Mercantile Bank Corporation (NASDAQ:MBWM) Raises Dividend to $0.40 Per Share

Mercantile Bank Corporation (NASDAQ:MBWM) announced a quarterly dividend on Thursday, July 16th. Shareholders of record on Friday, September 4th will be given a dividend of 0.40 per share by the financial services provider on Wednesday, September 16th. This represents a c) dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Friday, September 4th. This is a 2.6% increase from Mercantile Bank’s previous quarterly dividend of $0.39.

Mercantile Bank has raised its dividend payment by an average of 0.1%per year over the last three years and has increased its dividend every year for the last 14 years. Mercantile Bank has a dividend payout ratio of 31.7% meaning its dividend is sufficiently covered by earnings. Research analysts expect Mercantile Bank to earn $5.80 per share next year, which means the company should continue to be able to cover its $1.60 annual dividend with an expected future payout ratio of 27.6%.

Mercantile Bank Trading Down 1.0%

Shares of NASDAQ:MBWM opened at $59.14 on Wednesday. The firm has a fifty day moving average of $59.09 and a two-hundred day moving average of $54.53. The firm has a market capitalization of $1.02 billion, a P/E ratio of 10.41 and a beta of 0.79. Mercantile Bank has a 12-month low of $42.75 and a 12-month high of $62.39. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.59.

Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $1.53 EPS for the quarter, beating the consensus estimate of $1.32 by $0.21. Mercantile Bank had a net margin of 24.75% and a return on equity of 13.66%. The business had revenue of $68.76 million for the quarter, compared to analysts’ expectations of $68.81 million. On average, equities analysts expect that Mercantile Bank will post 5.7 EPS for the current fiscal year.

Mercantile Bank Company Profile

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.