Mercantile Bank Corporation (NASDAQ:MBWM) declared a quarterly dividend on Wednesday, October 18th, Wall Street Journal reports. Shareholders of record on Friday, December 8th will be given a dividend of 0.19 per share by the financial services provider on Wednesday, December 20th. This represents a $0.76 annualized dividend and a yield of 2.04%. The ex-dividend date is Thursday, December 7th.
Mercantile Bank Corporation (NASDAQ:MBWM) traded up 0.70% during midday trading on Friday, hitting $37.19. The stock had a trading volume of 23,782 shares. Mercantile Bank Corporation has a 52 week low of $27.00 and a 52 week high of $38.68. The stock has a market capitalization of $613.00 million, a price-to-earnings ratio of 19.48 and a beta of 0.72. The company’s 50 day moving average price is $34.16 and its 200-day moving average price is $32.60.
Mercantile Bank Corporation (NASDAQ:MBWM) last announced its earnings results on Tuesday, October 17th. The financial services provider reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.03. Mercantile Bank Corporation had a net margin of 22.18% and a return on equity of 9.00%. The business had revenue of $33.25 million during the quarter, compared to analyst estimates of $32.20 million. Equities analysts anticipate that Mercantile Bank Corporation will post $1.86 earnings per share for the current fiscal year.
Several research analysts recently weighed in on the stock. Zacks Investment Research
raised shares of Mercantile Bank Corporation from a “hold” rating to a “buy” rating and set a $42.00 target price for the company in a report on Friday, October 20th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $34.00 price objective on shares of Mercantile Bank Corporation in a report on Tuesday, October 3rd. DA Davidson downgraded shares of Mercantile Bank Corporation from a “buy” rating to a “neutral” rating and set a $35.00 price objective for the company. in a report on Thursday, September 28th. Finally, ValuEngine
raised shares of Mercantile Bank Corporation from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $35.75.
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In related news, Director Thomas R. Sullivan sold 10,739 shares of the stock in a transaction dated Friday, October 20th. The shares were sold at an average price of $37.04, for a total value of $397,772.56. Following the sale, the director now directly owns 20,273 shares of the company’s stock, valued at approximately $750,911.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.20% of the company’s stock.
Mercantile Bank Corporation Company Profile
Mercantile Bank Corporation is a bank holding company. The Company owns the Mercantile Bank of Michigan (the Bank). The Bank is a state banking company. The Bank provides commercial banking services primarily to small- to medium-sized businesses and retail banking services. The Bank makes secured and unsecured commercial, construction, mortgage and consumer loans, and accepts checking, savings and time deposits.
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