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

Mercantile Bank Co. (NASDAQ:MBWM) announced a quarterly dividend on Tuesday, April 16th, Zacks reports. Stockholders of record on Friday, June 7th will be given a dividend of 0.35 per share by the financial services provider on Wednesday, June 19th. This represents a $1.40 annualized dividend and a dividend 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% per year 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% indicating that 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

MBWM opened at $34.14 on Wednesday. Mercantile Bank has a one year low of $23.89 and a one year high of $42.82. The company has a debt-to-equity ratio of 1.16, a current ratio of 1.04 and a quick ratio of 1.04. The company’s 50 day simple moving average is $36.98 and its 200-day simple moving average is $36.60. The stock has a market capitalization of $550.34 million, a P/E ratio of 6.65 and a beta of 0.97.

Mercantile Bank (NASDAQ:MBWM) last announced its quarterly earnings data on Tuesday, January 16th. The financial services provider reported $1.25 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $56.00 million. During the same period last year, the firm earned $1.37 earnings per share. Sell-side analysts anticipate that Mercantile Bank will post 4.55 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have issued reports on MBWM shares. Janney Montgomery Scott raised shares of Mercantile Bank from a “neutral” rating to a “buy” rating in a research note on Tuesday, January 16th. Hovde Group lowered shares of Mercantile Bank from an “outperform” rating to a “market perform” rating in a report on Monday, March 4th.

Institutional Trading of Mercantile Bank

Several hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. boosted its holdings in shares of Mercantile Bank by 4.3% during the 2nd quarter. BlackRock Inc. now owns 1,443,161 shares of the financial services provider’s stock worth $39,860,000 after buying an additional 59,394 shares during the period. Dimensional Fund Advisors LP raised its stake in Mercantile Bank by 0.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,153,934 shares of the financial services provider’s stock worth $40,873,000 after purchasing an additional 5,838 shares in the last quarter. Vanguard Group Inc. raised its stake in Mercantile Bank by 4.1% in the 1st quarter. Vanguard Group Inc. now owns 764,595 shares of the financial services provider’s stock worth $27,082,000 after purchasing an additional 30,382 shares in the last quarter. State Street Corp raised its stake in Mercantile Bank by 34.0% in the 1st quarter. State Street Corp now owns 427,289 shares of the financial services provider’s stock worth $15,135,000 after purchasing an additional 108,389 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in Mercantile Bank by 4.4% in the 2nd quarter. Geode Capital Management LLC now owns 306,205 shares of the financial services provider’s stock worth $8,457,000 after purchasing an additional 13,028 shares in the last quarter. Institutional investors own 58.63% 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 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.