FY2016 EPS Estimates for Mercantile Bank Corp. Boosted by Analyst (MBWM)
Mercantile Bank Corp. (NASDAQ:MBWM) – Analysts at FIG Partners lifted their FY2016 earnings estimates for shares of Mercantile Bank Corp. in a research report issued to clients and investors on Tuesday. FIG Partners analyst J. Rodis now anticipates that the brokerage will post earnings of $1.92 per share for the year, up from their previous estimate of $1.87. FIG Partners also issued estimates for Mercantile Bank Corp.’s Q3 2017 earnings at $0.51 EPS and Q4 2017 earnings at $0.48 EPS.
Mercantile Bank Corp. (NASDAQ:MBWM) last announced its quarterly earnings data on Tuesday, October 18th. The financial services provider reported $0.48 EPS for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.02. Mercantile Bank Corp. had a return on equity of 8.86% and a net margin of 21.98%.
MBWM has been the topic of a number of other research reports. Raymond James Financial Inc. raised shares of Mercantile Bank Corp. from a “market perform” rating to an “outperform” rating and set a $23.00 price target on the stock in a research report on Thursday, August 25th. Zacks Investment Research cut shares of Mercantile Bank Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, June 22nd.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/19/fy2016-eps-estimates-for-mercantile-bank-corp-boosted-by-analyst-mbwm.html
Mercantile Bank Corp. (NASDAQ:MBWM) traded up 1.54% on Wednesday, hitting $27.61. The stock had a trading volume of 16,950 shares. The company has a market capitalization of $449.46 million, a PE ratio of 15.17 and a beta of 0.94. The company has a 50 day moving average of $27.02 and a 200 day moving average of $25.01. Mercantile Bank Corp. has a 12-month low of $20.84 and a 12-month high of $27.99.
Several institutional investors have recently added to or reduced their stakes in MBWM. Huntington National Bank boosted its position in Mercantile Bank Corp. by 200.0% in the second quarter. Huntington National Bank now owns 6,000 shares of the financial services provider’s stock worth $143,000 after buying an additional 4,000 shares during the period. BlackRock Inc. boosted its position in Mercantile Bank Corp. by 430.2% in the second quarter. BlackRock Inc. now owns 6,246 shares of the financial services provider’s stock worth $149,000 after buying an additional 5,068 shares during the period. Acrospire Investment Management LLC boosted its position in Mercantile Bank Corp. by 318.3% in the second quarter. Acrospire Investment Management LLC now owns 6,433 shares of the financial services provider’s stock worth $153,000 after buying an additional 4,895 shares during the period. Gradient Investments LLC bought a new position in Mercantile Bank Corp. during the second quarter worth about $182,000. Finally, Spark Investment Management LLC bought a new position in Mercantile Bank Corp. during the second quarter worth about $207,000. 46.50% of the stock is currently owned by institutional investors.
In other news, Chairman Michael H. Price sold 11,520 shares of the stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $24.99, for a total transaction of $287,884.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Thomas R. Sullivan sold 5,000 shares of the stock in a transaction dated Friday, August 26th. The stock was sold at an average price of $26.87, for a total transaction of $134,350.00. Following the transaction, the director now directly owns 24,523 shares in the company, valued at approximately $658,933.01. The disclosure for this sale can be found here. Insiders own 3.44% of the company’s stock.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 21st. Stockholders of record on Friday, December 9th will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Wednesday, December 7th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.50%. Mercantile Bank Corp.’s dividend payout ratio (DPR) is presently 37.16%.
Mercantile Bank Corp. 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, through its approximately 50 office locations, provides commercial banking services primarily to small- to medium-sized businesses and retail banking services in and around the West and Central portions of Michigan.
Receive News & Ratings for Mercantile Bank Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mercantile Bank Corp. and related companies with MarketBeat.com's FREE daily email newsletter.