Brokerages Anticipate Mercantile Bank Corp. (NASDAQ:MBWM) Will Post Earnings of $0.66 Per Share

Brokerages forecast that Mercantile Bank Corp. (NASDAQ:MBWM) will post $0.66 earnings per share for the current quarter, Zacks reports. Two analysts have issued estimates for Mercantile Bank’s earnings, with estimates ranging from $0.65 to $0.67. Mercantile Bank reported earnings per share of $0.70 during the same quarter last year, which indicates a negative year-over-year growth rate of 5.7%. The company is scheduled to report its next quarterly earnings results before the market opens on Tuesday, January 21st.

On average, analysts expect that Mercantile Bank will report full year earnings of $2.86 per share for the current year, with EPS estimates ranging from $2.85 to $2.87. For the next fiscal year, analysts forecast that the company will post earnings of $2.49 per share, with EPS estimates ranging from $2.48 to $2.50. Zacks’ EPS averages are an average based on a survey of sell-side research firms that that provide coverage for Mercantile Bank.

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

A number of research firms recently commented on MBWM. BidaskClub downgraded shares of Mercantile Bank from a “sell” rating to a “strong sell” rating in a research report on Friday, January 3rd. Zacks Investment Research downgraded shares of Mercantile Bank from a “hold” rating to a “sell” rating in a research report on Thursday, September 19th. Finally, ValuEngine downgraded shares of Mercantile Bank from a “hold” rating to a “sell” rating in a research report on Friday, January 3rd.

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

Several hedge funds have recently added to or reduced their stakes in the company. State Street Corp lifted its stake in shares of Mercantile Bank by 0.7% in 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. First Trust Advisors LP lifted its stake in shares of Mercantile Bank by 9.5% in the 3rd quarter. First Trust Advisors LP now owns 56,880 shares of the financial services provider’s stock worth $1,866,000 after acquiring an additional 4,917 shares during the period. Russell Investments Group Ltd. lifted its stake in shares of Mercantile Bank by 27.6% in the 3rd quarter. Russell Investments Group Ltd. now owns 13,261 shares of the financial services provider’s stock worth $435,000 after acquiring an additional 2,871 shares during the period. California Public Employees Retirement System lifted its stake in shares of Mercantile Bank by 13.5% in the 3rd quarter. California Public Employees Retirement System now owns 41,630 shares of the financial services provider’s stock worth $1,365,000 after acquiring an additional 4,942 shares during the period. Finally, Chicago Equity Partners LLC acquired a new stake in shares of Mercantile Bank in the 3rd quarter worth $280,000. Institutional investors own 54.96% of the company’s stock.

Shares of NASDAQ MBWM traded up $0.59 during mid-day trading on Friday, reaching $35.65. The company had a trading volume of 3,309 shares, compared to its average volume of 26,347. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.01. The firm has a 50 day simple moving average of $35.91 and a two-hundred day simple moving average of $33.80. The stock has a market cap of $578.76 million, a P/E ratio of 14.09 and a beta of 0.86. Mercantile Bank has a 52-week low of $29.78 and a 52-week high of $37.32.

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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