Zacks: Brokerages Anticipate Mercantile Bank Corporation (MBWM) to Announce $0.50 Earnings Per Share
Analysts forecast that Mercantile Bank Corporation (NASDAQ:MBWM) will announce $0.50 earnings per share for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for Mercantile Bank’s earnings, with the lowest EPS estimate coming in at $0.48 and the highest estimate coming in at $0.52. Mercantile Bank posted earnings per share of $0.49 in the same quarter last year, which would indicate a positive year-over-year growth rate of 2%. The firm is expected to announce its next earnings results on Tuesday, January 16th.
According to Zacks, analysts expect that Mercantile Bank will report full year earnings of $1.91 per share for the current fiscal year, with EPS estimates ranging from $1.89 to $1.93. For the next fiscal year, analysts anticipate that the business will report earnings of $2.13 per share, with EPS estimates ranging from $2.06 to $2.20. Zacks’ earnings per share calculations are an average based on a survey of sell-side research firms that follow Mercantile Bank.
Mercantile Bank (NASDAQ:MBWM) last issued its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.51 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.48 by $0.03. The firm had revenue of $33.25 million during the quarter, compared to the consensus estimate of $32.20 million. Mercantile Bank had a return on equity of 8.91% and a net margin of 22.18%.
Mercantile Bank (NASDAQ MBWM) traded up $0.54 during trading hours on Tuesday, reaching $37.26. The company’s stock had a trading volume of 29,200 shares, compared to its average volume of 36,603. The stock has a market capitalization of $605.58, a PE ratio of 19.23, a price-to-earnings-growth ratio of 2.40 and a beta of 0.67. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.03 and a quick ratio of 1.03. Mercantile Bank has a 1 year low of $28.92 and a 1 year high of $38.68.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 20th. Shareholders of record on Friday, December 8th will be given a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 2.04%. The ex-dividend date is Thursday, December 7th. Mercantile Bank’s payout ratio is 39.79%.
In other news, Director Thomas R. Sullivan sold 5,800 shares of the firm’s stock in a transaction on Friday, October 27th. The stock was sold at an average price of $37.29, for a total value of $216,282.00. Following the completion of the transaction, the director now owns 20,273 shares in the company, valued at $755,980.17. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Thomas R. Sullivan sold 10,739 shares of the firm’s stock in a transaction on Friday, October 20th. The shares were sold at an average price of $37.04, for a total value of $397,772.56. Following the completion of the transaction, the director now owns 20,273 shares of the company’s stock, valued at approximately $750,911.92. The disclosure for this sale can be found here. Insiders sold 21,739 shares of company stock valued at $796,835 in the last quarter. 3.20% of the stock is currently owned by company insiders.
Hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC purchased a new position in shares of Mercantile Bank in the third quarter valued at $144,000. Essex Investment Management Co. LLC purchased a new position in shares of Mercantile Bank in the third quarter valued at $369,000. IndexIQ Advisors LLC purchased a new position in shares of Mercantile Bank in the second quarter valued at $433,000. Parametric Portfolio Associates LLC increased its position in shares of Mercantile Bank by 54.1% in the second quarter. Parametric Portfolio Associates LLC now owns 15,053 shares of the financial services provider’s stock valued at $474,000 after buying an additional 5,286 shares in the last quarter. Finally, PDT Partners LLC purchased a new position in shares of Mercantile Bank in the second quarter valued at $482,000. Institutional investors and hedge funds own 54.15% of the company’s stock.
About Mercantile Bank
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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