$31.16 Million in Sales Expected for Mercantile Bank Corp. (MBWM) This Quarter
Equities research analysts expect Mercantile Bank Corp. (NASDAQ:MBWM) to report sales of $31.16 million for the current fiscal quarter, Zacks Investment Research reports. Two analysts have made estimates for Mercantile Bank Corp.’s earnings. The lowest sales estimate is $31.02 million and the highest is $31.3 million. Mercantile Bank Corp. also reported sales of $31.16 million during the same quarter last year. The company is scheduled to announce its next quarterly earnings report on Tuesday, July 18th.
According to Zacks, analysts expect that Mercantile Bank Corp. will report full-year sales of $31.16 million for the current year, with estimates ranging from $125.22 million to $127.6 million. For the next year, analysts expect that the business will report sales of $135.89 million per share, with estimates ranging from $134.47 million to $137.3 million. Zacks’ sales averages are an average based on a survey of research firms that that provide coverage for Mercantile Bank Corp..
Mercantile Bank Corp. (NASDAQ:MBWM) last posted its earnings results on Tuesday, April 18th. The financial services provider reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. Mercantile Bank Corp. had a net margin of 22.88% and a return on equity of 9.27%. The firm had revenue of $31.36 million during the quarter, compared to analyst estimates of $30.64 million.
MBWM has been the subject of several analyst reports. Zacks Investment Research upgraded Mercantile Bank Corp. from a “sell” rating to a “buy” rating and set a $38.00 target price for the company in a report on Wednesday, March 22nd. Keefe, Bruyette & Woods set a $35.00 target price on Mercantile Bank Corp. and gave the company a “hold” rating in a report on Monday, April 10th. Finally, Raymond James Financial, Inc. cut Mercantile Bank Corp. from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 18th.
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In other Mercantile Bank Corp. news, Director Thomas R. Sullivan sold 7,000 shares of the company’s stock in a transaction on Thursday, March 2nd. The stock was sold at an average price of $33.38, for a total value of $233,660.00. Following the completion of the sale, the director now directly owns 26,523 shares in the company, valued at approximately $885,337.74. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Chairman Michael H. Price sold 9,535 shares of the company’s stock in a transaction on Tuesday, April 25th. The shares were sold at an average price of $35.04, for a total value of $334,106.40. Following the completion of the sale, the chairman now owns 46,726 shares of the company’s stock, valued at $1,637,279.04. The disclosure for this sale can be found here. 3.44% of the stock is owned by corporate insiders.
A number of hedge funds have recently modified their holdings of MBWM. Dubuque Bank & Trust Co. bought a new stake in shares of Mercantile Bank Corp. during the first quarter valued at about $140,000. Wesbanco Bank Inc. acquired a new position in Mercantile Bank Corp. during the fourth quarter worth $202,000. TFS Capital LLC acquired a new position in Mercantile Bank Corp. during the first quarter worth $226,000. Envestnet Asset Management Inc. acquired a new position in Mercantile Bank Corp. during the first quarter worth $257,000. Finally, Barings LLC acquired a new position in Mercantile Bank Corp. during the fourth quarter worth $290,000. Institutional investors own 47.97% of the company’s stock.
Mercantile Bank Corp. (NASDAQ:MBWM) traded down 1.93% on Friday, hitting $31.96. 14,698 shares of the company were exchanged. The stock has a market capitalization of $526.22 million, a P/E ratio of 16.85 and a beta of 0.88. Mercantile Bank Corp. has a 52-week low of $22.52 and a 52-week high of $38.68. The stock’s 50-day moving average price is $33.78 and its 200-day moving average price is $33.36.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 21st. Shareholders of record on Friday, June 9th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.25%. The ex-dividend date is Wednesday, June 7th. Mercantile Bank Corp.’s payout ratio is currently 34.87%.
About Mercantile Bank Corp.
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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