Mercantile Bank Corporation (NASDAQ:MBWM) is reporting third quarter financial results on Tuesday 20th October 2020, before market open.
According to analysts surveyed by Thomson Reuters, MBWM is expected to report 3Q20 income of $ 0.42 per share from revenue of $ 39.41 million.
For the full year, analysts anticipate top line of $ 156.18 million, while looking forward to income of $ 2.01 per share bottom line.
Previous Quarter Performance
Mercantile Bank Corporation unveiled income for the second quarter of $ 0.54 per share, from the revenue of $ 41.55 million. The quarterly earnings 23.94 percent while revenues raised 10.95 percent compared with the same quarter last year.
The consensus estimates are income of $ 0.32 per share from $ 36.61 million in revenue. The bottom line results beat street analysts by $ 0.22 or 68.75 percent, at the same time, top line results outshined analysts by $ 4.94 million or 13.49 percent.
Stock Performance
Shares of Mercantile Bank Corporation traded up $ 0.05 or 0.24 percent on Monday, reaching $ 21.24 with volume of 30.50 thousand shares. Mercantile Bank Corporation has traded high as $ 21.63 and has cracked $ 21.18 on the downward trend
According to the previous trading day, closing price of $ 21.24, representing a 23.99 % increase from the 52 week low of $ 17.09 and a 43.22 % decrease over the 52 week high of $ 37.32.
The company has a market capital of $ 344.75 million and is part of the Financial Services sector and Banks – Regional – US industry.
Recent Analyst recommendations
- On 29th September 2020, maintained by Piper Sandler at Neutral rating, with $ 20.00 target price.
Recent Stock Dividend Announcement
On July 21, 2020, the board of directors authorized quarterly dividend of $ 0.28 per share to holders of record as of the close of business on September 4, 2020, with payment date of September 16, 2020 and ex-dividend date on September 3, 2020.
Conference Call
Mercantile Bank Corporation will be hosting a conference call at 10:00 AM eastern time on 20th October 2020, to discuss its 3Q20 financial results with the investment community. A live webcast with presentations will be available on the Internet by visiting the Company website www.mercbank.com
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. The company also offers commercial and industrial loans; vacant land, land development, and residential construction loans; owner occupied real estate, non-owner occupied real estate, and multi-family and residential rental property loans; single-family residential real estate loans; home equity line of credit programs; and consumer loans, such as loans for new and used automobiles, boats, and credit cards, as well as overdraft protection services.
