FIG Partners Equities Analysts Decrease Earnings Estimates for Mercantile Bank Corp. (MBWM)

Mercantile Bank Corp. (NASDAQ:MBWM) – Equities research analysts at FIG Partners lowered their FY2018 earnings estimates for shares of Mercantile Bank in a report issued on Tuesday, October 16th. FIG Partners analyst J. Rodis now anticipates that the financial services provider will post earnings per share of $2.44 for the year, down from their prior estimate of $2.46. FIG Partners also issued estimates for Mercantile Bank’s Q1 2019 earnings at $0.57 EPS and Q2 2019 earnings at $0.60 EPS.

Mercantile Bank (NASDAQ:MBWM) last announced its quarterly earnings results on Tuesday, October 16th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.61. The business had revenue of $34.55 million during the quarter, compared to the consensus estimate of $34.60 million. Mercantile Bank had a net margin of 24.66% and a return on equity of 10.39%.

Other equities analysts have also recently issued research reports about the stock. Zacks Investment Research cut shares of Mercantile Bank from a “hold” rating to a “sell” rating in a research report on Friday. BidaskClub cut shares of Mercantile Bank from a “hold” rating to a “sell” rating in a research report on Saturday, September 8th. Keefe, Bruyette & Woods increased their price objective on shares of Mercantile Bank from $40.00 to $41.00 and gave the stock a “$36.20” rating in a research report on Wednesday, July 18th. Finally, ValuEngine cut shares of Mercantile Bank from a “hold” rating to a “sell” rating in a research report on Thursday, September 27th. Three research analysts have rated the stock with a sell rating and two have given a hold rating to the stock. Mercantile Bank presently has an average rating of “Sell” and an average target price of $39.00.

Shares of NASDAQ MBWM opened at $31.15 on Thursday. The company has a market cap of $534.69 million, a PE ratio of 16.74, a PEG ratio of 1.65 and a beta of 0.62. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.04 and a quick ratio of 1.04. Mercantile Bank has a 1 year low of $31.07 and a 1 year high of $38.47.

Several large investors have recently bought and sold shares of the stock. BlackRock Inc. boosted its position in shares of Mercantile Bank by 13.1% during the 2nd quarter. BlackRock Inc. now owns 1,079,652 shares of the financial services provider’s stock worth $39,904,000 after purchasing an additional 125,179 shares during the period. Dimensional Fund Advisors LP boosted its position in Mercantile Bank by 5.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,048,925 shares of the financial services provider’s stock valued at $38,768,000 after buying an additional 56,045 shares during the period. Renaissance Technologies LLC boosted its position in Mercantile Bank by 8.0% in the 2nd quarter. Renaissance Technologies LLC now owns 760,515 shares of the financial services provider’s stock valued at $28,109,000 after buying an additional 56,600 shares during the period. Tributary Capital Management LLC boosted its position in Mercantile Bank by 10.5% in the 3rd quarter. Tributary Capital Management LLC now owns 341,530 shares of the financial services provider’s stock valued at $11,397,000 after buying an additional 32,529 shares during the period. Finally, Royal Bank of Canada boosted its position in Mercantile Bank by 9.6% in the 1st quarter. Royal Bank of Canada now owns 220,880 shares of the financial services provider’s stock valued at $7,344,000 after buying an additional 19,273 shares during the period. 54.66% of the stock is owned by hedge funds and other institutional investors.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 19th. Investors of record on Friday, December 7th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, December 6th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.21%. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.24. Mercantile Bank’s dividend payout ratio (DPR) is presently 50.79%.

Mercantile Bank Company Profile

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

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