Mercantile Bank Corporation (MBWM) to Distribute Quarterly Dividend of $0.40 on September 16th

Mercantile Bank Corporation (NASDAQ:MBWM) declared a quarterly dividend on Thursday, July 16th. Shareholders of record on Friday, September 4th will be given 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 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 raised its dividend every year for the last 14 years. Mercantile Bank has a dividend payout ratio of 31.7% meaning 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 Price Performance

Shares of Mercantile Bank stock opened at $59.14 on Wednesday. Mercantile Bank has a twelve month low of $42.75 and a twelve month high of $62.39. The company has a 50-day simple moving average of $59.09 and a two-hundred day simple moving average of $54.53. The stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of 10.41 and a beta of 0.79. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.59.

Mercantile Bank (NASDAQ:MBWM) last released its earnings results on Tuesday, July 21st. The financial services provider reported $1.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.32 by $0.21. The company had revenue of $68.76 million for the quarter, compared to analyst estimates of $68.81 million. Mercantile Bank had a return on equity of 13.66% and a net margin of 24.75%. Analysts forecast that Mercantile Bank will post 5.7 EPS for the current year.

About Mercantile Bank

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.