FIG Partners Comments on Mercantile Bank Corp.’s FY2019 Earnings (NASDAQ:MBWM)

Mercantile Bank Corp. (NASDAQ:MBWM) – Equities research analysts at FIG Partners boosted their FY2019 EPS estimates for shares of Mercantile Bank in a research report issued to clients and investors on Tuesday, April 16th, according to Zacks Investment Research. FIG Partners analyst J. Rodis now expects that the financial services provider will post earnings of $2.57 per share for the year, up from their prior estimate of $2.54.

Several other analysts have also recently weighed in on MBWM. Zacks Investment Research cut shares of Mercantile Bank from a “buy” rating to a “hold” rating in a report on Friday, April 19th. BidaskClub upgraded shares of Mercantile Bank from a “sell” rating to a “hold” rating in a research note on Tuesday. Finally, Hovde Group reiterated a “hold” rating and issued a $36.50 price target on shares of Mercantile Bank in a research note on Monday, January 28th. Four equities research analysts have rated the stock with a hold rating, The stock has a consensus rating of “Hold” and an average target price of $38.17.

NASDAQ:MBWM traded down $0.12 during mid-day trading on Friday, hitting $34.19. The stock had a trading volume of 18,254 shares, compared to its average volume of 24,112. The stock has a market cap of $561.40 million, a price-to-earnings ratio of 13.51, a price-to-earnings-growth ratio of 1.68 and a beta of 0.82. Mercantile Bank has a twelve month low of $26.40 and a twelve month high of $38.47. The company has a quick ratio of 1.08, a current ratio of 1.09 and a debt-to-equity ratio of 1.12.

Mercantile Bank (NASDAQ:MBWM) last issued its earnings results on Tuesday, April 16th. The financial services provider reported $0.61 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.01. The firm had revenue of $37.28 million for the quarter, compared to analysts’ expectations of $34.67 million. Mercantile Bank had a net margin of 25.74% and a return on equity of 10.88%.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 19th. Shareholders of record on Friday, June 7th will be paid a $0.26 dividend. The ex-dividend date is Thursday, June 6th. This represents a $1.04 annualized dividend and a yield of 3.04%. Mercantile Bank’s dividend payout ratio is currently 41.11%.

A number of institutional investors have recently made changes to their positions in the business. BlackRock Inc. increased its stake in Mercantile Bank by 9.4% in the fourth quarter. BlackRock Inc. now owns 1,242,624 shares of the financial services provider’s stock valued at $35,115,000 after purchasing an additional 106,271 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Mercantile Bank by 4.3% during the first quarter. Dimensional Fund Advisors LP now owns 1,179,226 shares of the financial services provider’s stock worth $38,584,000 after acquiring an additional 48,184 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of 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 acquiring an additional 29,600 shares during the last quarter. Vanguard Group Inc. grew its position in shares of 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 acquiring an additional 5,818 shares during the last quarter. Finally, Vanguard Group Inc grew its position in shares of 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 acquiring an additional 5,818 shares during the last quarter. Institutional investors own 54.61% of the company’s stock.

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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