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

Mercantile Bank Corporation (NASDAQ:MBWM) announced 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) annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend 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 payment by an average of 0.1%annually over the last three years and has increased its dividend every year for the last 14 years. Mercantile Bank has a dividend payout ratio of 31.0% meaning 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 Stock Down 0.1%

Shares of NASDAQ MBWM opened at $52.50 on Wednesday. The company has a current ratio of 0.98, a quick ratio of 0.97 and a debt-to-equity ratio of 0.74. The business has a 50-day moving average of $51.48 and a 200-day moving average of $48.29. The firm has a market capitalization of $906.68 million, a price-to-earnings ratio of 9.62 and a beta of 0.89. Mercantile Bank has a 12 month low of $37.76 and a 12 month high of $55.77.

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

Analyst Upgrades and Downgrades

MBWM has been the topic of a number of research analyst reports. Raymond James Financial set a $57.00 target price on Mercantile Bank in a research note on Wednesday, January 21st. Piper Sandler set a $57.00 price objective on Mercantile Bank in a research report on Wednesday, January 21st. Weiss Ratings restated a “buy (b-)” rating on shares of Mercantile Bank in a research report on Monday, December 29th. Hovde Group upped their target price on Mercantile Bank from $53.00 to $56.00 and gave the stock an “outperform” rating in a research note on Thursday, December 18th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Mercantile Bank from $56.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 21st. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $56.75.

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.