Equities analysts forecast that Mercantile Bank Co. (NASDAQ:MBWM) will announce sales of $40.50 million for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for Mercantile Bank's earnings. The highest sales estimate is $42.00 million and the lowest is $39.40 million. Mercantile Bank reported sales of $38.48 million during the same quarter last year, which indicates a positive year over year growth rate of 5.2%. The company is scheduled to report its next quarterly earnings results before the market opens on Tuesday, January 19th.
On average, analysts expect that Mercantile Bank will report full-year sales of $160.77 million for the current financial year, with estimates ranging from $158.70 million to $163.00 million. For the next fiscal year, analysts anticipate that the business will post sales of $148.47 million, with estimates ranging from $144.50 million to $152.90 million. Zacks Investment Research's sales averages are a mean average based on a survey of analysts that that provide coverage for Mercantile Bank.
Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings results on Tuesday, October 20th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.42 by $0.24. The business had revenue of $42.82 million during the quarter, compared to analyst estimates of $39.17 million. Mercantile Bank had a return on equity of 9.67% and a net margin of 23.02%.
A number of equities research analysts have recently issued reports on the company. BidaskClub lowered Mercantile Bank from a "strong-buy" rating to a "buy" rating in a research report on Wednesday, December 30th. ValuEngine upgraded Mercantile Bank from a "sell" rating to a "hold" rating in a research report on Wednesday, December 23rd. Piper Sandler decreased their price objective on Mercantile Bank from $23.00 to $20.00 and set a "neutral" rating on the stock in a report on Tuesday, September 29th. Zacks Investment Research upgraded Mercantile Bank from a "hold" rating to a "buy" rating and set a $33.00 price objective on the stock in a report on Saturday, January 9th. Finally, TheStreet upgraded Mercantile Bank from a "c+" rating to a "b-" rating in a report on Monday, November 9th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company presently has an average rating of "Hold" and a consensus target price of $26.50.
In other Mercantile Bank news, COO Robert T. Worthington sold 3,500 shares of the company's stock in a transaction on Tuesday, December 1st. The stock was sold at an average price of $25.04, for a total transaction of $87,640.00. Following the transaction, the chief operating officer now directly owns 8,846 shares in the company, valued at $221,503.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.20% of the stock is owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC acquired a new position in Mercantile Bank during the third quarter worth $44,000. BNP Paribas Arbitrage SA lifted its stake in Mercantile Bank by 507.8% during the third quarter. BNP Paribas Arbitrage SA now owns 3,732 shares of the financial services provider's stock worth $67,000 after purchasing an additional 3,118 shares in the last quarter. Denali Advisors LLC lifted its stake in Mercantile Bank by 46.2% during the third quarter. Denali Advisors LLC now owns 4,240 shares of the financial services provider's stock worth $76,000 after purchasing an additional 1,340 shares in the last quarter. Federated Hermes Inc. lifted its stake in Mercantile Bank by 19.7% during the second quarter. Federated Hermes Inc. now owns 5,284 shares of the financial services provider's stock worth $119,000 after purchasing an additional 868 shares in the last quarter. Finally, Oberweis Asset Management Inc. acquired a new position in Mercantile Bank during the third quarter worth $332,000. Institutional investors own 50.36% of the company's stock.
MBWM stock opened at $28.54 on Thursday. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.09 and a quick ratio of 1.09. The business has a 50 day simple moving average of $26.68 and a 200-day simple moving average of $22.80. The firm has a market capitalization of $463.32 million, a PE ratio of 10.73 and a beta of 1.11. Mercantile Bank has a 1 year low of $17.09 and a 1 year high of $37.15.
About Mercantile Bank
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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