$35.51 Million in Sales Expected for Mercantile Bank Corp. (MBWM) This Quarter

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%.

Several research firms recently commented on MBWM. BidaskClub lowered Mercantile Bank from a “sell” rating to a “strong sell” rating in a report on Tuesday, March 26th. Zacks Investment Research lowered Mercantile Bank from a “buy” rating to a “hold” rating in a report on Friday. ValuEngine raised Mercantile Bank from a “sell” rating to a “hold” rating in a report on Wednesday, January 9th. Finally, Hovde Group reaffirmed a “hold” rating and set a $36.50 target price on shares of Mercantile Bank in a report on Monday, January 28th. One equities research analyst has rated the stock with a sell rating and three have issued a hold rating to the company. Mercantile Bank currently has an average rating of “Hold” and an average target price of $38.17.

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.

Read More: Liquidity

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.