Mercantile Bank Corp. (NASDAQ:MBWM) – Stock analysts at FIG Partners issued their Q1 2018 EPS estimates for Mercantile Bank in a research report issued to clients and investors on Tuesday, Zacks Investment Research reports. FIG Partners analyst J. Rodis expects that the financial services provider will post earnings of $0.54 per share for the quarter. FIG Partners also issued estimates for Mercantile Bank’s Q2 2018 earnings at $0.57 EPS, Q3 2018 earnings at $0.60 EPS and Q4 2018 earnings at $0.61 EPS.
Mercantile Bank (NASDAQ:MBWM) last announced its earnings results on Tuesday, January 16th. The financial services provider reported $0.48 EPS for the quarter, missing the Zacks’ consensus estimate of $0.50 by ($0.02). Mercantile Bank had a return on equity of 8.78% and a net margin of 21.64%. The company had revenue of $32.91 million during the quarter, compared to the consensus estimate of $32.93 million.
A number of other equities research analysts have also recently commented on the company. ValuEngine cut Mercantile Bank from a “buy” rating to a “hold” rating in a report on Thursday, January 11th. Hovde Group reissued a “hold” rating and set a $38.50 price target on shares of Mercantile Bank in a report on Thursday, January 18th. Zacks Investment Research cut Mercantile Bank from a “buy” rating to a “hold” rating in a report on Tuesday, October 31st. BidaskClub raised Mercantile Bank from a “strong sell” rating to a “sell” rating in a report on Tuesday, February 6th. Finally, Sandler O’Neill set a $39.00 price target on Mercantile Bank and gave the company a “hold” rating in a report on Wednesday, January 3rd. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. Mercantile Bank presently has an average rating of “Hold” and a consensus price target of $37.50.
Shares of Mercantile Bank (NASDAQ:MBWM) traded up $0.62 during trading on Friday, reaching $34.01. The company had a trading volume of 28,395 shares, compared to its average volume of 35,156. Mercantile Bank has a one year low of $28.92 and a one year high of $38.08. The company has a market cap of $564.29, a PE ratio of 17.90, a P/E/G ratio of 1.80 and a beta of 0.66. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.73.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 21st. Shareholders of record on Friday, March 9th will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Thursday, March 8th. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.19. This represents a $0.88 dividend on an annualized basis and a yield of 2.59%. Mercantile Bank’s dividend payout ratio (DPR) is currently 40.00%.
In other news, Director Thomas R. Sullivan sold 5,200 shares of the firm’s stock in a transaction dated Monday, November 20th. The stock was sold at an average price of $35.15, for a total transaction of $182,780.00. Following the completion of the transaction, the director now owns 15,073 shares in the company, valued at $529,815.95. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 3.20% of the stock is owned by company insiders.
Several institutional investors have recently modified their holdings of the company. Alliancebernstein L.P. grew its position in shares of Mercantile Bank by 4.4% during the second quarter. Alliancebernstein L.P. now owns 18,800 shares of the financial services provider’s stock valued at $592,000 after purchasing an additional 800 shares in the last quarter. New York State Common Retirement Fund grew its position in shares of Mercantile Bank by 9.3% during the second quarter. New York State Common Retirement Fund now owns 17,700 shares of the financial services provider’s stock valued at $557,000 after purchasing an additional 1,499 shares in the last quarter. Russell Investments Group Ltd. grew 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 purchasing an additional 1,927 shares in the last quarter. Wells Fargo & Company MN grew its position in shares of Mercantile Bank by 6.8% during the second quarter. Wells Fargo & Company MN now owns 37,222 shares of the financial services provider’s stock valued at $1,172,000 after purchasing an additional 2,367 shares in the last quarter. Finally, California Public Employees Retirement System grew its position in shares of Mercantile Bank by 5.2% during the third quarter. California Public Employees Retirement System now owns 53,235 shares of the financial services provider’s stock valued at $1,858,000 after purchasing an additional 2,635 shares in the last quarter. Hedge funds and other institutional investors own 51.71% of the company’s stock.
About Mercantile Bank
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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