$32.20 Million in Sales Expected for Mercantile Bank Corporation (MBWM) This Quarter
Equities research analysts predict that Mercantile Bank Corporation (NASDAQ:MBWM) will post sales of $32.20 million for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for Mercantile Bank Corporation’s earnings, with estimates ranging from $32.10 million to $32.40 million. Mercantile Bank Corporation posted sales of $31.73 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 1.5%. The business is expected to issue its next earnings results before the market opens on Tuesday, October 17th.
On average, analysts expect that Mercantile Bank Corporation will report full year sales of $32.20 million for the current year, with estimates ranging from $126.26 million to $127.80 million. For the next fiscal year, analysts expect that the company will post sales of $136.43 million per share, with estimates ranging from $135.70 million to $137.40 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that cover Mercantile Bank Corporation.
Mercantile Bank Corporation (NASDAQ:MBWM) last announced its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.45 EPS for the quarter, hitting 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 firm had revenue of $31.24 million for the quarter, compared to analyst estimates of $31.27 million.
Several brokerages recently issued reports on MBWM. Zacks Investment Research downgraded Mercantile Bank Corporation from a “hold” rating to a “sell” rating in a research report on Friday, July 21st. DA Davidson started coverage on Mercantile Bank Corporation in a research report on Wednesday, July 5th. They set a “neutral” rating and a $35.00 price target for the company. Finally, ValuEngine raised Mercantile Bank Corporation from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. Mercantile Bank Corporation presently has a consensus rating of “Hold” and a consensus price target of $35.00.
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Shares of Mercantile Bank Corporation (MBWM) traded down 0.03% on Friday, hitting $33.49. 17,619 shares of the stock were exchanged. The firm’s 50 day moving average price is $30.94 and its 200 day moving average price is $32.25. The firm has a market cap of $551.98 million, a price-to-earnings ratio of 17.77 and a beta of 0.68. Mercantile Bank Corporation has a one year low of $26.30 and a one year high of $38.68.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 20th. Investors of record on Friday, September 8th were paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 2.27%. The ex-dividend date of this dividend was Thursday, September 7th. This is a boost from Mercantile Bank Corporation’s previous quarterly dividend of $0.18. Mercantile Bank Corporation’s dividend payout ratio is 40.43%.
Hedge funds have recently bought and sold shares of the business. Tributary Capital Management LLC acquired a new stake in shares of Mercantile Bank Corporation during the 1st quarter worth $9,099,000. Bank of America Corp DE grew its holdings in shares of Mercantile Bank Corporation by 2.1% during the 1st quarter. Bank of America Corp DE now owns 45,900 shares of the financial services provider’s stock worth $1,579,000 after purchasing an additional 926 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Mercantile Bank Corporation by 3.2% during the 1st quarter. Russell Investments Group Ltd. now owns 18,759 shares of the financial services provider’s stock worth $645,000 after purchasing an additional 575 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of Mercantile Bank Corporation by 11.9% during the 2nd quarter. Victory Capital Management Inc. now owns 46,190 shares of the financial services provider’s stock worth $1,454,000 after purchasing an additional 4,920 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of Mercantile Bank Corporation by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 636,037 shares of the financial services provider’s stock worth $21,880,000 after purchasing an additional 13,030 shares in the last quarter. Hedge funds and other institutional investors own 52.86% of the company’s stock.
About Mercantile Bank Corporation
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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