$0.48 EPS Expected for Mercantile Bank Corporation (MBWM) This Quarter
Wall Street brokerages expect that Mercantile Bank Corporation (NASDAQ:MBWM) will post $0.48 earnings per share for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for Mercantile Bank Corporation’s earnings. The highest EPS estimate is $0.48 and the lowest is $0.47. Mercantile Bank Corporation also posted earnings of $0.48 per share during the same quarter last year. The business is scheduled to report its next quarterly earnings report on Tuesday, October 17th.
According to Zacks, analysts expect that Mercantile Bank Corporation will report full-year earnings of $1.87 per share for the current fiscal year, with EPS estimates ranging from $1.86 to $1.88. For the next financial year, analysts expect that the firm will post earnings of $2.10 per share, with EPS estimates ranging from $2.07 to $2.12. Zacks’ earnings per share calculations are a mean average based on a survey of analysts that that provide coverage for Mercantile Bank Corporation.
Mercantile Bank Corporation (NASDAQ:MBWM) last released its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.45 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.45. Mercantile Bank Corporation had a net margin of 22.25% and a return on equity of 8.85%. The business had revenue of $31.24 million during the quarter, compared to analyst estimates of $31.27 million.
A number of brokerages have recently weighed in on MBWM. DA Davidson assumed coverage on Mercantile Bank Corporation in a research note on Wednesday, July 5th. They set a “neutral” rating and a $35.00 price objective for the company. ValuEngine cut Mercantile Bank Corporation from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Finally, Zacks Investment Research cut Mercantile Bank Corporation from a “hold” rating to a “sell” rating in a research note on Friday, July 21st. One investment analyst has rated the stock with a sell rating and five have given a hold rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $35.00.
In related news, Director Thomas R. Sullivan sold 7,113 shares of the firm’s stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $33.75, for a total transaction of $240,063.75. Following the completion of the transaction, the director now owns 19,523 shares in the company, valued at approximately $658,901.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Thomas R. Sullivan sold 2,797 shares of the firm’s stock in a transaction that occurred on Tuesday, June 13th. The stock was sold at an average price of $33.24, for a total value of $92,972.28. Following the transaction, the director now owns 19,523 shares of the company’s stock, valued at approximately $648,944.52. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 13,711 shares of company stock valued at $463,144. 3.44% of the stock is owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in the stock. Dubuque Bank & Trust Co. boosted its stake in Mercantile Bank Corporation by 9.0% in the second quarter. Dubuque Bank & Trust Co. now owns 4,436 shares of the financial services provider’s stock valued at $140,000 after buying an additional 366 shares during the period. TFS Capital LLC purchased a new stake in Mercantile Bank Corporation during the first quarter valued at approximately $226,000. Envestnet Asset Management Inc. purchased a new stake in Mercantile Bank Corporation during the first quarter valued at approximately $257,000. Menta Capital LLC purchased a new stake in Mercantile Bank Corporation during the first quarter valued at approximately $328,000. Finally, Parametric Portfolio Associates LLC boosted its stake in Mercantile Bank Corporation by 41.5% in the first quarter. Parametric Portfolio Associates LLC now owns 9,767 shares of the financial services provider’s stock valued at $336,000 after buying an additional 2,866 shares during the period. 52.86% of the stock is owned by hedge funds and other institutional investors.
Shares of Mercantile Bank Corporation (MBWM) traded up 0.72% during midday trading on Friday, reaching $30.61. 22,058 shares of the company were exchanged. The firm has a market capitalization of $504.51 million, a P/E ratio of 16.24 and a beta of 0.67. Mercantile Bank Corporation has a 52 week low of $26.04 and a 52 week high of $38.68. The firm has a 50-day moving average of $31.34 and a 200 day moving average of $32.48.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 20th. Stockholders of record on Friday, September 8th will be issued a dividend of $0.19 per share. This is a positive change from Mercantile Bank Corporation’s previous quarterly dividend of $0.18. The ex-dividend date is Thursday, September 7th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.48%. Mercantile Bank Corporation’s dividend payout ratio is currently 38.30%.
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Mercantile Bank Corporation Company Profile
Mercantile Bank Corporation is a bank holding company. The Company owns the Mercantile Bank of Michigan (the Bank). The Bank is a state banking company. The Bank provides commercial banking services primarily to small- to medium-sized businesses and retail banking services. The Bank makes secured and unsecured commercial, construction, mortgage and consumer loans, and accepts checking, savings and time deposits.
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