Mercantile Bank Corporation (MBWM) To Go Ex-Dividend on March 6th

Mercantile Bank Corporation (NASDAQ:MBWM) declared a quarterly dividend on Thursday, January 15th. Investors of record on Friday, March 6th will be given a dividend of 0.39 per share by the financial services provider on Wednesday, March 18th. This represents a c) dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Friday, March 6th. This is a 2.6% increase from Mercantile Bank’s previous quarterly dividend of $0.38.

Mercantile Bank has increased its dividend by an average of 0.1%annually over the last three years and has increased its dividend annually for the last 14 consecutive years. Mercantile Bank has a dividend payout ratio of 31.0% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Mercantile Bank to earn $4.98 per share next year, which means the company should continue to be able to cover its $1.56 annual dividend with an expected future payout ratio of 31.3%.

Mercantile Bank Price Performance

Mercantile Bank stock opened at $52.50 on Wednesday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.97 and a current ratio of 0.98. The business has a fifty day moving average of $51.48 and a two-hundred day moving average of $48.29. Mercantile Bank has a one year low of $37.76 and a one year high of $55.77. The company has a market cap of $906.68 million, a P/E ratio of 9.62 and a beta of 0.89.

Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings results on Tuesday, January 20th. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.37 by $0.03. Mercantile Bank had a net margin of 23.87% and a return on equity of 14.03%. The company had revenue of $62.07 million during the quarter, compared to the consensus estimate of $62.25 million. As a group, analysts predict that Mercantile Bank will post 4.83 earnings per share for the current fiscal year.

Institutional Trading of Mercantile Bank

Several large investors have recently bought and sold shares of MBWM. Wellington Management Group LLP purchased a new stake in shares of Mercantile Bank during the fourth quarter worth about $14,181,000. Tributary Capital Management LLC increased its holdings in Mercantile Bank by 92.6% during the 3rd quarter. Tributary Capital Management LLC now owns 497,402 shares of the financial services provider’s stock worth $22,383,000 after purchasing an additional 239,193 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Mercantile Bank by 73.1% in the 2nd quarter. JPMorgan Chase & Co. now owns 155,904 shares of the financial services provider’s stock valued at $7,236,000 after purchasing an additional 65,823 shares in the last quarter. Siena Capital Partners GP LLC boosted its stake in shares of Mercantile Bank by 319.8% during the 4th quarter. Siena Capital Partners GP LLC now owns 83,966 shares of the financial services provider’s stock valued at $4,039,000 after buying an additional 63,966 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC boosted its stake in shares of Mercantile Bank by 36.9% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 201,713 shares of the financial services provider’s stock valued at $9,077,000 after buying an additional 54,373 shares during the last quarter. Institutional investors and hedge funds own 58.63% of the company’s stock.

About Mercantile Bank

Mercantile Bank Corporation (NASDAQ: MBWM) is the bank holding company for Mercantile Bank of Michigan, a full-service commercial bank headquartered in Grand Rapids, Michigan. Through its state-chartered subsidiary, the company provides a broad range of financial products and services to small and mid-sized businesses, professionals and consumers across West and Central Michigan.

The bank’s core offerings include deposit products such as checking, savings and money market accounts, alongside commercial and consumer loan portfolios.