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

Mercantile Bank Co. (NASDAQ:MBWM) announced a quarterly dividend on Thursday, October 10th,Zacks Dividends reports. Investors 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 annualized dividend and a dividend yield of 2.87%. The ex-dividend date is Friday, December 6th.

Mercantile Bank has raised its dividend payment by an average of 6.2% annually over the last three years and has increased its dividend every year for the last 13 years. Mercantile Bank has a dividend payout ratio of 32.5% meaning its dividend is sufficiently covered by earnings. 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 0.4 %

Mercantile Bank stock traded up $0.20 during mid-day trading on Wednesday, reaching $50.19. The stock had a trading volume of 8,367 shares, compared to its average volume of 68,067. The company has a market capitalization of $810.07 million, a price-to-earnings ratio of 9.94 and a beta of 0.99. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.02 and a quick ratio of 1.01. Mercantile Bank has a one year low of $33.46 and a one year high of $52.98. The company has a 50-day moving average price of $45.84 and a two-hundred day moving average price of $43.40.

Mercantile Bank (NASDAQ:MBWM) last announced its quarterly 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. The company had revenue of $93.08 million during the quarter, compared to the consensus estimate of $56.83 million. Mercantile Bank had a net margin of 22.77% and a return on equity of 14.59%. During the same quarter last year, the firm earned $1.30 earnings per share. On average, analysts expect that Mercantile Bank will post 4.87 EPS for the current fiscal year.

Insider Activity

In other Mercantile Bank news, Director Robert B. Kaminski sold 4,000 shares of the company’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $49.51, for a total transaction of $198,040.00. Following the transaction, the director now owns 25,610 shares in the company, valued at approximately $1,267,951.10. This represents a 13.51 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold a total of 10,550 shares of company stock valued at $531,660 over the last ninety days. 3.08% of the stock is currently owned by corporate insiders.

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.