Mercantile Bank Corporation (NASDAQ:MBWM) Declares Dividend Increase – $0.39 Per Share

Mercantile Bank Corporation (NASDAQ:MBWM) announced a quarterly dividend on Thursday, January 15th. Shareholders of record on Friday, March 6th will be paid a dividend of 0.39 per share by the financial services provider on Wednesday, March 18th. This represents a c) annualized dividend and a dividend 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 raised its dividend payment by an average of 0.1%annually over the last three years and has raised its dividend every year for the last 14 years. Mercantile Bank has a payout ratio of 31.0% indicating that its dividend is sufficiently covered by earnings. 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 Price Performance

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

Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings data on Tuesday, January 20th. The financial services provider reported $1.40 EPS for the quarter, topping the consensus estimate of $1.37 by $0.03. Mercantile Bank had a net margin of 23.87% and a return on equity of 14.03%. The company had revenue of $62.07 million during the quarter, compared to the consensus estimate of $62.25 million. Equities analysts forecast that Mercantile Bank will post 4.83 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Kestra Advisory Services LLC bought a new stake in Mercantile Bank during the fourth quarter worth about $26,000. State of Alaska Department of Revenue bought a new position in shares of Mercantile Bank during the 3rd quarter valued at about $29,000. Jones Financial Companies Lllp raised its holdings in shares of Mercantile Bank by 116.0% during the 3rd quarter. Jones Financial Companies Lllp now owns 838 shares of the financial services provider’s stock valued at $38,000 after buying an additional 450 shares in the last quarter. Quadrant Capital Group LLC lifted its position in Mercantile Bank by 63.8% in the 4th quarter. Quadrant Capital Group LLC now owns 891 shares of the financial services provider’s stock worth $43,000 after buying an additional 347 shares during the last quarter. Finally, Farther Finance Advisors LLC lifted its position in Mercantile Bank by 76.4% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,041 shares of the financial services provider’s stock worth $92,000 after buying an additional 884 shares during the last quarter. Institutional investors own 58.63% of the company’s stock.

About Mercantile Bank

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.