Mercantile Bank Corp. (NASDAQ:MBWM) Expected to Post Quarterly Sales of $36.40 Million

Brokerages expect Mercantile Bank Corp. (NASDAQ:MBWM) to post $36.40 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for Mercantile Bank’s earnings, with the highest sales estimate coming in at $36.60 million and the lowest estimate coming in at $36.20 million. Mercantile Bank posted sales of $36.19 million during the same quarter last year, which suggests a positive year-over-year growth rate of 0.6%. The company is scheduled to announce its next earnings report on Tuesday, January 28th.

According to Zacks, analysts expect that Mercantile Bank will report full year sales of $146.25 million for the current financial year, with estimates ranging from $146.10 million to $146.40 million. For the next financial year, analysts expect that the business will report sales of $145.25 million, with estimates ranging from $144.20 million to $146.30 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that follow Mercantile Bank.

Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.14. The business had revenue of $38.28 million during the quarter, compared to the consensus estimate of $36.69 million. Mercantile Bank had a return on equity of 11.39% and a net margin of 26.36%.

A number of research analysts have weighed in on MBWM shares. ValuEngine upgraded Mercantile Bank from a “sell” rating to a “hold” rating in a research note on Tuesday. BidaskClub downgraded Mercantile Bank from a “sell” rating to a “strong sell” rating in a research note on Saturday. Finally, Zacks Investment Research downgraded Mercantile Bank from a “hold” rating to a “sell” rating in a research note on Thursday, September 19th.

In other news, Director Michael H. Price sold 2,947 shares of Mercantile Bank stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $35.48, for a total transaction of $104,559.56. Following the completion of the transaction, the director now directly owns 54,206 shares in the company, valued at approximately $1,923,228.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Robert T. Worthington sold 2,500 shares of Mercantile Bank stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $35.10, for a total value of $87,750.00. Following the transaction, the chief operating officer now owns 9,768 shares of the company’s stock, valued at $342,856.80. The disclosure for this sale can be found here. 3.20% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. boosted its stake in shares of Mercantile Bank by 4.2% during the 2nd quarter. BlackRock Inc. now owns 1,266,176 shares of the financial services provider’s stock worth $41,250,000 after acquiring an additional 51,451 shares during the period. Renaissance Technologies LLC boosted its stake in shares of Mercantile Bank by 0.8% during the 2nd quarter. Renaissance Technologies LLC now owns 794,415 shares of the financial services provider’s stock worth $25,882,000 after acquiring an additional 6,600 shares during the period. State Street Corp boosted its stake in shares of Mercantile Bank by 0.7% during the 3rd quarter. State Street Corp now owns 344,348 shares of the financial services provider’s stock worth $11,295,000 after acquiring an additional 2,251 shares during the period. North Star Asset Management Inc. boosted its stake in shares of Mercantile Bank by 0.8% during the 3rd quarter. North Star Asset Management Inc. now owns 264,402 shares of the financial services provider’s stock worth $8,673,000 after acquiring an additional 1,983 shares during the period. Finally, Northern Trust Corp boosted its stake in shares of Mercantile Bank by 2.0% during the 2nd quarter. Northern Trust Corp now owns 214,057 shares of the financial services provider’s stock worth $6,974,000 after acquiring an additional 4,095 shares during the period. Institutional investors own 54.96% of the company’s stock.

Shares of NASDAQ:MBWM traded up $0.30 during mid-day trading on Friday, reaching $35.03. 32,414 shares of the stock were exchanged, compared to its average volume of 35,606. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.01. The company has a market cap of $575.85 million, a P/E ratio of 13.82 and a beta of 0.84. Mercantile Bank has a one year low of $26.40 and a one year high of $36.69. The stock’s 50 day simple moving average is $35.31 and its 200-day simple moving average is $32.92.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Friday, December 6th will be paid a $0.27 dividend. The ex-dividend date is Thursday, December 5th. This represents a $1.08 dividend on an annualized basis and a yield of 3.08%. Mercantile Bank’s dividend payout ratio is 42.69%.

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.

Featured Article: What is a blue-chip stock?

Get a free copy of the Zacks research report on Mercantile Bank (MBWM)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Mercantile Bank (NASDAQ:MBWM)

Receive News & Ratings for Mercantile Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mercantile Bank and related companies with MarketBeat.com's FREE daily email newsletter.