Mercantile Bank Corporation (NASDAQ:MBWM) to Issue Dividend Increase – $0.40 Per Share

Mercantile Bank Corporation (NASDAQ:MBWM) announced a quarterly dividend on Thursday, July 16th. Shareholders 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) annualized dividend 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 increased its dividend 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 payout ratio of 31.7% indicating that its dividend is sufficiently covered by earnings. Equities 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 NASDAQ MBWM opened at $59.14 on Wednesday. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.93 and a quick ratio of 0.93. The firm has a market capitalization of $1.02 billion, a PE ratio of 10.41 and a beta of 0.79. Mercantile Bank has a 1-year low of $42.75 and a 1-year high of $62.39. The business’s fifty day moving average price is $59.09 and its two-hundred day moving average price is $54.53.

Mercantile Bank (NASDAQ:MBWM) last announced its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $1.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.32 by $0.21. The company 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%. On average, research analysts expect that Mercantile Bank will post 5.7 EPS for the current year.

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.