Mercantile Bank Corp. (NASDAQ:MBWM) declared a quarterly dividend on Tuesday, April 16th, Zacks reports. Stockholders of record on Friday, June 7th will be paid a dividend of 0.26 per share by the financial services provider on Wednesday, June 19th. This represents a $1.04 annualized dividend and a dividend yield of 3.07%. The ex-dividend date is Thursday, June 6th.
Mercantile Bank has increased its dividend payment by an average of 17.0% per year over the last three years and has raised its dividend annually for the last 6 consecutive years. Mercantile Bank has a dividend payout ratio of 42.4% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Mercantile Bank to earn $2.77 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 37.5%.
Shares of NASDAQ MBWM opened at $33.90 on Wednesday. The company has a debt-to-equity ratio of 1.06, a current ratio of 1.08 and a quick ratio of 1.08. The company has a market cap of $554.20 million, a PE ratio of 13.40, a price-to-earnings-growth ratio of 1.64 and a beta of 0.82. Mercantile Bank has a 12-month low of $26.40 and a 12-month high of $38.47.
MBWM has been the subject of a number of research analyst reports. BidaskClub upgraded Mercantile Bank from a “strong sell” rating to a “sell” rating in a research report on Monday, April 1st. Hovde Group restated a “hold” rating and issued a $36.50 target price on shares of Mercantile Bank in a research report on Monday, January 28th. ValuEngine upgraded Mercantile Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, January 9th. Finally, Zacks Investment Research downgraded Mercantile Bank from a “buy” rating to a “hold” rating in a research report on Friday, January 25th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $38.17.
In other Mercantile Bank news, Director Edward B. Grant sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, January 25th. The stock was sold at an average price of $34.33, for a total value of $68,660.00. Following the completion of the sale, the director now directly owns 19,043 shares in the company, valued at $653,746.19. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.20% of the company’s stock.
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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.
Further Reading: Net Asset Value
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