Wall Street brokerages expect Mercantile Bank Corporation (NASDAQ:MBWM) to announce $30.73 million in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for Mercantile Bank Corporation’s earnings, with estimates ranging from $27.99 million to $32.10 million. Mercantile Bank Corporation posted sales of $31.73 million during the same quarter last year, which suggests a negative year over year growth rate of 3.2%. The business is expected to announce its next quarterly earnings results on Tuesday, October 17th.

On average, analysts expect that Mercantile Bank Corporation will report full year sales of $30.73 million for the current fiscal year, with estimates ranging from $109.14 million to $127.80 million. For the next year, analysts anticipate that the business will report sales of $130.61 million per share, with estimates ranging from $118.22 million to $137.40 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that follow Mercantile Bank Corporation.

Mercantile Bank Corporation (NASDAQ:MBWM) last posted its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.45. The firm had revenue of $31.24 million for the quarter, compared to the consensus estimate of $31.27 million. Mercantile Bank Corporation had a return on equity of 8.85% and a net margin of 22.25%.

MBWM has been the topic of a number of research analyst reports. ValuEngine upgraded Mercantile Bank Corporation from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Zacks Investment Research cut Mercantile Bank Corporation from a “buy” rating to a “hold” rating in a report on Saturday, April 22nd. Finally, DA Davidson initiated coverage on Mercantile Bank Corporation in a report on Wednesday, July 5th. They issued a “neutral” rating and a $35.00 target price on the stock. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $32.60.

Mercantile Bank Corporation (MBWM) traded up 1.09% during midday trading on Wednesday, hitting $31.41. The company had a trading volume of 3,201 shares. The firm has a market cap of $517.70 million, a price-to-earnings ratio of 16.66 and a beta of 0.67. Mercantile Bank Corporation has a 52-week low of $25.06 and a 52-week high of $38.68. The stock has a 50 day moving average of $31.80 and a 200 day moving average of $32.61.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 20th. Shareholders of record on Friday, September 8th will be paid a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date is Thursday, September 7th. This is a boost from Mercantile Bank Corporation’s previous quarterly dividend of $0.18. Mercantile Bank Corporation’s payout ratio is currently 38.30%.

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In other Mercantile Bank Corporation news, Director Thomas R. Sullivan sold 3,801 shares of the business’s stock in a transaction dated Monday, June 12th. The stock was sold at an average price of $34.23, for a total transaction of $130,108.23. Following the transaction, the director now owns 19,523 shares in the company, valued at $668,272.29. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Thomas R. Sullivan sold 2,797 shares of the business’s stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $33.24, for a total value of $92,972.28. Following the transaction, the director now owns 19,523 shares in the company, valued at approximately $648,944.52. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 13,711 shares of company stock worth $463,144. 3.44% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. First National Bank of Omaha bought a new position in shares of Mercantile Bank Corporation during the first quarter worth approximately $785,000. 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 worth $459,000 after buying an additional 1,430 shares in the last quarter. Independent Portfolio Consultants Inc. acquired a new stake in shares of Mercantile Bank Corporation during the first quarter worth about $562,000. Dubuque Bank & Trust Co. acquired a new stake in shares of Mercantile Bank Corporation during the first quarter worth about $140,000. Finally, Russell Investments Group Ltd. raised its stake 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 worth $645,000 after buying an additional 575 shares during the last quarter. Institutional investors own 52.81% of the company’s stock.

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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Earnings History and Estimates for Mercantile Bank Corporation (NASDAQ:MBWM)

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