Mercantile Bank Corporation (MBWM) to Issue Quarterly Dividend of $0.39 on June 17th

Mercantile Bank Corporation (NASDAQ:MBWM) announced a quarterly dividend on Thursday, April 16th. Shareholders of record on Friday, June 5th will be given a dividend of 0.39 per share by the financial services provider on Wednesday, June 17th. This represents a c) dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Friday, June 5th.

Mercantile Bank has increased its dividend payment by an average of 0.1%annually over the last three years and has increased its dividend every year for the last 14 years. Mercantile Bank has a dividend payout ratio of 31.0% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Mercantile Bank to earn $5.86 per share next year, which means the company should continue to be able to cover its $1.56 annual dividend with an expected future payout ratio of 26.6%.

Mercantile Bank Stock Up 1.6%

MBWM stock opened at $52.88 on Wednesday. Mercantile Bank has a 52 week low of $42.17 and a 52 week high of $55.77. The company has a market capitalization of $913.24 million, a price-to-earnings ratio of 9.49 and a beta of 0.81. The firm’s 50-day moving average is $51.60 and its two-hundred day moving average is $50.50. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.62.

Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings results on Tuesday, April 21st. The financial services provider reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $1.33 by $0.13. Mercantile Bank had a net margin of 24.19% and a return on equity of 13.73%. The company had revenue of $67.59 million for the quarter, compared to the consensus estimate of $67.41 million. On average, analysts forecast that Mercantile Bank will post 5.63 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Wall Street Zen upgraded shares of Mercantile Bank to a “hold” rating in a report on Saturday, March 28th. Stephens assumed coverage on shares of Mercantile Bank in a report on Wednesday, March 25th. They issued an “equal weight” rating and a $54.00 target price on the stock. Four research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Mercantile Bank currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.20.

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.