$36.80 Million in Sales Expected for Mercantile Bank Corp. (NASDAQ:MBWM) This Quarter

Wall Street brokerages expect that Mercantile Bank Corp. (NASDAQ:MBWM) will report sales of $36.80 million for the current quarter, Zacks Investment Research reports. Three analysts have issued estimates for Mercantile Bank’s earnings, with estimates ranging from $35.30 million to $39.00 million. Mercantile Bank posted sales of $37.45 million in the same quarter last year, which would indicate a negative year-over-year growth rate of 1.7%. The firm is scheduled to report its next quarterly earnings report on Tuesday, July 21st.

On average, analysts expect that Mercantile Bank will report full-year sales of $152.90 million for the current year, with estimates ranging from $144.10 million to $166.00 million. For the next fiscal year, analysts expect that the company will post sales of $145.20 million, with estimates ranging from $142.30 million to $148.30 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for Mercantile Bank.

Mercantile Bank (NASDAQ:MBWM) last announced its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $0.65 EPS for the quarter, topping the Zacks’ consensus estimate of $0.47 by $0.18. The business had revenue of $36.87 million for the quarter, compared to analyst estimates of $35.20 million. Mercantile Bank had a net margin of 26.18% and a return on equity of 10.85%.

Several equities research analysts recently weighed in on the stock. BidaskClub cut shares of Mercantile Bank from a “sell” rating to a “strong sell” rating in a research report on Tuesday, June 16th. Zacks Investment Research upgraded shares of Mercantile Bank from a “hold” rating to a “strong-buy” rating and set a $25.00 price objective for the company in a report on Wednesday, June 24th. Finally, ValuEngine downgraded shares of Mercantile Bank from a “hold” rating to a “sell” rating in a research report on Thursday, April 2nd.

In other news, Director Michael H. Price sold 8,000 shares of the firm’s stock in a transaction that occurred on Friday, April 24th. The shares were sold at an average price of $21.20, for a total transaction of $169,600.00. Following the completion of the sale, the director now owns 45,259 shares of the company’s stock, valued at approximately $959,490.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 3.20% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of MBWM. Renaissance Technologies LLC lifted its holdings in shares of Mercantile Bank by 9.7% in the 4th quarter. Renaissance Technologies LLC now owns 908,613 shares of the financial services provider’s stock worth $33,137,000 after purchasing an additional 80,098 shares in the last quarter. Acadian Asset Management LLC lifted its holdings in shares of Mercantile Bank by 27.0% in the 1st quarter. Acadian Asset Management LLC now owns 133,950 shares of the financial services provider’s stock worth $2,832,000 after purchasing an additional 28,480 shares in the last quarter. Matarin Capital Management LLC bought a new position in shares of Mercantile Bank in the 1st quarter worth $510,000. Royal Bank of Canada lifted its stake in Mercantile Bank by 12.6% during the 1st quarter. Royal Bank of Canada now owns 194,997 shares of the financial services provider’s stock valued at $4,128,000 after acquiring an additional 21,769 shares in the last quarter. Finally, State Street Corp lifted its stake in Mercantile Bank by 5.3% during the 4th quarter. State Street Corp now owns 362,546 shares of the financial services provider’s stock valued at $13,222,000 after acquiring an additional 18,198 shares in the last quarter. Institutional investors own 54.59% of the company’s stock.

Shares of NASDAQ:MBWM traded down $0.52 on Monday, hitting $21.24. The company had a trading volume of 221,300 shares, compared to its average volume of 54,226. Mercantile Bank has a 1-year low of $18.64 and a 1-year high of $37.32. The stock has a market cap of $344.22 million, a price-to-earnings ratio of 7.43 and a beta of 1.09. The stock has a 50 day moving average price of $22.14 and a 200 day moving average price of $27.63. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 1.05.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Friday, June 5th were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 5.27%. The ex-dividend date of this dividend was Thursday, June 4th. Mercantile Bank’s dividend payout ratio (DPR) is 43.58%.

About Mercantile Bank

Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan that provides commercial and retail banking services for small- to medium-sized businesses and individuals in the United States. It accepts various deposit products, including checking, savings, and term certificate accounts; time deposits; and certificates of deposit.

Recommended Story: What is the strike price in options trading?

Get a free copy of the Zacks research report on Mercantile Bank (MBWM)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

Receive News & Ratings for Mercantile Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mercantile Bank and related companies with MarketBeat.com's FREE daily email newsletter.