Q1 2021 EPS Estimates for Mercantile Bank Corp. (NASDAQ:MBWM) Cut by Analyst
Mercantile Bank Corp. (NASDAQ:MBWM) – Stock analysts at Piper Sandler cut their Q1 2021 earnings estimates for Mercantile Bank in a research note issued to investors on Tuesday, March 24th. Piper Sandler analyst B. Nosal now anticipates that the financial services provider will post earnings of $0.38 per share for the quarter, down from their prior estimate of $0.49. Piper Sandler also issued estimates for Mercantile Bank’s Q2 2021 earnings at $0.42 EPS, Q3 2021 earnings at $0.45 EPS and Q4 2021 earnings at $0.47 EPS.
A number of other research firms also recently weighed in on MBWM. BidaskClub raised Mercantile Bank from a “strong sell” rating to a “sell” rating in a research note on Wednesday, March 18th. Zacks Investment Research cut Mercantile Bank from a “hold” rating to a “sell” rating in a research note on Saturday, March 21st. Finally, ValuEngine upgraded Mercantile Bank from a “sell” rating to a “hold” rating in a report on Tuesday, January 21st.
Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $0.81 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.66 by $0.15. The business had revenue of $38.48 million for the quarter, compared to the consensus estimate of $36.40 million. Mercantile Bank had a net margin of 26.69% and a return on equity of 10.92%.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 18th. Stockholders of record on Friday, March 6th were issued a dividend of $0.28 per share. The ex-dividend date was Thursday, March 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 5.30%. This is an increase from Mercantile Bank’s previous quarterly dividend of $0.27. Mercantile Bank’s dividend payout ratio (DPR) is currently 43.58%.
Hedge funds have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC raised its holdings in Mercantile Bank by 9.7% during the fourth quarter. Renaissance Technologies LLC now owns 908,613 shares of the financial services provider’s stock valued at $33,137,000 after buying an additional 80,098 shares in the last quarter. State Street Corp increased its holdings in shares of Mercantile Bank by 5.3% during the 4th quarter. State Street Corp now owns 362,546 shares of the financial services provider’s stock valued at $13,222,000 after acquiring an additional 18,198 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Mercantile Bank by 4.8% during the 4th quarter. Geode Capital Management LLC now owns 225,391 shares of the financial services provider’s stock valued at $8,220,000 after acquiring an additional 10,278 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Mercantile Bank by 12.3% in the 4th quarter. Bank of New York Mellon Corp now owns 130,174 shares of the financial services provider’s stock valued at $4,748,000 after acquiring an additional 14,291 shares in the last quarter. Finally, Acadian Asset Management LLC raised its stake in shares of Mercantile Bank by 31.8% in the 4th quarter. Acadian Asset Management LLC now owns 105,470 shares of the financial services provider’s stock valued at $3,847,000 after acquiring an additional 25,454 shares in the last quarter. 56.03% of the stock is owned by institutional investors and hedge funds.
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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