Mercantile Bank Corporation (NASDAQ:MBWM) announced a quarterly dividend on Tuesday, July 18th, Wall Street Journal reports. Shareholders of record on Friday, September 8th will be given a dividend of 0.19 per share by the financial services provider on Wednesday, September 20th. This represents a $0.76 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date of this dividend is Thursday, September 7th. This is an increase from Mercantile Bank Corporation’s previous quarterly dividend of $0.18.
Mercantile Bank Corporation (NASDAQ:MBWM) opened at 32.10 on Friday. Mercantile Bank Corporation has a 52-week low of $25.05 and a 52-week high of $38.68. The company has a 50-day moving average of $32.06 and a 200-day moving average of $32.73. The stock has a market capitalization of $529.01 million, a price-to-earnings ratio of 17.03 and a beta of 0.67.
Mercantile Bank Corporation (NASDAQ:MBWM) last posted its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.45 earnings per share for the quarter, hitting the consensus estimate of $0.45. The company had revenue of $31.24 million during the quarter, compared to analysts’ expectations of $31.27 million. Mercantile Bank Corporation had a return on equity of 8.92% and a net margin of 22.25%. Equities research analysts expect that Mercantile Bank Corporation will post $1.88 EPS for the current year.
In other news, Director Thomas R. Sullivan sold 3,801 shares of Mercantile Bank Corporation stock in a transaction dated Monday, June 12th. The stock was sold at an average price of $34.23, for a total value of $130,108.23. Following the completion of the transaction, the director now directly owns 19,523 shares of the company’s stock, valued at approximately $668,272.29. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Thomas R. Sullivan sold 2,797 shares of Mercantile Bank Corporation stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $33.24, for a total value of $92,972.28. Following the completion of the transaction, the director now directly owns 19,523 shares of the company’s stock, valued at $648,944.52. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 13,711 shares of company stock valued at $463,144. 3.44% of the stock is owned by corporate insiders.
MBWM has been the topic of a number of analyst reports. Zacks Investment Research downgraded Mercantile Bank Corporation from a “buy” rating to a “hold” rating in a research report on Saturday, April 22nd. ValuEngine raised Mercantile Bank Corporation from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Keefe, Bruyette & Woods set a $35.00 target price on Mercantile Bank Corporation and gave the company a “hold” rating in a report on Monday, April 10th. Finally, DA Davidson assumed coverage on Mercantile Bank Corporation in a report on Wednesday, July 5th. They issued a “neutral” rating and a $35.00 target price on the stock. One research analyst has rated the stock with a sell rating and five have given a hold rating to the company. Mercantile Bank Corporation has an average rating of “Hold” and a consensus price target of $32.60.
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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