Mercantile Bank Corp. (MBWM) Expected to Announce Earnings of $0.56 Per Share

Equities research analysts forecast that Mercantile Bank Corp. (NASDAQ:MBWM) will post $0.56 earnings per share for the current fiscal quarter, Zacks Investment Research reports. Three analysts have made estimates for Mercantile Bank’s earnings, with the highest EPS estimate coming in at $0.58 and the lowest estimate coming in at $0.54. Mercantile Bank posted earnings per share of $0.46 in the same quarter last year, which would suggest a positive year over year growth rate of 21.7%. The company is expected to announce its next quarterly earnings report on Tuesday, April 17th.

According to Zacks, analysts expect that Mercantile Bank will report full-year earnings of $2.37 per share for the current year, with EPS estimates ranging from $2.32 to $2.42. For the next year, analysts anticipate that the firm will report earnings of $2.62 per share, with EPS estimates ranging from $2.55 to $2.70. Zacks’ EPS calculations are a mean average based on a survey of sell-side analysts that that provide coverage for Mercantile Bank.

Mercantile Bank (NASDAQ:MBWM) last released its earnings results on Tuesday, January 16th. The financial services provider reported $0.48 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.02). The company had revenue of $32.91 million for the quarter, compared to the consensus estimate of $32.93 million. Mercantile Bank had a net margin of 21.64% and a return on equity of 8.78%.

MBWM has been the subject of a number of recent analyst reports. BidaskClub downgraded Mercantile Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, December 12th. Zacks Investment Research raised Mercantile Bank from a “hold” rating to a “buy” rating and set a $41.00 price target for the company in a report on Tuesday, January 2nd. Sandler O’Neill set a $39.00 price target on Mercantile Bank and gave the stock a “hold” rating in a report on Wednesday, January 3rd. Hovde Group reissued a “hold” rating and set a $38.50 price target on shares of Mercantile Bank in a report on Thursday, January 18th. Finally, ValuEngine cut Mercantile Bank from a “buy” rating to a “hold” rating in a report on Thursday, January 11th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $37.50.

In other news, Director Thomas R. Sullivan sold 5,200 shares of the business’s stock in a transaction on Monday, November 20th. The stock was sold at an average price of $35.15, for a total transaction of $182,780.00. Following the completion of the transaction, the director now owns 15,073 shares of the company’s stock, valued at approximately $529,815.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 3.20% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Alliancebernstein L.P. increased its holdings in Mercantile Bank by 4.4% in the 2nd quarter. Alliancebernstein L.P. now owns 18,800 shares of the financial services provider’s stock worth $592,000 after purchasing an additional 800 shares in the last quarter. New York State Common Retirement Fund increased its holdings in Mercantile Bank by 9.3% in the 2nd quarter. New York State Common Retirement Fund now owns 17,700 shares of the financial services provider’s stock worth $557,000 after purchasing an additional 1,499 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in Mercantile Bank by 9.4% in the 3rd quarter. Russell Investments Group Ltd. now owns 22,489 shares of the financial services provider’s stock worth $784,000 after purchasing an additional 1,927 shares in the last quarter. Wells Fargo & Company MN increased its holdings in Mercantile Bank by 6.8% in the 2nd quarter. Wells Fargo & Company MN now owns 37,222 shares of the financial services provider’s stock worth $1,172,000 after purchasing an additional 2,367 shares in the last quarter. Finally, California Public Employees Retirement System increased its holdings in Mercantile Bank by 5.2% in the 3rd quarter. California Public Employees Retirement System now owns 53,235 shares of the financial services provider’s stock worth $1,858,000 after purchasing an additional 2,635 shares in the last quarter. 51.71% of the stock is owned by institutional investors and hedge funds.

Mercantile Bank (NASDAQ:MBWM) traded up $0.62 during trading hours on Friday, hitting $34.01. The stock had a trading volume of 28,395 shares, compared to its average volume of 35,156. The company has a market cap of $564.29, a P/E ratio of 17.90, a price-to-earnings-growth ratio of 1.80 and a beta of 0.66. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.73. Mercantile Bank has a 1 year low of $28.92 and a 1 year high of $38.08.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 21st. Stockholders of record on Friday, March 9th will be issued a dividend of $0.22 per share. The ex-dividend date is Thursday, March 8th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.59%. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.19. Mercantile Bank’s payout ratio is 40.00%.

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Mercantile Bank 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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