Mercantile Bank Corp. (NASDAQ:MBWM) declared a quarterly dividend on Tuesday, January 16th, Zacks reports. Investors of record on Friday, March 9th will be paid a dividend of 0.22 per share by the financial services provider on Wednesday, March 21st. This represents a $0.88 annualized dividend and a yield of 2.50%. The ex-dividend date is Thursday, March 8th. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.19.
Mercantile Bank (NASDAQ MBWM) traded down $0.55 on Wednesday, reaching $35.21. The company’s stock had a trading volume of 20,339 shares, compared to its average volume of 32,549. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.73. The stock has a market cap of $593.10, a PE ratio of 18.81, a price-to-earnings-growth ratio of 1.89 and a beta of 0.70. Mercantile Bank has a 52 week low of $28.92 and a 52 week high of $38.08.
Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings results on Tuesday, January 16th. The financial services provider reported $0.48 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.02). The business had revenue of $32.91 million during the quarter, compared to analysts’ expectations of $32.93 million. Mercantile Bank had a net margin of 21.64% and a return on equity of 8.72%. equities research analysts predict that Mercantile Bank will post 2.37 EPS for the current year.
A number of equities analysts have weighed in on the company. BidaskClub cut Mercantile Bank from a “hold” rating to a “sell” rating in a report on Tuesday, December 12th. Zacks Investment Research lowered Mercantile Bank from a “buy” rating to a “hold” rating in a research report on Wednesday, February 14th. ValuEngine raised Mercantile Bank from a “hold” rating to a “buy” rating in a research report on Saturday, February 3rd. Hovde Group reissued a “hold” rating and set a $38.50 price target on shares of Mercantile Bank in a research report on Thursday, January 18th. Finally, Sandler O’Neill set a $39.00 price target on Mercantile Bank and gave the company a “hold” rating in a research report on Wednesday, January 3rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $37.50.
In related news, Director Thomas R. Sullivan sold 6,930 shares of the company’s stock in a transaction on Friday, March 2nd. The stock was sold at an average price of $34.28, for a total transaction of $237,560.40. Following the completion of the transaction, the director now directly owns 20,143 shares in the company, valued at approximately $690,502.04. The sale was disclosed in a document filed with the SEC, which is available through this link. 3.20% of the stock is owned by corporate insiders.
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About Mercantile Bank
Mercantile Bank Corporation is a bank holding company. The Company owns the Mercantile Bank of Michigan (the Bank). The Bank is a state banking company. The Bank provides commercial banking services primarily to small- to medium-sized businesses and retail banking services. The Bank makes secured and unsecured commercial, construction, mortgage and consumer loans, and accepts checking, savings and time deposits.
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