The Mercantile Bank Corporation (MBWM) Plans Quarterly Dividend of $0.18

The Mercantile Bank Corporation (MBWM) Plans Quarterly Dividend of $0.18

Mercantile Bank Corporation (NASDAQ:MBWM) announced a quarterly dividend on Wednesday, January 18th. Investors of record on Friday, March 10th will be given a dividend of 0.18 per share by the financial services provider on Wednesday, March 22nd. This represents a $0.72 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date of this dividend is Wednesday, March 8th. This is a boost from Mercantile Bank Corporation’s previous quarterly dividend of $0.17.

Shares of Mercantile Bank Corporation (NASDAQ:MBWM) opened at 33.14 on Thursday. The company has a market cap of $540.25 million, a P/E ratio of 17.92 and a beta of 0.98. Mercantile Bank Corporation has a 12-month low of $20.87 and a 12-month high of $38.68. The company has a 50-day moving average price of $36.04 and a 200-day moving average price of $29.34.

Mercantile Bank Corporation (NASDAQ:MBWM) last announced its earnings results on Tuesday, January 17th. The financial services provider reported $0.49 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.46 by $0.03. Mercantile Bank Corporation had a return on equity of 8.87% and a net margin of 22.00%. On average, analysts predict that Mercantile Bank Corporation will post $1.92 earnings per share for the current year.

MBWM has been the topic of several recent research reports. Zacks Investment Research raised Mercantile Bank Corporation from a “hold” rating to a “buy” rating and set a $31.00 target price on the stock in a report on Thursday, October 20th. Raymond James Financial, Inc. downgraded Mercantile Bank Corporation from an “outperform” rating to a “mkt perform” rating in a research note on Wednesday. Hovde Group assumed coverage on Mercantile Bank Corporation in a research note on Monday, November 21st. They issued a “market perform” rating and a $32.00 price objective on the stock. Finally, Keefe, Bruyette & Woods downgraded Mercantile Bank Corporation from an “outperform” rating to a “market perform” rating and boosted their price objective for the company from $30.00 to $35.00 in a research note on Tuesday, November 29th.

In other news, Director Edward B. Grant sold 2,000 shares of the business’s stock in a transaction dated Wednesday, November 30th. The stock was sold at an average price of $32.92, for a total value of $65,840.00. Following the transaction, the director now directly owns 18,987 shares of the company’s stock, valued at approximately $625,052.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Michael H. Price sold 9,551 shares of the business’s stock in a transaction dated Monday, December 12th. The shares were sold at an average price of $35.18, for a total value of $336,004.18. Following the completion of the transaction, the chairman now directly owns 56,261 shares in the company, valued at $1,979,261.98. The disclosure for this sale can be found here. 3.44% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in MBWM. BlackRock Advisors LLC increased its position in shares of Mercantile Bank Corporation by 18.7% in the third quarter. BlackRock Advisors LLC now owns 10,511 shares of the financial services provider’s stock worth $282,000 after buying an additional 1,657 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Mercantile Bank Corporation by 3.2% in the third quarter. Bank of New York Mellon Corp now owns 90,095 shares of the financial services provider’s stock worth $2,419,000 after buying an additional 2,759 shares during the last quarter. Panagora Asset Management Inc. raised its stake in shares of Mercantile Bank Corporation by 17.8% in the second quarter. Panagora Asset Management Inc. now owns 16,882 shares of the financial services provider’s stock worth $403,000 after buying an additional 2,550 shares during the last quarter. First Allied Advisory Services Inc. purchased a new stake in shares of Mercantile Bank Corporation during the second quarter worth approximately $323,000. Finally, State Street Corp raised its stake in shares of Mercantile Bank Corporation by 11.5% in the second quarter. State Street Corp now owns 265,849 shares of the financial services provider’s stock worth $6,342,000 after buying an additional 27,361 shares during the last quarter. 47.63% of the stock is currently owned by institutional investors.

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, through its approximately 50 office locations, provides commercial banking services primarily to small- to medium-sized businesses and retail banking services in and around the West and Central portions of Michigan.

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