Mercantile Bank Corporation (NASDAQ:MBWM) declared a quarterly dividend on Wednesday, October 18th, Wall Street Journal reports. Investors 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 dividend on an annualized basis and a dividend yield of 2.09%. The ex-dividend date of this dividend is Thursday, December 7th.

Shares of Mercantile Bank (MBWM) opened at $36.44 on Wednesday. Mercantile Bank has a 1 year low of $28.92 and a 1 year high of $38.68. The company has a market capitalization of $614.48, a PE ratio of 19.51, a price-to-earnings-growth ratio of 2.43 and a beta of 0.67. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.03 and a current ratio of 1.03.

Mercantile Bank (NASDAQ:MBWM) last announced its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $0.51 EPS for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.03. Mercantile Bank had a return on equity of 8.91% and a net margin of 22.18%. The firm had revenue of $33.25 million during the quarter, compared to analyst estimates of $32.20 million. equities analysts predict that Mercantile Bank will post 1.91 earnings per share for the current fiscal year.

In other news, Director Thomas R. Sullivan sold 5,800 shares of Mercantile Bank stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $37.29, for a total transaction of $216,282.00. Following the completion of the sale, the director now directly owns 20,273 shares in the company, valued at approximately $755,980.17. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Thomas R. Sullivan sold 5,200 shares of Mercantile Bank stock in a transaction dated Monday, November 20th. The shares were sold at an average price of $35.15, for a total value of $182,780.00. Following the sale, the director now owns 15,073 shares of the company’s stock, valued at $529,815.95. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 21,739 shares of company stock valued at $796,835. 3.20% of the stock is owned by corporate insiders.

A number of equities research analysts have commented on MBWM shares. DA Davidson upgraded Mercantile Bank from a “neutral” rating to a “buy” rating and set a $35.00 price objective for the company in a research report on Monday, September 11th. ValuEngine upgraded Mercantile Bank from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Zacks Investment Research upgraded Mercantile Bank from a “hold” rating to a “buy” rating and set a $42.00 price objective for the company in a research report on Friday, October 20th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and set a $34.00 price target on shares of Mercantile Bank in a report on Tuesday, October 3rd. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $36.33.

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About Mercantile Bank

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 (NASDAQ:MBWM)

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