Mercantile Bank Corporation (NASDAQ:MBWM) – Equities research analysts at DA Davidson issued their Q2 2017 earnings per share (EPS) estimates for shares of Mercantile Bank Corporation in a research note issued to investors on Wednesday. DA Davidson analyst K. Reevey anticipates that the financial services provider will post earnings of $0.45 per share for the quarter. DA Davidson has a “Neutral” rating and a $35.00 price objective on the stock. DA Davidson also issued estimates for Mercantile Bank Corporation’s Q3 2017 earnings at $0.47 EPS, Q4 2017 earnings at $0.49 EPS, FY2017 earnings at $1.87 EPS and FY2018 earnings at $2.11 EPS.

Mercantile Bank Corporation (NASDAQ:MBWM) last posted its quarterly earnings results on Tuesday, April 18th. The financial services provider reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. The company had revenue of $31.36 million for the quarter, compared to analysts’ expectations of $30.64 million. Mercantile Bank Corporation had a net margin of 22.44% and a return on equity of 8.96%.

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Several other brokerages have also recently issued reports on MBWM. Keefe, Bruyette & Woods set a $35.00 target price on shares of Mercantile Bank Corporation and gave the stock a “hold” rating in a report on Monday, April 10th. Zacks Investment Research upgraded shares of Mercantile Bank Corporation from a “sell” rating to a “buy” rating and set a $38.00 target price on the stock in a report on Wednesday, March 22nd. Finally, ValuEngine upgraded shares of Mercantile Bank Corporation from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Mercantile Bank Corporation has an average rating of “Hold” and an average target price of $32.60.

Shares of Mercantile Bank Corporation (NASDAQ MBWM) opened at 31.80 on Friday. Mercantile Bank Corporation has a 12-month low of $23.42 and a 12-month high of $38.68. The company has a 50 day moving average of $31.96 and a 200-day moving average of $33.55. The company has a market cap of $523.59 million, a PE ratio of 16.76 and a beta of 0.67.

Several hedge funds and other institutional investors have recently modified their holdings of MBWM. Russell Investments Group Ltd. boosted its position in shares of Mercantile Bank Corporation by 3.2% in the first quarter. Russell Investments Group Ltd. now owns 18,759 shares of the financial services provider’s stock valued at $645,000 after buying an additional 575 shares in the last quarter. American International Group Inc. boosted its position in shares of Mercantile Bank Corporation by 7.0% in the first 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 in the last quarter. Teachers Advisors LLC boosted its position in shares of Mercantile Bank Corporation by 3.1% in the first quarter. Teachers Advisors LLC now owns 25,787 shares of the financial services provider’s stock valued at $887,000 after buying an additional 771 shares in the last quarter. Bank of America Corp DE boosted its position in shares of Mercantile Bank Corporation by 2.1% in the first quarter. Bank of America Corp DE now owns 45,900 shares of the financial services provider’s stock valued at $1,579,000 after buying an additional 926 shares in the last quarter. Finally, Nationwide Fund Advisors boosted its position in shares of Mercantile Bank Corporation by 12.0% in the first quarter. Nationwide Fund Advisors now owns 13,334 shares of the financial services provider’s stock valued at $459,000 after buying an additional 1,430 shares in the last quarter. Institutional investors and hedge funds own 52.77% of the company’s stock.

In other news, Director Thomas R. Sullivan sold 2,797 shares of Mercantile Bank Corporation stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $33.24, for a total transaction of $92,972.28. Following the transaction, the director now owns 19,523 shares in the company, valued at approximately $648,944.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Michael H. Price sold 9,535 shares of Mercantile Bank Corporation stock in a transaction on Tuesday, April 25th. The stock was sold at an average price of $35.04, for a total transaction of $334,106.40. Following the transaction, the chairman now owns 46,726 shares in the company, valued at approximately $1,637,279.04. The disclosure for this sale can be found here. Insiders have sold a total of 23,246 shares of company stock worth $797,251 in the last quarter. Corporate insiders own 3.44% of the company’s stock.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 21st. Stockholders of record on Friday, June 9th were paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 2.26%. The ex-dividend date of this dividend was Wednesday, June 7th. Mercantile Bank Corporation’s dividend payout ratio is presently 38.10%.

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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