Mercantile Bank Corporation (NASDAQ:MBWM) Raises Dividend to $0.39 Per Share

Mercantile Bank Corporation (NASDAQ:MBWM) declared a quarterly dividend on Thursday, January 15th. Stockholders of record on Friday, March 6th will be given 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 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 by an average of 0.1%annually 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 31.0% 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 Trading Down 0.1%

Shares of MBWM stock opened at $52.50 on Wednesday. The stock has a market capitalization of $906.68 million, a PE ratio of 9.62 and a beta of 0.89. Mercantile Bank has a 1-year low of $37.76 and a 1-year high of $55.77. The business has a 50-day moving average of $51.48 and a 200 day moving average of $48.29. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.98 and a quick ratio of 0.97.

Mercantile Bank (NASDAQ:MBWM) last announced its quarterly earnings results on Tuesday, January 20th. The financial services provider reported $1.40 EPS for the quarter, topping analysts’ consensus estimates of $1.37 by $0.03. The business had revenue of $62.07 million for the quarter, compared to analysts’ expectations of $62.25 million. Mercantile Bank had a return on equity of 14.03% and a net margin of 23.87%. As a group, sell-side analysts anticipate that Mercantile Bank will post 4.83 earnings per share for the current year.

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.