Mercantile Bank Co. (NASDAQ:MBWM) Declares $0.36 Quarterly Dividend

Mercantile Bank Co. (NASDAQ:MBWM) declared a quarterly dividend on Thursday, October 10th,Zacks Dividends reports. Shareholders of record on Friday, December 6th will be given a dividend of 0.36 per share by the financial services provider on Wednesday, December 18th. This represents a $1.44 dividend on an annualized basis and a yield of 2.86%. The ex-dividend date of this dividend is Friday, December 6th.

Mercantile Bank has raised its dividend by an average of 6.2% per year over the last three years and has raised its dividend annually for the last 13 consecutive years. Mercantile Bank has a dividend payout ratio of 32.5% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Mercantile Bank to earn $4.49 per share next year, which means the company should continue to be able to cover its $1.44 annual dividend with an expected future payout ratio of 32.1%.

Mercantile Bank Stock Up 0.9 %

NASDAQ MBWM traded up $0.43 on Wednesday, hitting $50.42. 2,761 shares of the stock traded hands, compared to its average volume of 68,053. The company has a market capitalization of $813.78 million, a P/E ratio of 9.94 and a beta of 0.99. The stock has a 50-day moving average of $45.84 and a 200 day moving average of $43.40. The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 0.95. Mercantile Bank has a twelve month low of $33.46 and a twelve month high of $52.98.

Mercantile Bank (NASDAQ:MBWM) last released its earnings results on Tuesday, October 15th. The financial services provider reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.18 by $0.04. Mercantile Bank had a net margin of 22.77% and a return on equity of 14.59%. The firm had revenue of $93.08 million during the quarter, compared to analyst estimates of $56.83 million. During the same quarter in the previous year, the firm earned $1.30 earnings per share. As a group, analysts expect that Mercantile Bank will post 4.87 earnings per share for the current fiscal year.

Insider Transactions at Mercantile Bank

In other Mercantile Bank news, Director Robert B. Kaminski sold 5,800 shares of Mercantile Bank stock in a transaction on Monday, November 25th. The stock was sold at an average price of $51.75, for a total transaction of $300,150.00. Following the sale, the director now owns 19,810 shares of the company’s stock, valued at $1,025,167.50. The trade was a 22.65 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last quarter, insiders sold 10,550 shares of company stock worth $531,660. Insiders own 3.08% 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 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.