Mercantile Bank Corp. (NASDAQ:MBWM) announced a quarterly dividend on Tuesday, October 15th, Zacks reports. Stockholders of record on Friday, December 6th will be paid a dividend of 0.27 per share by the financial services provider on Wednesday, December 18th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.17%. The ex-dividend date of this dividend is Thursday, December 5th.
Mercantile Bank has raised its dividend payment by an average of 17.0% annually over the last three years and has raised its dividend annually for the last 6 consecutive years. Mercantile Bank has a payout ratio of 44.1% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Mercantile Bank to earn $2.55 per share next year, which means the company should continue to be able to cover its $1.08 annual dividend with an expected future payout ratio of 42.4%.
Shares of MBWM stock opened at $34.12 on Wednesday. Mercantile Bank has a 12 month low of $26.40 and a 12 month high of $35.82. The stock has a market cap of $540.86 million, a PE ratio of 13.49 and a beta of 0.83. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 1.05. The company’s fifty day moving average price is $32.28 and its 200-day moving average price is $32.48.
A number of brokerages recently issued reports on MBWM. ValuEngine upgraded shares of Mercantile Bank from a “sell” rating to a “hold” rating in a research note on Monday, October 7th. Zacks Investment Research cut shares of Mercantile Bank from a “hold” rating to a “sell” rating in a research note on Thursday, September 19th. Finally, BidaskClub upgraded shares of Mercantile Bank from a “strong sell” rating to a “sell” rating in a research note on Thursday, September 12th.
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 for 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.
Read More: Are all No-Load Funds Equal?
Receive News & Ratings for Mercantile Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mercantile Bank and related companies with MarketBeat.com's FREE daily email newsletter.