$33.03 Million in Sales Expected for Mercantile Bank Corp. (MBWM) This Quarter

Analysts expect that Mercantile Bank Corp. (NASDAQ:MBWM) will post sales of $33.03 million for the current quarter, Zacks Investment Research reports. Three analysts have made estimates for Mercantile Bank’s earnings, with estimates ranging from $32.60 million to $33.50 million. Mercantile Bank reported sales of $31.36 million during the same quarter last year, which would indicate a positive year over year growth rate of 5.3%. The firm is scheduled to announce its next quarterly earnings report on Tuesday, April 17th.

On average, analysts expect that Mercantile Bank will report full-year sales of $33.03 million for the current year, with estimates ranging from $136.50 million to $138.40 million. For the next fiscal year, analysts forecast that the company will post sales of $147.50 million per share, with estimates ranging from $147.00 million to $148.20 million. Zacks’ sales averages are a mean average based on a survey of research analysts that follow Mercantile Bank.

Mercantile Bank (NASDAQ:MBWM) last released its earnings results on Tuesday, January 16th. The financial services provider reported $0.48 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.02). The business 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 topic of a number of analyst reports. Zacks Investment Research raised Mercantile Bank from a “hold” rating to a “buy” rating and set a $42.00 target price on the stock in a research note on Friday, October 20th. BidaskClub cut Mercantile Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, December 12th. Sandler O’Neill set a $39.00 price objective on Mercantile Bank and gave the stock a “hold” rating in a research note on Wednesday, January 3rd. ValuEngine cut Mercantile Bank from a “buy” rating to a “hold” rating in a research note on Thursday, January 11th. Finally, Hovde Group reissued a “hold” rating and issued a $38.50 price objective on shares of Mercantile Bank in a research note on Thursday, January 18th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. Mercantile Bank has an average rating of “Hold” and an average target price of $37.50.

Mercantile Bank (MBWM) opened at $33.73 on Tuesday. The company has a market capitalization of $564.30, a P/E ratio of 17.75, a PEG ratio of 1.80 and a beta of 0.66. Mercantile Bank has a 52 week low of $28.92 and a 52 week high of $38.08. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.03 and a current ratio of 1.03.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 21st. Investors of record on Friday, March 9th will be paid a $0.22 dividend. The ex-dividend date is Thursday, March 8th. This represents a $0.88 annualized dividend and a yield of 2.61%. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.19. Mercantile Bank’s dividend payout ratio is 40.00%.

In related news, Director Thomas R. Sullivan sold 5,200 shares of the stock in a transaction that occurred on Monday, November 20th. The stock was sold at an average price of $35.15, for a total value of $182,780.00. Following the transaction, the director now owns 15,073 shares of the company’s stock, valued at $529,815.95. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 3.20% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Alliancebernstein L.P. boosted its position in Mercantile Bank by 4.4% during the 2nd quarter. Alliancebernstein L.P. now owns 18,800 shares of the financial services provider’s stock valued at $592,000 after acquiring an additional 800 shares in the last quarter. New York State Common Retirement Fund boosted its position in Mercantile Bank by 9.3% during the 2nd quarter. New York State Common Retirement Fund now owns 17,700 shares of the financial services provider’s stock valued at $557,000 after acquiring an additional 1,499 shares in the last quarter. Russell Investments Group Ltd. boosted its position in Mercantile Bank by 9.4% during the 3rd quarter. Russell Investments Group Ltd. now owns 22,489 shares of the financial services provider’s stock valued at $784,000 after acquiring an additional 1,927 shares in the last quarter. Wells Fargo & Company MN boosted its position in Mercantile Bank by 6.8% during the 2nd quarter. Wells Fargo & Company MN now owns 37,222 shares of the financial services provider’s stock valued at $1,172,000 after acquiring an additional 2,367 shares in the last quarter. Finally, California Public Employees Retirement System boosted its position in Mercantile Bank by 5.2% during the 3rd quarter. California Public Employees Retirement System now owns 53,235 shares of the financial services provider’s stock valued at $1,858,000 after acquiring an additional 2,635 shares in the last quarter. 51.59% of the stock is currently owned by institutional investors and hedge funds.

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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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