FIG Partners Comments on Mercantile Bank Corp.’s FY2018 Earnings (MBWM)
Mercantile Bank Corp. (NASDAQ:MBWM) – Stock analysts at FIG Partners increased their FY2018 earnings per share estimates for shares of Mercantile Bank in a research note issued on Tuesday. FIG Partners analyst J. Rodis now forecasts that the financial services provider will earn $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 posted its earnings results on Tuesday, October 17th. The financial services provider reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.03. The company had revenue of $33.25 million for the quarter, compared to analyst estimates of $32.20 million. Mercantile Bank had a net margin of 21.64% and a return on equity of 8.78%.
Mercantile Bank (NASDAQ MBWM) traded up $0.41 during trading hours on Thursday, reaching $36.48. 39,439 shares of the company’s stock traded hands, compared to its average volume of 42,141. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.73. The firm has a market cap of $604.62, a price-to-earnings ratio of 19.20, a price-to-earnings-growth ratio of 1.92 and a beta of 0.68. Mercantile Bank has a 12 month low of $28.92 and a 12 month high of $38.08.
Several hedge funds have recently modified their holdings of MBWM. Bank of New York Mellon Corp lifted its holdings in shares of Mercantile Bank by 4.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 111,117 shares of the financial services provider’s stock worth $3,498,000 after acquiring an additional 4,882 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in shares of Mercantile Bank by 6.8% in the 2nd quarter. Wells Fargo & Company MN now owns 37,222 shares of the financial services provider’s stock worth $1,172,000 after acquiring an additional 2,367 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in shares of Mercantile Bank by 4.4% in the 2nd quarter. Alliancebernstein L.P. now owns 18,800 shares of the financial services provider’s stock worth $592,000 after acquiring an additional 800 shares during the last quarter. Teachers Advisors LLC lifted its holdings in shares of Mercantile Bank by 11.3% in the 2nd quarter. Teachers Advisors LLC now owns 28,707 shares of the financial services provider’s stock worth $904,000 after acquiring an additional 2,920 shares during the last quarter. Finally, New York State Common Retirement Fund lifted its holdings in shares of Mercantile Bank by 9.3% in 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 acquiring an additional 1,499 shares during the last quarter. Hedge funds and other institutional investors own 52.11% of the company’s stock.
In other news, Director Thomas R. Sullivan sold 5,200 shares of the company’s stock in a transaction that occurred on Monday, November 20th. The shares were sold at an average price of $35.15, for a total value of $182,780.00. Following the transaction, the director now directly owns 15,073 shares in the company, valued at approximately $529,815.95. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Thomas R. Sullivan sold 5,800 shares of the company’s stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $37.29, for a total transaction of $216,282.00. Following the completion of the transaction, the director now owns 20,273 shares in the company, valued at $755,980.17. The disclosure for this sale can be found here. Corporate insiders own 3.20% of the company’s stock.
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 issued a $0.22 dividend. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.19. This represents a $0.88 annualized dividend and a dividend yield of 2.41%. The ex-dividend date is Thursday, March 8th. Mercantile Bank’s dividend payout ratio is currently 40.00%.
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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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