Mercantile Bank Corp. (MBWM) to Issue Quarterly Dividend of $0.22

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.

Dividend History for Mercantile Bank (NASDAQ:MBWM)

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