Mercantile Bank Corp. (MBWM) Expected to Post Quarterly Sales of $35.51 Million

Brokerages expect Mercantile Bank Corp. (NASDAQ:MBWM) to announce sales of $35.51 million for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for Mercantile Bank’s earnings, with the highest sales estimate coming in at $35.74 million and the lowest estimate coming in at $35.10 million. Mercantile Bank reported sales of $33.78 million during the same quarter last year, which indicates a positive year over year growth rate of 5.1%. The business is scheduled to announce its next quarterly earnings results on Tuesday, July 16th.

According to Zacks, analysts expect that Mercantile Bank will report full-year sales of $146.05 million for the current financial year, with estimates ranging from $145.60 million to $146.60 million. For the next financial year, analysts expect that the firm will report sales of $153.51 million, with estimates ranging from $152.20 million to $154.30 million. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that cover Mercantile Bank.

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

A number of equities analysts have issued reports on MBWM shares. BidaskClub lowered Mercantile Bank from a “hold” rating to a “sell” rating in a research report on Saturday, March 9th. Zacks Investment Research lowered Mercantile Bank from a “buy” rating to a “hold” rating in a research report on Friday, January 25th. Finally, Hovde Group reaffirmed a “hold” rating and issued a $36.50 target price on shares of Mercantile Bank in a research report on Monday, January 28th. Four research analysts have rated the stock with a hold rating, The stock has a consensus rating of “Hold” and an average price target of $38.17.

NASDAQ MBWM traded down $0.32 on Wednesday, reaching $33.14. The company had a trading volume of 14,757 shares, compared to its average volume of 34,059. The stock has a market cap of $544.26 million, a PE ratio of 13.10, a P/E/G ratio of 1.62 and a beta of 0.82. Mercantile Bank has a 1 year low of $26.40 and a 1 year high of $38.47. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 1.12.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 19th. Shareholders of record on Friday, June 7th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.14%. The ex-dividend date is Thursday, June 6th. Mercantile Bank’s payout ratio is 41.11%.

Institutional investors and hedge funds have recently made changes to their positions in the business. Fifth Third Bancorp raised its position in shares of Mercantile Bank by 75.7% in the 1st quarter. Fifth Third Bancorp now owns 2,117 shares of the financial services provider’s stock valued at $69,000 after purchasing an additional 912 shares in the last quarter. PNC Financial Services Group Inc. raised its position in shares of Mercantile Bank by 15.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,589 shares of the financial services provider’s stock valued at $73,000 after purchasing an additional 347 shares in the last quarter. Meeder Asset Management Inc. raised its position in shares of Mercantile Bank by 208.9% during the 1st quarter. Meeder Asset Management Inc. now owns 2,740 shares of the financial services provider’s stock valued at $88,000 after acquiring an additional 1,853 shares in the last quarter. Legal & General Group Plc raised its position in shares of Mercantile Bank by 24.4% during the 3rd quarter. Legal & General Group Plc now owns 2,881 shares of the financial services provider’s stock valued at $96,000 after acquiring an additional 566 shares in the last quarter. Finally, FMR LLC acquired a new stake in shares of Mercantile Bank during the 3rd quarter valued at approximately $103,000. 54.53% of the stock is currently owned by institutional investors.

About Mercantile Bank

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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