Mercantile Bank Co. (NASDAQ:MBWM) Declares Quarterly Dividend of $0.36

Mercantile Bank Co. (NASDAQ:MBWM) declared a quarterly dividend on Thursday, October 10th,Zacks Dividends reports. Stockholders of record on Friday, December 6th will be given a dividend of 0.36 per share by the financial services provider on Wednesday, December 18th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.86%. The ex-dividend date is Friday, December 6th.

Mercantile Bank has increased its dividend 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 dividend payout ratio of 32.5% meaning its dividend is sufficiently covered by earnings. Research analysts expect Mercantile Bank to earn $4.49 per share next year, which means the company should continue to be able to cover its $1.44 annual dividend with an expected future payout ratio of 32.1%.

Mercantile Bank Stock Up 0.9 %

NASDAQ MBWM traded up $0.43 on Wednesday, reaching $50.42. The stock had a trading volume of 2,761 shares, compared to its average volume of 68,053. Mercantile Bank has a 1 year low of $33.46 and a 1 year high of $52.98. The business has a 50 day moving average price of $45.84 and a 200 day moving average price of $43.40. The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 0.95. The company has a market capitalization of $813.78 million, a price-to-earnings ratio of 9.94 and a beta of 0.99.

Mercantile Bank (NASDAQ:MBWM) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.18 by $0.04. Mercantile Bank had a net margin of 22.77% and a return on equity of 14.59%. The firm had revenue of $93.08 million during the quarter, compared to analysts’ expectations of $56.83 million. During the same period in the previous year, the company earned $1.30 earnings per share. On average, analysts forecast that Mercantile Bank will post 4.87 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Robert B. Kaminski sold 4,000 shares of the company’s stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $49.51, for a total transaction of $198,040.00. Following the completion of the sale, the director now directly owns 25,610 shares of the company’s stock, valued at approximately $1,267,951.10. This represents a 13.51 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last three months, insiders sold 10,550 shares of company stock worth $531,660. Corporate insiders own 3.08% 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.