Mercantile Bank Co. (NASDAQ:MBWM) Plans $0.31 Quarterly Dividend

Mercantile Bank Co. (NASDAQ:MBWMGet Rating) declared a quarterly dividend on Wednesday, April 20th, Wall Street Journal reports. Investors of record on Friday, June 3rd will be given a dividend of 0.31 per share by the financial services provider on Wednesday, June 15th. This represents a $1.24 annualized dividend and a dividend yield of 3.53%. The ex-dividend date is Thursday, June 2nd.

Mercantile Bank has a payout ratio of 36.0% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Mercantile Bank to earn $3.40 per share next year, which means the company should continue to be able to cover its $1.24 annual dividend with an expected future payout ratio of 36.5%.

Mercantile Bank stock traded up $0.46 during midday trading on Wednesday, hitting $35.08. 7,283 shares of the stock were exchanged, compared to its average volume of 49,422. Mercantile Bank has a 1 year low of $28.51 and a 1 year high of $40.01. The stock has a market cap of $555.77 million, a price-to-earnings ratio of 9.54 and a beta of 0.99. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.02 and a current ratio of 1.02. The company has a 50 day simple moving average of $36.31.

Mercantile Bank (NASDAQ:MBWMGet Rating) last released its quarterly earnings results on Tuesday, April 19th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.72 by $0.01. Mercantile Bank had a net margin of 29.55% and a return on equity of 13.81%. During the same quarter in the prior year, the business posted $0.87 EPS. On average, equities research analysts anticipate that Mercantile Bank will post 3.02 EPS for the current fiscal year.

Several equities research analysts recently issued reports on MBWM shares. StockNews.com started coverage on shares of Mercantile Bank in a research note on Thursday, March 31st. They set a “hold” rating on the stock. Zacks Investment Research raised shares of Mercantile Bank from a “hold” rating to a “buy” rating and set a $41.00 target price for the company in a research report on Thursday, March 31st. Finally, Raymond James raised shares of Mercantile Bank from an “outperform” rating to a “strong-buy” rating and set a $44.00 target price for the company in a research report on Wednesday, March 2nd.

In other Mercantile Bank news, Director Lonna Wiersma sold 2,000 shares of the business’s stock in a transaction dated Wednesday, January 26th. The shares were sold at an average price of $39.60, for a total transaction of $79,200.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Robert T. Worthington sold 3,000 shares of the business’s stock in a transaction dated Friday, January 21st. The shares were sold at an average price of $38.11, for a total transaction of $114,330.00. The disclosure for this sale can be found here. Insiders sold a total of 7,214 shares of company stock valued at $278,592 over the last ninety days. Company insiders own 3.07% of the company’s stock.

A number of institutional investors have recently bought and sold shares of MBWM. Credit Suisse AG lifted its stake in shares of Mercantile Bank by 5.6% in the 4th quarter. Credit Suisse AG now owns 11,977 shares of the financial services provider’s stock worth $420,000 after acquiring an additional 631 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Mercantile Bank by 1.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 136,072 shares of the financial services provider’s stock worth $4,767,000 after acquiring an additional 1,740 shares during the period. Invesco Ltd. lifted its stake in shares of Mercantile Bank by 7.9% in the 3rd quarter. Invesco Ltd. now owns 25,343 shares of the financial services provider’s stock worth $812,000 after acquiring an additional 1,848 shares during the period. Citigroup Inc. lifted its stake in shares of Mercantile Bank by 100.7% in the 4th quarter. Citigroup Inc. now owns 3,975 shares of the financial services provider’s stock worth $139,000 after acquiring an additional 1,994 shares during the period. Finally, BNP Paribas Arbitrage SA lifted its stake in shares of Mercantile Bank by 103.5% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 4,409 shares of the financial services provider’s stock worth $141,000 after acquiring an additional 2,242 shares during the period. 52.89% of the stock is owned by hedge funds and other institutional investors.

Mercantile Bank Company Profile (Get Rating)

Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan that provides commercial and retail banking services to 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.

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Dividend History for Mercantile Bank (NASDAQ:MBWM)

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