Brokerages expect Mercantile Bank Corp. (NASDAQ:MBWM) to post $35.51 million in sales for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for Mercantile Bank’s earnings. The highest sales estimate is $35.74 million and the lowest is $35.10 million. Mercantile Bank reported sales of $33.78 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 5.1%. The company is expected to report its next earnings results on Tuesday, July 16th.
According to Zacks, analysts expect that Mercantile Bank will report full-year sales of $146.05 million for the current fiscal year, with estimates ranging from $145.60 million to $146.60 million. For the next financial year, analysts forecast that the firm will post sales of $153.51 million, with estimates ranging from $152.20 million to $154.30 million. Zacks’ sales averages are a mean average based on a survey of research firms that follow Mercantile Bank.
Mercantile Bank (NASDAQ:MBWM) last posted its earnings results on Tuesday, April 16th. The financial services provider reported $0.61 EPS for the quarter, topping the consensus estimate of $0.60 by $0.01. The firm had revenue of $37.28 million for the quarter, compared to analyst estimates of $34.67 million. Mercantile Bank had a return on equity of 11.22% and a net margin of 26.10%.
Mercantile Bank stock traded down $0.36 during midday trading on Monday, hitting $33.44. 22,920 shares of the company were exchanged, compared to its average volume of 36,776. The firm has a market cap of $549.12 million, a price-to-earnings ratio of 13.22, a price-to-earnings-growth ratio of 1.64 and a beta of 0.82. Mercantile Bank has a fifty-two week low of $26.40 and a fifty-two week high of $38.47. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.06.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 19th. Investors of record on Friday, June 7th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 3.11%. The ex-dividend date of this dividend is Thursday, June 6th. Mercantile Bank’s dividend payout ratio (DPR) is 41.11%.
In other Mercantile Bank news, Director Edward B. Grant sold 2,000 shares of the stock in a transaction that occurred on Friday, January 25th. The stock was sold at an average price of $34.33, for a total transaction of $68,660.00. Following the transaction, the director now owns 19,043 shares in the company, valued at $653,746.19. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.20% of the company’s stock.
A number of hedge funds have recently modified their holdings of the business. BlackRock Inc. boosted its position in Mercantile Bank by 9.4% during the fourth quarter. BlackRock Inc. now owns 1,242,624 shares of the financial services provider’s stock worth $35,115,000 after purchasing an additional 106,271 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Mercantile Bank by 4.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,131,042 shares of the financial services provider’s stock worth $31,964,000 after purchasing an additional 49,382 shares in the last quarter. Renaissance Technologies LLC boosted its position in Mercantile Bank by 3.9% during the third quarter. Renaissance Technologies LLC now owns 790,115 shares of the financial services provider’s stock worth $26,366,000 after purchasing an additional 29,600 shares in the last quarter. Vanguard Group Inc. boosted its position in Mercantile Bank by 0.8% during the third quarter. Vanguard Group Inc. now owns 718,648 shares of the financial services provider’s stock worth $23,982,000 after purchasing an additional 5,818 shares in the last quarter. Finally, Vanguard Group Inc boosted its position in Mercantile Bank by 0.8% during the third quarter. Vanguard Group Inc now owns 718,648 shares of the financial services provider’s stock worth $23,982,000 after purchasing an additional 5,818 shares in the last quarter. Institutional investors own 55.71% of the company’s stock.
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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