Mercantile Bank Corporation (NASDAQ:MBWM) to Issue Quarterly Dividend of $0.19
Mercantile Bank Corporation (NASDAQ:MBWM) announced a quarterly dividend on Tuesday, July 18th, Wall Street Journal reports. Stockholders 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 annualized dividend and a dividend yield of 2.40%. The ex-dividend date of this dividend is Thursday, September 7th. This is a boost from Mercantile Bank Corporation’s previous quarterly dividend of $0.18.
Shares of Mercantile Bank Corporation (NASDAQ MBWM) traded up 1.55% during trading on Tuesday, reaching $32.10. 32,132 shares of the company were exchanged. The stock has a market capitalization of $528.53 million, a P/E ratio of 16.92 and a beta of 0.67. The firm has a 50-day moving average price of $31.96 and a 200-day moving average price of $33.55. Mercantile Bank Corporation has a 1-year low of $23.60 and a 1-year high of $38.68.
Mercantile Bank Corporation (NASDAQ:MBWM) last issued its quarterly earnings results on Tuesday, April 18th. The financial services provider reported $0.46 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.03. Mercantile Bank Corporation had a net margin of 22.44% and a return on equity of 8.96%. The company had revenue of $31.36 million during the quarter, compared to analysts’ expectations of $30.64 million. Equities research analysts predict that Mercantile Bank Corporation will post $1.90 earnings per share for the current fiscal year.
MBWM has been the topic of a number of analyst reports. Zacks Investment Research upgraded shares of Mercantile Bank Corporation from a “sell” rating to a “buy” rating and set a $38.00 price objective on the stock in a report on Wednesday, March 22nd. Keefe, Bruyette & Woods set a $35.00 price target on shares of Mercantile Bank Corporation and gave the stock a “hold” rating in a research note on Monday, April 10th. ValuEngine upgraded shares of Mercantile Bank Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Finally, DA Davidson initiated coverage on shares of Mercantile Bank Corporation in a research note on Wednesday, July 5th. They set a “neutral” rating and a $35.00 price target on the stock. Five analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Mercantile Bank Corporation currently has a consensus rating of “Hold” and an average target price of $32.60.
TRADEMARK VIOLATION WARNING: This piece was reported by American Banking News and is the sole property of of American Banking News. If you are accessing this piece on another domain, it was stolen and reposted in violation of US and international copyright and trademark law. The original version of this piece can be accessed at https://www.americanbankingnews.com/2017/07/18/mercantile-bank-corporation-nasdaqmbwm-to-issue-quarterly-dividend-of-0-19.html.
In other Mercantile Bank Corporation news, Chairman Michael H. Price sold 9,535 shares of Mercantile Bank Corporation stock in a transaction on Tuesday, April 25th. The shares were sold at an average price of $35.04, for a total value of $334,106.40. Following the transaction, the chairman now directly owns 46,726 shares in the company, valued at $1,637,279.04. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Thomas R. Sullivan sold 2,797 shares of Mercantile Bank Corporation stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $33.24, for a total transaction of $92,972.28. Following the completion of the transaction, the director now owns 19,523 shares in the company, valued at $648,944.52. The disclosure for this sale can be found here. Insiders have sold a total of 23,246 shares of company stock worth $797,251 over the last quarter. 3.44% of the stock is owned by company insiders.
About Mercantile Bank Corporation
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.
Receive News & Ratings for Mercantile Bank Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mercantile Bank Corporation and related companies with MarketBeat.com's FREE daily email newsletter.