Mercantile Bank Corp. (MBWM) Raises Dividend to $0.24 Per Share
Mercantile Bank Corp. (NASDAQ:MBWM) declared a quarterly dividend on Wednesday, July 18th, Wall Street Journal reports. Stockholders of record on Friday, September 7th will be paid a dividend of 0.24 per share by the financial services provider on Wednesday, September 19th. This represents a $0.96 annualized dividend and a dividend yield of 2.65%. The ex-dividend date is Thursday, September 6th. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.22.
Mercantile Bank has increased its dividend by an average of 15.5% annually over the last three years and has increased its dividend every year for the last 5 years. Mercantile Bank has a dividend payout ratio of 35.8% indicating that its dividend is sufficiently covered by earnings. Analysts expect Mercantile Bank to earn $2.61 per share next year, which means the company should continue to be able to cover its $0.88 annual dividend with an expected future payout ratio of 33.7%.
Shares of Mercantile Bank traded down $0.45, hitting $36.20, during mid-day trading on Wednesday, according to Marketbeat.com. The stock had a trading volume of 27,435 shares, compared to its average volume of 37,797. The firm has a market cap of $618.77 million, a price-to-earnings ratio of 19.05, a PEG ratio of 1.89 and a beta of 0.74. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.72. Mercantile Bank has a fifty-two week low of $28.92 and a fifty-two week high of $38.47.
Several analysts recently issued reports on MBWM shares. Sandler O’Neill set a $37.00 price target on Mercantile Bank and gave the stock a “hold” rating in a report on Tuesday, March 27th. Hovde Group reissued a “hold” rating and issued a $37.00 price target on shares of Mercantile Bank in a report on Wednesday, April 18th. BidaskClub raised Mercantile Bank from a “sell” rating to a “hold” rating in a report on Tuesday, April 24th. Finally, Keefe, Bruyette & Woods raised their price target on Mercantile Bank from $40.00 to $41.00 and gave the stock an “outperform” rating in a report on Wednesday. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $38.20.
In related news, Director Michael H. Price sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 30th. The stock was sold at an average price of $36.32, for a total value of $108,960.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 3.20% of the company’s stock.
About Mercantile Bank
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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