Mercantile Bank Co. (NASDAQ:MBWM) Increases Dividend to $0.30 Per Share

Mercantile Bank Co. (NASDAQ:MBWM) declared a quarterly dividend on Tuesday, July 20th, Zacks reports. Shareholders of record on Friday, September 3rd will be given a dividend of 0.30 per share by the financial services provider on Wednesday, September 15th. This represents a $1.20 annualized dividend and a yield of 3.91%. The ex-dividend date of this dividend is Thursday, September 2nd. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.29.

Mercantile Bank has raised its dividend payment by 51.4% over the last three years and has increased its dividend every year for the last 1 years.

Mercantile Bank stock opened at $30.72 on Thursday. The firm has a market cap of $496.44 million, a PE ratio of 8.36 and a beta of 1.14. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.04 and a current ratio of 1.05. The firm’s 50-day moving average is $31.09. Mercantile Bank has a 52 week low of $17.09 and a 52 week high of $34.47.

Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings data on Monday, July 19th. The financial services provider reported $1.12 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.78 by $0.34. Mercantile Bank had a net margin of 28.63% and a return on equity of 13.28%. On average, equities research analysts anticipate that Mercantile Bank will post 3.22 earnings per share for the current year.

Separately, Zacks Investment Research upgraded shares of Mercantile Bank from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a research report on Wednesday, June 30th.

In other Mercantile Bank news, COO Robert T. Worthington acquired 3,431 shares of Mercantile Bank stock in a transaction dated Thursday, June 3rd. The stock was bought at an average price of $32.56 per share, for a total transaction of $111,713.36. Following the transaction, the chief operating officer now owns 8,779 shares in the company, valued at approximately $285,844.24. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 3.20% of the company’s stock.

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.

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Dividend History for Mercantile Bank (NASDAQ:MBWM)

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