Mercantile Bank Corp. (NASDAQ:MBWM) Plans $0.27 Quarterly Dividend

Mercantile Bank Corp. (NASDAQ:MBWM) announced a quarterly dividend on Tuesday, October 15th, Zacks reports. Stockholders of record on Friday, December 6th will be paid a dividend of 0.27 per share by the financial services provider on Wednesday, December 18th. This represents a $1.08 annualized dividend and a dividend yield of 3.08%. The ex-dividend date is Thursday, December 5th.

NASDAQ:MBWM opened at $35.08 on Tuesday. Mercantile Bank has a 12-month low of $26.40 and a 12-month high of $36.69. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.01. The firm has a market capitalization of $575.85 million, a PE ratio of 13.87 and a beta of 0.84. The firm has a 50-day moving average price of $35.28 and a 200 day moving average price of $32.91.

Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.14. Mercantile Bank had a return on equity of 11.39% and a net margin of 26.36%. The company had revenue of $38.28 million for the quarter, compared to the consensus estimate of $36.69 million. On average, research analysts expect that Mercantile Bank will post 2.69 EPS for the current year.

In other news, Director Michael H. Price sold 2,947 shares of the business’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $35.48, for a total value of $104,559.56. Following the transaction, the director now directly owns 54,206 shares of the company’s stock, valued at approximately $1,923,228.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Robert T. Worthington sold 2,500 shares of the stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $35.10, for a total value of $87,750.00. Following the sale, the chief operating officer now owns 9,768 shares in the company, valued at $342,856.80. The disclosure for this sale can be found here. Company insiders own 3.20% of the company’s stock.

Several research firms recently commented on MBWM. BidaskClub downgraded Mercantile Bank from a “sell” rating to a “strong sell” rating in a research report on Saturday. ValuEngine upgraded Mercantile Bank from a “sell” rating to a “hold” rating in a research report on Tuesday. Finally, Zacks Investment Research lowered Mercantile Bank from a “hold” rating to a “sell” rating in a research note on Thursday, September 19th.

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 for 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.

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Dividend History for Mercantile Bank (NASDAQ:MBWM)

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