Mercantile Bank Corporation (NASDAQ:MBWM) Announces Quarterly Dividend of $0.39

Mercantile Bank Corporation (NASDAQ:MBWM) announced a quarterly dividend on Thursday, April 16th. Stockholders of record on Friday, June 5th will be given a dividend of 0.39 per share by the financial services provider on Wednesday, June 17th. This represents a c) annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Friday, June 5th.

Mercantile Bank has increased its dividend by an average of 0.1%per year over the last three years and has increased its dividend annually for the last 14 consecutive years. Mercantile Bank has a payout ratio of 31.0% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Mercantile Bank to earn $5.86 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 26.6%.

Mercantile Bank Stock Up 1.6%

MBWM stock opened at $52.88 on Wednesday. The firm has a market cap of $913.24 million, a PE ratio of 9.49 and a beta of 0.81. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.93 and a current ratio of 0.93. The firm’s 50 day moving average price is $51.60 and its 200-day moving average price is $50.50. Mercantile Bank has a one year low of $42.17 and a one year high of $55.77.

Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings results on Tuesday, April 21st. The financial services provider reported $1.46 EPS for the quarter, beating the consensus estimate of $1.33 by $0.13. The firm had revenue of $67.59 million for the quarter, compared to analyst estimates of $67.41 million. Mercantile Bank had a net margin of 24.19% and a return on equity of 13.73%. On average, equities research analysts anticipate that Mercantile Bank will post 5.63 EPS for the current year.

Analyst Upgrades and Downgrades

MBWM has been the topic of a number of research analyst reports. Stephens initiated coverage on Mercantile Bank in a research report on Wednesday, March 25th. They issued an “equal weight” rating and a $54.00 target price on the stock. Wall Street Zen raised Mercantile Bank to a “hold” rating in a research report on Saturday, March 28th. Four research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $56.20.

Mercantile Bank Company Profile

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.