 to $0.62. Mercantile Bank posted earnings per share of $0.57 in the same quarter last year, which would indicate a positive year-over-year growth rate of 7%. The firm is expected to announce its next earnings report on Tuesday, July 16th.
On average, analysts expect that Mercantile Bank will report full year earnings of $2.55 per share for the current fiscal year, with EPS estimates ranging from $2.50 to $2.59. For the next financial year, analysts forecast that the business will report earnings of $2.76 per share, with EPS estimates ranging from $2.73 to $2.80. Zacks’ EPS averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Mercantile Bank.
Mercantile Bank (NASDAQ:MBWM) last announced its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.01. The company had revenue of $37.28 million during the quarter, compared to the consensus estimate of $34.67 million. Mercantile Bank had a return on equity of 11.22% and a net margin of 26.10%.
A number of brokerages have issued reports on MBWM. Zacks Investment Research downgraded Mercantile Bank from a “buy” rating to a “hold” rating in a report on Friday, January 25th. Hovde Group reissued a “hold” rating and issued a $36.50 target price on shares of Mercantile Bank in a report on Monday, January 28th. BidaskClub downgraded Mercantile Bank from a “hold” rating to a “sell” rating in a report on Saturday, March 9th. Finally, ValuEngine raised Mercantile Bank from a “sell” rating to a “hold” rating in a report on Wednesday, January 9th. One equities research analyst has rated the stock with a sell rating and three have given a hold rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $38.17.
In other news, Director Edward B. Grant sold 2,000 shares of the business’s stock in a transaction dated Friday, January 25th. The stock was sold at an average price of $34.33, for a total value of $68,660.00. Following the completion of the sale, the director now directly owns 19,043 shares of the company’s stock, valued at approximately $653,746.19. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.20% of the stock is currently owned by insiders.
Institutional investors have recently bought and sold shares of the company. PNC Financial Services Group Inc. lifted its holdings in shares of Mercantile Bank by 15.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,589 shares of the financial services provider’s stock valued at $73,000 after purchasing an additional 347 shares during the last quarter. Meeder Asset Management Inc. lifted its holdings in shares of Mercantile Bank by 208.9% in the 1st quarter. Meeder Asset Management Inc. now owns 2,740 shares of the financial services provider’s stock valued at $88,000 after purchasing an additional 1,853 shares during the last quarter. Legal & General Group Plc lifted its holdings in shares of Mercantile Bank by 24.4% in the 3rd quarter. Legal & General Group Plc now owns 2,881 shares of the financial services provider’s stock valued at $96,000 after purchasing an additional 566 shares during the last quarter. FMR LLC purchased a new stake in shares of Mercantile Bank in the 3rd quarter valued at about $103,000. Finally, Advisor Group Inc. lifted its holdings in shares of Mercantile Bank by 36.9% in the 4th quarter. Advisor Group Inc. now owns 4,091 shares of the financial services provider’s stock valued at $116,000 after purchasing an additional 1,102 shares during the last quarter. 55.71% of the stock is owned by institutional investors and hedge funds.
NASDAQ MBWM traded down $0.36 during trading on Friday, reaching $33.44. 22,920 shares of the company’s stock were exchanged, compared to its average volume of 36,776. The company has a market capitalization of $549.12 million, a price-to-earnings ratio of 13.22, a price-to-earnings-growth ratio of 1.64 and a beta of 0.82. The company has a debt-to-equity ratio of 1.06, a current ratio of 1.08 and a quick ratio of 1.08. Mercantile Bank has a 1 year low of $26.40 and a 1 year high of $38.47.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 19th. Stockholders of record on Friday, June 7th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 3.11%. The ex-dividend date of this dividend is Thursday, June 6th. Mercantile Bank’s payout ratio is currently 41.11%.
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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