Zacks: Brokerages Anticipate Mercantile Bank Corporation (MBWM) Will Announce Earnings of $0.48 Per Share

Wall Street brokerages forecast that Mercantile Bank Corporation (NASDAQ:MBWM) will announce earnings of $0.48 per share for the current quarter, Zacks reports. Three analysts have provided estimates for Mercantile Bank Corporation’s earnings. The lowest EPS estimate is $0.47 and the highest is $0.48. Mercantile Bank Corporation also posted earnings per share of $0.48 during the same quarter last year. The firm is scheduled to report its next quarterly earnings report before the market opens on Tuesday, October 17th.

According to Zacks, analysts expect that Mercantile Bank Corporation will report full-year earnings of $1.87 per share for the current fiscal year, with EPS estimates ranging from $1.86 to $1.88. For the next year, analysts forecast that the company will report earnings of $2.10 per share, with EPS estimates ranging from $2.07 to $2.12. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side research firms that that provide coverage for Mercantile Bank Corporation.

Mercantile Bank Corporation (NASDAQ:MBWM) last announced its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.45 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.45. The firm had revenue of $31.24 million during the quarter, compared to analysts’ expectations of $31.27 million. Mercantile Bank Corporation had a return on equity of 8.85% and a net margin of 22.25%.

Several equities analysts have commented on MBWM shares. ValuEngine downgraded Mercantile Bank Corporation from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. DA Davidson upgraded Mercantile Bank Corporation from a “neutral” rating to a “buy” rating and set a $35.00 target price for the company in a research report on Monday, September 11th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $34.00 target price on shares of Mercantile Bank Corporation in a research report on Tuesday, October 3rd. Finally, Zacks Investment Research downgraded Mercantile Bank Corporation from a “hold” rating to a “sell” rating in a research report on Friday, July 21st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. Mercantile Bank Corporation presently has a consensus rating of “Hold” and a consensus price target of $33.67.

Shares of Mercantile Bank Corporation (MBWM) traded up 0.11% during mid-day trading on Friday, reaching $35.14. The company’s stock had a trading volume of 27,229 shares. The firm has a market cap of $579.18 million, a PE ratio of 18.64 and a beta of 0.72. Mercantile Bank Corporation has a 12 month low of $26.48 and a 12 month high of $38.68. The company has a 50-day moving average of $32.12 and a 200-day moving average of $32.42.

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 20th. Shareholders of record on Friday, September 8th were given a $0.19 dividend. The ex-dividend date was Thursday, September 7th. This is an increase from Mercantile Bank Corporation’s previous quarterly dividend of $0.18. This represents a $0.76 annualized dividend and a yield of 2.16%. Mercantile Bank Corporation’s dividend payout ratio (DPR) is currently 40.43%.

A number of institutional investors have recently bought and sold shares of MBWM. Nationwide Fund Advisors raised its position in shares of Mercantile Bank Corporation by 12.0% during the first quarter. Nationwide Fund Advisors now owns 13,334 shares of the financial services provider’s stock worth $459,000 after acquiring an additional 1,430 shares during the last quarter. Russell Investments Group Ltd. raised its position in shares of Mercantile Bank Corporation by 3.2% during the first quarter. Russell Investments Group Ltd. now owns 18,759 shares of the financial services provider’s stock worth $645,000 after acquiring an additional 575 shares during the last quarter. Wells Fargo & Company MN raised its position in shares of Mercantile Bank Corporation by 7.8% during the first quarter. Wells Fargo & Company MN now owns 34,855 shares of the financial services provider’s stock worth $1,199,000 after acquiring an additional 2,534 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Mercantile Bank Corporation by 3.0% during the first quarter. Bank of New York Mellon Corp now owns 106,235 shares of the financial services provider’s stock worth $3,654,000 after acquiring an additional 3,104 shares during the last quarter. Finally, Parametric Portfolio Associates LLC raised its position in shares of Mercantile Bank Corporation by 41.5% during the first quarter. Parametric Portfolio Associates LLC now owns 9,767 shares of the financial services provider’s stock worth $336,000 after acquiring an additional 2,866 shares during the last quarter. Hedge funds and other institutional investors own 52.86% of the company’s stock.

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

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