Mercantile Bank Corporation (MBWM) To Go Ex-Dividend on September 4th

Mercantile Bank Corporation (NASDAQ:MBWM) declared a quarterly dividend on Thursday, July 16th. Investors of record on Friday, September 4th will be paid a dividend of 0.40 per share by the financial services provider on Wednesday, September 16th. This represents a c) dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Friday, September 4th. This is a 2.6% increase from Mercantile Bank’s previous quarterly dividend of $0.39.

Mercantile Bank has raised its dividend by an average of 0.1%annually over the last three years and has increased its dividend annually for the last 14 consecutive years. Mercantile Bank has a dividend payout ratio of 31.7% indicating that its dividend is sufficiently covered by earnings. Analysts expect Mercantile Bank to earn $5.80 per share next year, which means the company should continue to be able to cover its $1.60 annual dividend with an expected future payout ratio of 27.6%.

Mercantile Bank Stock Down 1.0%

MBWM stock opened at $59.14 on Wednesday. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.59. Mercantile Bank has a twelve month low of $42.75 and a twelve month high of $62.39. The company’s 50 day moving average is $59.09 and its two-hundred day moving average is $54.53. The stock has a market cap of $1.02 billion, a P/E ratio of 10.41 and a beta of 0.79.

Mercantile Bank (NASDAQ:MBWM) last issued its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $1.53 earnings per share for the quarter, topping the consensus estimate of $1.32 by $0.21. The business had revenue of $68.76 million during the quarter, compared to the consensus estimate of $68.81 million. Mercantile Bank had a net margin of 24.75% and a return on equity of 13.66%. Research analysts expect that Mercantile Bank will post 5.7 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on MBWM. Keefe, Bruyette & Woods boosted their price target on shares of Mercantile Bank from $60.00 to $64.00 and gave the company an “outperform” rating in a research report on Wednesday, July 22nd. Raymond James Financial set a $65.00 target price on Mercantile Bank in a research report on Tuesday. Weiss Ratings reissued a “buy (b)” rating on shares of Mercantile Bank in a report on Friday, June 12th. Hovde Group cut shares of Mercantile Bank from an “outperform” rating to a “market perform” rating and set a $62.00 target price on the stock. in a report on Wednesday, July 22nd. Finally, Piper Sandler set a $65.00 price target on shares of Mercantile Bank in a research note on Wednesday, July 22nd. Three research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Mercantile Bank has a consensus rating of “Hold” and an average target price of $62.00.

Mercantile Bank Company Profile

Mercantile Bank Corporation (NASDAQ: MBWM) is the bank holding company for Mercantile Bank of Michigan, a full-service commercial bank headquartered in Grand Rapids, Michigan. Through its state-chartered subsidiary, the company provides a broad range of financial products and services to small and mid-sized businesses, professionals and consumers across West and Central Michigan.

The bank’s core offerings include deposit products such as checking, savings and money market accounts, alongside commercial and consumer loan portfolios.