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

Mercantile Bank Co. (NASDAQ:MBWM) announced a quarterly dividend on Tuesday, April 16th, Zacks reports. Shareholders 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 yield of 4.16%. The ex-dividend date of this dividend is Friday, June 7th.

Mercantile Bank has raised its dividend payment by an average of 6.2% per year over the last three years and has raised its dividend every year for the last 13 years. Mercantile Bank has a dividend payout ratio of 31.6% meaning 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

Shares of NASDAQ MBWM opened at $33.62 on Thursday. Mercantile Bank has a twelve month low of $23.89 and a twelve month high of $42.82. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.16. The company has a market capitalization of $541.95 million, a price-to-earnings ratio of 6.52 and a beta of 0.97. The business has a 50 day simple moving average of $36.90 and a 200-day simple moving average of $36.58.

Mercantile Bank (NASDAQ:MBWM) last issued its quarterly earnings results on Tuesday, January 16th. The financial services provider reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.22 by $0.03. Mercantile Bank had a return on equity of 16.74% and a net margin of 25.58%. The business had revenue of $56.95 million during the quarter, compared to the consensus estimate of $56.00 million. During the same period in the previous year, the business earned $1.37 EPS. As a group, equities research analysts expect that Mercantile Bank will post 4.55 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. ICA Group Wealth Management LLC acquired a new stake in shares of Mercantile Bank in the fourth quarter valued at $26,000. Lazard Asset Management LLC purchased a new stake in Mercantile Bank in the 4th quarter worth about $30,000. Macquarie Group Ltd. purchased a new position in Mercantile Bank during the 4th quarter valued at about $33,000. Comerica Bank acquired a new position in shares of Mercantile Bank in the 3rd quarter valued at about $62,000. Finally, Qube Research & Technologies Ltd purchased a new stake in shares of Mercantile Bank in the third quarter worth approximately $78,000. Institutional investors and hedge funds own 58.63% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on MBWM shares. Keefe, Bruyette & Woods restated an “outperform” rating and set a $47.00 price objective on shares of Mercantile Bank in a research report on Wednesday. Hovde Group lowered Mercantile Bank from an “outperform” rating to a “market perform” rating in a research report on Monday, March 4th. Finally, Janney Montgomery Scott upgraded Mercantile Bank from a “neutral” rating to a “buy” rating in a research report on Tuesday, January 16th.

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.