Equities research analysts expect Mercantile Bank Corp. (NASDAQ:MBWM) to announce $36.40 million in sales for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for Mercantile Bank’s earnings. The highest sales estimate is $36.60 million and the lowest is $36.20 million. Mercantile Bank reported sales of $36.19 million in the same quarter last year, which indicates a positive year over year growth rate of 0.6%. The business is expected to report its next quarterly earnings report on Tuesday, January 28th.
On average, analysts expect that Mercantile Bank will report full-year sales of $146.25 million for the current financial year, with estimates ranging from $146.10 million to $146.40 million. For the next year, analysts anticipate that the company will report sales of $145.25 million, with estimates ranging from $144.20 million to $146.30 million. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that that provide coverage for Mercantile Bank.
Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.77 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.63 by $0.14. The business had revenue of $38.28 million during the quarter, compared to analysts’ expectations of $36.69 million. Mercantile Bank had a return on equity of 11.39% and a net margin of 26.36%.
Several equities analysts have recently issued reports on the company. BidaskClub lowered Mercantile Bank from a “sell” rating to a “strong sell” rating in a research note on Saturday. ValuEngine upgraded Mercantile Bank from a “sell” rating to a “hold” rating in a research note on Tuesday. Finally, Zacks Investment Research lowered Mercantile Bank from a “hold” rating to a “sell” rating in a research note on Thursday, September 19th.
In related news, COO Robert T. Worthington sold 2,500 shares of the business’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $35.10, for a total transaction of $87,750.00. Following the sale, the chief operating officer now owns 9,768 shares in the company, valued at approximately $342,856.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael H. Price sold 2,947 shares of the business’s stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $35.48, for a total value of $104,559.56. Following the sale, the director now owns 54,206 shares in the company, valued at approximately $1,923,228.88. The disclosure for this sale can be found here. Insiders own 3.20% of the company’s stock.
A number of hedge funds have recently modified their holdings of MBWM. Macquarie Group Ltd. acquired a new position in Mercantile Bank during the 2nd quarter worth about $101,000. Meeder Asset Management Inc. raised its stake in Mercantile Bank by 49.2% during the 2nd quarter. Meeder Asset Management Inc. now owns 4,089 shares of the financial services provider’s stock worth $131,000 after buying an additional 1,349 shares during the period. Aperio Group LLC acquired a new position in Mercantile Bank during the 2nd quarter worth approximately $146,000. Bailard Inc. acquired a new position in Mercantile Bank during the 3rd quarter worth approximately $200,000. Finally, Prudential Financial Inc. acquired a new position in Mercantile Bank during the 2nd quarter worth approximately $234,000. Institutional investors and hedge funds own 54.96% of the company’s stock.
NASDAQ:MBWM traded up $0.30 during mid-day trading on Friday, hitting $35.03. 32,414 shares of the stock were exchanged, compared to its average volume of 35,606. The stock has a market capitalization of $575.85 million, a price-to-earnings ratio of 13.82 and a beta of 0.84. The firm’s 50-day simple moving average is $35.31 and its 200 day simple moving average is $32.92. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.08 and a current ratio of 1.08. Mercantile Bank has a fifty-two week low of $26.40 and a fifty-two week high of $36.69.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Friday, December 6th will be given a dividend of $0.27 per share. The ex-dividend date is Thursday, December 5th. This represents a $1.08 dividend on an annualized basis and a yield of 3.08%. Mercantile Bank’s dividend payout ratio is currently 42.69%.
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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