Mercantile Bank Co. (NASDAQ:MBWM) Plans Quarterly Dividend of $0.35

Mercantile Bank Co. (NASDAQ:MBWM) declared a quarterly dividend on Tuesday, April 16th, Zacks reports. Shareholders of record on Friday, June 7th will be paid a dividend of 0.35 per share by the financial services provider on Wednesday, June 19th. This represents a $1.40 dividend on an annualized basis and a yield of 4.10%. The ex-dividend date of this dividend is Friday, June 7th.

Mercantile Bank has increased its dividend payment by an average of 6.2% annually over the last three years and has increased its dividend annually for the last 13 consecutive years. Mercantile Bank has a payout ratio of 31.6% meaning its dividend is sufficiently covered by earnings. Research analysts expect Mercantile Bank to earn $4.38 per share next year, which means the company should continue to be able to cover its $1.40 annual dividend with an expected future payout ratio of 32.0%.

Mercantile Bank Price Performance

Shares of NASDAQ:MBWM opened at $34.14 on Wednesday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.16. The firm has a market capitalization of $550.34 million, a PE ratio of 6.65 and a beta of 0.97. Mercantile Bank has a twelve month low of $23.89 and a twelve month high of $42.82. The company has a 50-day moving average price of $36.98 and a two-hundred day moving average price of $36.60.

Mercantile Bank (NASDAQ:MBWM) last issued its earnings results on Tuesday, January 16th. The financial services provider reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.03. Mercantile Bank had a net margin of 27.09% and a return on equity of 16.85%. The firm had revenue of $56.95 million during the quarter, compared to analyst estimates of $56.00 million. During the same quarter last year, the business earned $1.37 earnings per share. Equities analysts forecast that Mercantile Bank will post 4.55 EPS for the current year.

Hedge Funds Weigh In On Mercantile Bank

A number of large investors have recently modified their holdings of MBWM. American Century Companies Inc. raised its stake in Mercantile Bank by 29.0% in the first quarter. American Century Companies Inc. now owns 73,259 shares of the financial services provider’s stock valued at $2,595,000 after purchasing an additional 16,465 shares in the last quarter. US Bancorp DE raised its stake in Mercantile Bank by 18.5% in the first quarter. US Bancorp DE now owns 6,180 shares of the financial services provider’s stock valued at $219,000 after purchasing an additional 966 shares in the last quarter. MetLife Investment Management LLC raised its stake in Mercantile Bank by 57.0% in the first quarter. MetLife Investment Management LLC now owns 8,397 shares of the financial services provider’s stock valued at $297,000 after purchasing an additional 3,047 shares in the last quarter. Panagora Asset Management Inc. raised its stake in Mercantile Bank by 61.6% in the first quarter. Panagora Asset Management Inc. now owns 10,452 shares of the financial services provider’s stock valued at $370,000 after purchasing an additional 3,985 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Mercantile Bank by 0.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,153,934 shares of the financial services provider’s stock valued at $40,873,000 after purchasing an additional 5,838 shares in the last quarter. 58.63% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

MBWM has been the subject of a number of analyst reports. Hovde Group lowered shares of Mercantile Bank from an “outperform” rating to a “market perform” rating in a research report on Monday, March 4th. Janney Montgomery Scott upgraded shares of Mercantile Bank from a “neutral” rating to a “buy” rating in a research report on Tuesday, January 16th.

Mercantile Bank Company Profile

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.