Equities research analysts expect that Mercantile Bank Co. (NASDAQ:MBWM – Get Rating) will post $42.30 million in sales for the current quarter, Zacks Investment Research reports. Three analysts have provided estimates for Mercantile Bank’s earnings. The lowest sales estimate is $40.90 million and the highest is $45.00 million. Mercantile Bank reported sales of $43.00 million in the same quarter last year, which indicates a negative year over year growth rate of 1.6%. The firm is scheduled to announce its next quarterly earnings results before the market opens on Monday, January 1st.
According to Zacks, analysts expect that Mercantile Bank will report full year sales of $173.93 million for the current financial year, with estimates ranging from $170.20 million to $179.00 million. For the next fiscal year, analysts expect that the business will report sales of $189.23 million, with estimates ranging from $185.10 million to $193.00 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow Mercantile Bank.
Mercantile Bank (NASDAQ:MBWM – Get Rating) last issued its earnings results on Tuesday, January 18th. The financial services provider reported $0.94 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.83 by $0.11. Mercantile Bank had a return on equity of 13.81% and a net margin of 29.55%. The firm had revenue of $45.17 million during the quarter, compared to the consensus estimate of $43.50 million. During the same quarter in the previous year, the firm earned $0.93 earnings per share.
In other Mercantile Bank news, SVP Robert T. Worthington sold 3,000 shares of the company’s stock in a transaction dated Friday, January 21st. The stock was sold at an average price of $38.11, for a total value of $114,330.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Lonna Wiersma sold 2,000 shares of the company’s stock in a transaction dated Wednesday, January 26th. The stock was sold at an average price of $39.60, for a total value of $79,200.00. The disclosure for this sale can be found here. Insiders have sold 7,214 shares of company stock worth $278,592 over the last 90 days. 3.07% of the stock is currently owned by corporate insiders.
Large investors have recently modified their holdings of the stock. Morgan Stanley increased its holdings in Mercantile Bank by 39.1% during the 2nd quarter. Morgan Stanley now owns 35,871 shares of the financial services provider’s stock worth $1,083,000 after purchasing an additional 10,092 shares during the period. Citadel Advisors LLC raised its stake in shares of Mercantile Bank by 11.4% during the 2nd quarter. Citadel Advisors LLC now owns 42,120 shares of the financial services provider’s stock valued at $1,272,000 after buying an additional 4,320 shares during the last quarter. Millennium Management LLC raised its stake in shares of Mercantile Bank by 174.7% during the 2nd quarter. Millennium Management LLC now owns 22,355 shares of the financial services provider’s stock valued at $675,000 after buying an additional 14,218 shares during the last quarter. Invesco Ltd. raised its stake in shares of Mercantile Bank by 10.6% during the 2nd quarter. Invesco Ltd. now owns 23,495 shares of the financial services provider’s stock valued at $710,000 after buying an additional 2,257 shares during the last quarter. Finally, Parametric Portfolio Associates LLC increased its stake in shares of Mercantile Bank by 14.4% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 68,621 shares of the financial services provider’s stock valued at $2,072,000 after purchasing an additional 8,616 shares in the last quarter. Institutional investors own 52.89% of the company’s stock.
MBWM stock traded down $0.02 during trading on Tuesday, hitting $33.68. The company had a trading volume of 29,636 shares, compared to its average volume of 49,689. The firm has a market cap of $533.59 million, a PE ratio of 9.15 and a beta of 0.99. Mercantile Bank has a one year low of $28.51 and a one year high of $40.01. The stock has a 50-day moving average price of $36.69. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.02 and a current ratio of 1.02.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 16th. Stockholders of record on Friday, March 4th were paid a dividend of $0.31 per share. The ex-dividend date of this dividend was Thursday, March 3rd. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a dividend yield of 3.68%. Mercantile Bank’s payout ratio is 33.70%.
Mercantile Bank Company Profile (Get Rating)
Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan that provides commercial and retail banking services to 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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