Mercantile Bank Corp. (NASDAQ:MBWM) – Analysts at FIG Partners lifted their FY2018 earnings per share estimates for shares of Mercantile Bank in a note issued to investors on Tuesday, Zacks Investment Research reports. FIG Partners analyst J. Rodis now forecasts that the financial services provider will post earnings of $2.32 per share for the year, up from their previous estimate of $2.31. FIG Partners also issued estimates for Mercantile Bank’s FY2019 earnings at $2.55 EPS.
Mercantile Bank (NASDAQ:MBWM) last issued its quarterly earnings data on Tuesday, January 16th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.50 by ($0.02). The company had revenue of $32.91 million for the quarter, compared to analyst estimates of $32.93 million. Mercantile Bank had a return on equity of 8.78% and a net margin of 21.64%.
Several other research analysts also recently weighed in on MBWM. Zacks Investment Research upgraded Mercantile Bank from a “hold” rating to a “buy” rating and set a $42.00 price target for the company in a report on Friday, October 20th. BidaskClub downgraded Mercantile Bank from a “hold” rating to a “sell” rating in a report on Tuesday, December 12th. 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. ValuEngine downgraded Mercantile Bank from a “buy” rating to a “hold” rating in a report on Thursday, January 11th. Finally, Hovde Group reiterated a “hold” rating and issued a $38.50 price target on shares of Mercantile Bank in a report on Thursday, January 18th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $37.50.
Shares of Mercantile Bank (MBWM) traded up $0.62 on Thursday, reaching $34.01. The company’s stock had a trading volume of 28,395 shares, compared to its average volume of 35,156. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.03 and a quick ratio of 1.03. The firm has a market cap of $564.29, a P/E ratio of 17.90, a PEG ratio of 1.80 and a beta of 0.66. Mercantile Bank has a 52 week low of $28.92 and a 52 week high of $38.08.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 21st. Stockholders of record on Friday, March 9th will be paid a dividend of $0.22 per share. The ex-dividend date is Thursday, March 8th. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.19. This represents a $0.88 annualized dividend and a dividend yield of 2.59%. Mercantile Bank’s payout ratio is currently 40.00%.
In other news, Director Thomas R. Sullivan sold 5,200 shares of the business’s stock in a transaction on Monday, November 20th. The shares were sold at an average price of $35.15, for a total transaction of $182,780.00. Following the completion of the sale, the director now directly owns 15,073 shares of the company’s stock, valued at approximately $529,815.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 3.20% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in MBWM. Bank of New York Mellon Corp grew its stake in shares of Mercantile Bank by 4.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 111,117 shares of the financial services provider’s stock valued at $3,498,000 after buying an additional 4,882 shares during the period. Wells Fargo & Company MN boosted its position in Mercantile Bank by 6.8% during the 2nd quarter. Wells Fargo & Company MN now owns 37,222 shares of the financial services provider’s stock worth $1,172,000 after purchasing an additional 2,367 shares during the period. Alliancebernstein L.P. boosted its position in Mercantile Bank by 4.4% during the 2nd quarter. Alliancebernstein L.P. now owns 18,800 shares of the financial services provider’s stock worth $592,000 after purchasing an additional 800 shares during the period. Teachers Advisors LLC boosted its position in Mercantile Bank by 11.3% during the 2nd quarter. Teachers Advisors LLC now owns 28,707 shares of the financial services provider’s stock worth $904,000 after purchasing an additional 2,920 shares during the period. Finally, New York State Common Retirement Fund boosted its position in Mercantile Bank by 9.3% during the 2nd quarter. New York State Common Retirement Fund now owns 17,700 shares of the financial services provider’s stock worth $557,000 after purchasing an additional 1,499 shares during the period. 51.71% of the stock is owned by institutional investors.
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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