Mercantile Bank Co. (NASDAQ:MBWM) announced a quarterly dividend on Tuesday, July 20th, Zacks reports. Stockholders of record on Friday, September 3rd will be given a dividend of 0.30 per share by the financial services provider on Wednesday, September 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 4.01%. The ex-dividend date of this dividend is Thursday, September 2nd. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.29.
Mercantile Bank has raised its dividend payment by 51.4% over the last three years and has increased its dividend every year for the last 1 years.
Mercantile Bank stock opened at $29.92 on Wednesday. The stock has a market capitalization of $483.51 million, a PE ratio of 9.72 and a beta of 1.14. Mercantile Bank has a 12 month low of $17.09 and a 12 month high of $34.47. The firm has a 50 day simple moving average of $31.11. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.05 and a quick ratio of 1.04.
Separately, Zacks Investment Research raised Mercantile Bank from a “hold” rating to a “buy” rating and set a $34.00 price target on the stock in a research note on Wednesday, June 30th.
In other news, COO Robert T. Worthington purchased 3,431 shares of the stock in a transaction dated Thursday, June 3rd. The shares were purchased at an average cost of $32.56 per share, with a total value of $111,713.36. Following the completion of the purchase, the chief operating officer now directly owns 8,779 shares of the company’s stock, valued at approximately $285,844.24. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 3.07% of the company’s stock.
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.
Featured Article: What economic reports are most valuable to investors?
Receive News & Ratings for Mercantile Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mercantile Bank and related companies with MarketBeat.com's FREE daily email newsletter.