Mercantile Bank Corp. (MBWM) Expected to Post Quarterly Sales of $34.60 Million

Wall Street brokerages forecast that Mercantile Bank Corp. (NASDAQ:MBWM) will report sales of $34.60 million for the current fiscal quarter, Zacks reports. Three analysts have issued estimates for Mercantile Bank’s earnings. Mercantile Bank posted sales of $32.91 million in the same quarter last year, which would indicate a positive year over year growth rate of 5.1%. The firm is expected to issue its next quarterly earnings report on Tuesday, January 15th.

According to Zacks, analysts expect that Mercantile Bank will report full-year sales of $137.53 million for the current year, with estimates ranging from $137.50 million to $137.60 million. For the next fiscal year, analysts forecast that the business will report sales of $144.23 million, with estimates ranging from $143.30 million to $145.30 million. Zacks’ sales averages are an average based on a survey of research firms that cover Mercantile Bank.

Mercantile Bank (NASDAQ:MBWM) last released its earnings results on Tuesday, October 16th. The financial services provider reported $0.61 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.61. Mercantile Bank had a return on equity of 10.33% and a net margin of 24.66%. The company had revenue of $34.55 million for the quarter, compared to the consensus estimate of $34.60 million.

A number of research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods boosted their price target on shares of Mercantile Bank from $40.00 to $41.00 and gave the stock a “$36.20” rating in a research note on Wednesday, July 18th. BidaskClub downgraded Mercantile Bank from a “buy” rating to a “hold” rating in a research report on Friday, July 20th. Zacks Investment Research upgraded Mercantile Bank from a “hold” rating to a “buy” rating and set a $41.00 target price on the stock in a research report on Friday, July 20th. Finally, ValuEngine downgraded Mercantile Bank from a “hold” rating to a “sell” rating in a research report on Thursday, September 27th. Two investment analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $39.00.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ramsey Quantitative Systems raised its position in Mercantile Bank by 62.4% during the third quarter. Ramsey Quantitative Systems now owns 4,317 shares of the financial services provider’s stock valued at $144,000 after acquiring an additional 1,658 shares in the last quarter. John W. Rosenthal Capital Management Inc. increased its holdings in Mercantile Bank by 2.6% in the 2nd quarter. John W. Rosenthal Capital Management Inc. now owns 80,000 shares of the financial services provider’s stock valued at $2,957,000 after purchasing an additional 2,000 shares during the last quarter. Well Done LLC increased its holdings in Mercantile Bank by 35.5% in the 2nd quarter. Well Done LLC now owns 7,634 shares of the financial services provider’s stock valued at $282,000 after purchasing an additional 2,000 shares during the last quarter. Wells Fargo & Company MN increased its holdings in Mercantile Bank by 3.9% in the 1st quarter. Wells Fargo & Company MN now owns 61,237 shares of the financial services provider’s stock valued at $2,036,000 after purchasing an additional 2,326 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in Mercantile Bank by 1.2% in the 2nd quarter. Northern Trust Corp now owns 196,691 shares of the financial services provider’s stock valued at $7,270,000 after purchasing an additional 2,347 shares during the last quarter. Institutional investors own 55.13% of the company’s stock.

Shares of Mercantile Bank stock traded up $0.07 on Monday, reaching $32.82. 24,577 shares of the stock were exchanged, compared to its average volume of 34,337. Mercantile Bank has a 1-year low of $29.60 and a 1-year high of $38.47. The company has a quick ratio of 1.04, a current ratio of 1.05 and a debt-to-equity ratio of 0.75. The firm has a market cap of $540.81 million, a price-to-earnings ratio of 17.37, a price-to-earnings-growth ratio of 1.67 and a beta of 0.67.

The business also recently announced 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 is Thursday, December 6th. This is an increase from Mercantile Bank’s previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a yield of 3.05%. Mercantile Bank’s payout ratio is 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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