Mercantile Bank Corp. (MBWM) Expected to Announce Quarterly Sales of $33.03 Million

Equities research analysts expect Mercantile Bank Corp. (NASDAQ:MBWM) to post sales of $33.03 million for the current fiscal quarter, according to Zacks Investment Research. Three analysts have made estimates for Mercantile Bank’s earnings, with the highest sales estimate coming in at $33.50 million and the lowest estimate coming in at $32.60 million. Mercantile Bank posted sales of $31.36 million in the same quarter last year, which would indicate a positive year over year growth rate of 5.3%. The company is scheduled to announce its next earnings results before the market opens on Tuesday, April 17th.

On average, analysts expect that Mercantile Bank will report full-year sales of $33.03 million for the current year, with estimates ranging from $136.50 million to $138.40 million. For the next financial year, analysts expect that the firm will report sales of $147.50 million per share, with estimates ranging from $147.00 million to $148.20 million. Zacks’ sales averages are an average based on a survey of analysts that cover Mercantile Bank.

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Mercantile Bank (NASDAQ:MBWM) last issued its quarterly earnings results on Tuesday, January 16th. The financial services provider reported $0.48 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.50 by ($0.02). The company had revenue of $32.91 million during the quarter, compared to analysts’ expectations of $32.93 million. Mercantile Bank had a return on equity of 8.72% and a net margin of 21.64%.



A number of brokerages recently weighed in on MBWM. Sandler O’Neill set a $37.00 price target on shares of Mercantile Bank and gave the stock a “hold” rating in a report on Tuesday, March 27th. BidaskClub raised shares of Mercantile Bank from a “strong sell” rating to a “sell” rating in a report on Wednesday, March 7th. ValuEngine downgraded shares of Mercantile Bank from a “buy” rating to a “hold” rating in a report on Thursday, March 1st. Keefe, Bruyette & Woods raised shares of Mercantile Bank from a “market perform” rating to an “outperform” rating in a report on Thursday, March 1st. Finally, Zacks Investment Research downgraded shares of Mercantile Bank from a “buy” rating to a “hold” rating in a report on Wednesday, February 14th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company’s stock. Mercantile Bank has a consensus rating of “Hold” and an average target price of $37.10.

In other Mercantile Bank news, Director Thomas R. Sullivan sold 6,930 shares of the company’s stock in a transaction dated Friday, March 2nd. The shares were sold at an average price of $34.28, for a total transaction of $237,560.40. Following the sale, the director now directly owns 20,143 shares of the company’s stock, valued at $690,502.04. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 3.20% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MBWM. SG Americas Securities LLC purchased a new stake in Mercantile Bank during the third quarter valued at about $144,000. Teacher Retirement System of Texas bought a new stake in shares of Mercantile Bank during the fourth quarter valued at about $200,000. MetLife Investment Advisors LLC bought a new stake in shares of Mercantile Bank during the fourth quarter valued at about $306,000. Goldman Sachs Group Inc. increased its position in shares of Mercantile Bank by 14.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 20,783 shares of the financial services provider’s stock valued at $735,000 after buying an additional 2,613 shares during the period. Finally, Russell Investments Group Ltd. increased its position in shares of Mercantile Bank by 9.4% during the third quarter. Russell Investments Group Ltd. now owns 22,489 shares of the financial services provider’s stock valued at $784,000 after buying an additional 1,927 shares during the period. 52.79% of the stock is currently owned by institutional investors and hedge funds.

Shares of NASDAQ:MBWM traded up $0.52 during midday trading on Thursday, reaching $34.35. The company had a trading volume of 38,803 shares, compared to its average volume of 35,387. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.03 and a current ratio of 1.03. The company has a market capitalization of $559.41, a P/E ratio of 17.74, a price-to-earnings-growth ratio of 1.78 and a beta of 0.71. Mercantile Bank has a 52-week low of $28.92 and a 52-week high of $38.08.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 21st. Shareholders of record on Friday, March 9th were issued a dividend of $0.22 per share. The ex-dividend date was Thursday, March 8th. This is an increase from Mercantile Bank’s previous quarterly dividend of $0.19. This represents a $0.88 annualized dividend and a yield of 2.56%. Mercantile Bank’s dividend payout ratio is 46.56%.

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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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