$30.73 Million in Sales Expected for Mercantile Bank Corporation (MBWM) This Quarter
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%.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Mercantile Bank Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mercantile Bank Corporation and related companies with MarketBeat.com's FREE daily email newsletter.