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%.
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.
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