Brokerages predict that Mercantile Bank Corporation (NASDAQ:MBWM) will report $32.20 million in sales for the current fiscal quarter, according to Zacks. Three analysts have issued estimates for Mercantile Bank Corporation’s earnings, with estimates ranging from $32.10 million to $32.40 million. Mercantile Bank Corporation posted sales of $31.73 million in the same quarter last year, which suggests a positive year over year growth rate of 1.5%. The business is scheduled to report its next earnings results before the market opens on Tuesday, October 17th.
According to Zacks, analysts expect that Mercantile Bank Corporation will report full-year sales of $32.20 million for the current fiscal year, with estimates ranging from $126.26 million to $127.80 million. For the next fiscal year, analysts expect that the business will report sales of $136.43 million per share, with estimates ranging from $135.70 million to $137.40 million. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that cover Mercantile Bank Corporation.
Mercantile Bank Corporation (NASDAQ:MBWM) last released its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.45. Mercantile Bank Corporation had a return on equity of 8.85% and a net margin of 22.25%. The firm had revenue of $31.24 million for the quarter, compared to analyst estimates of $31.27 million.
MBWM has been the subject of several recent research reports. DA Davidson upgraded shares of Mercantile Bank Corporation from a “neutral” rating to a “buy” rating and set a $35.00 price target for the company in a research report on Monday, September 11th. ValuEngine upgraded shares of Mercantile Bank Corporation from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Keefe, Bruyette & Woods restated a “hold” rating and issued a $34.00 price target on shares of Mercantile Bank Corporation in a research report on Tuesday, October 3rd. Finally, Zacks Investment Research downgraded shares of Mercantile Bank Corporation from a “hold” rating to a “sell” rating in a research report on Friday, July 21st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. Mercantile Bank Corporation currently has a consensus rating of “Hold” and a consensus target price of $33.67.
Mercantile Bank Corporation (MBWM) traded up 0.48% during midday trading on Tuesday, hitting $35.75. 10,501 shares of the stock were exchanged. Mercantile Bank Corporation has a 52 week low of $26.54 and a 52 week high of $38.68. The firm’s 50-day moving average is $32.73 and its 200 day moving average is $32.47. The stock has a market cap of $589.23 million, a price-to-earnings ratio of 18.97 and a beta of 0.72.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 20th. Shareholders of record on Friday, September 8th were paid a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 2.14%. The ex-dividend date was Thursday, September 7th. This is a positive change from Mercantile Bank Corporation’s previous quarterly dividend of $0.18. Mercantile Bank Corporation’s dividend payout ratio is currently 40.43%.
Institutional investors and hedge funds have recently made changes to their positions in the company. Dubuque Bank & Trust Co. grew its stake in Mercantile Bank Corporation by 9.0% in the 2nd quarter. Dubuque Bank & Trust Co. now owns 4,436 shares of the financial services provider’s stock valued at $140,000 after buying an additional 366 shares during the last quarter. Envestnet Asset Management Inc. acquired a new position in Mercantile Bank Corporation in the 1st quarter valued at $257,000. Menta Capital LLC acquired a new position in Mercantile Bank Corporation in the 1st quarter valued at $328,000. American International Group Inc. grew its stake in Mercantile Bank Corporation by 7.0% in the 1st quarter. American International Group Inc. now owns 9,781 shares of the financial services provider’s stock valued at $336,000 after buying an additional 640 shares during the last quarter. Finally, Parametric Portfolio Associates LLC grew its stake in Mercantile Bank Corporation by 41.5% in the 1st quarter. Parametric Portfolio Associates LLC now owns 9,767 shares of the financial services provider’s stock valued at $336,000 after buying an additional 2,866 shares during the last quarter. Institutional investors own 52.86% of the company’s stock.
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Mercantile Bank Corporation 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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