Mercantile Bank Corporation Declares Quarterly Dividend of $0.19 (NASDAQ:MBWM)

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.

Dividend History for Mercantile Bank Corporation (NASDAQ:MBWM)

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