Mercantile Bank Corporation (NASDAQ:MBWM) declared quarterly dividend of $ 0.28 per share, or $ 1.12 annualized.
The dividend will be payable on December 16, 2020, to stockholders of record on December 4, 2020, with an ex-dividend date of December 3, 2020.
Robert B. Kaminski, Jr., President and Chief Executive Officer of Mercantile, commented, We are very pleased that we were able to carry on our cash dividend program as we continue to navigate through the challenges posed by the COVID-19 pandemic. Our financial condition has remained strong throughout 2020, and we will continue to carefully assess potential risks stemming from the pandemic and implement strategic initiatives as deemed necessary, including evaluating future cash dividend payments to ensure our capital levels remain at desired levels
Dividends History
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Mercantile Bank Corporation recently reported third quarter financial results on October 20, 2020, before market open, commercial banking services provider communicated income for the third quarter of $ 0.66 per share, from the revenue of $ 42.82 million. The quarterly earnings reduced 14.29 percent while revenues enlarged 32.65 percent compared with the same quarter last year. Wall street analysts are predicting, MBWM to report 3Q20 income of $ 0.42 per share from revenue of $ 39.41 million. The bottom line results beat street analysts by $ 0.24 or 57.14 percent, at the same time, top line results outshined analysts by $ 3.41 million or 8.65 percent.
Stock Performance
Shares of Mercantile Bank Corporation traded up $ 0.05 or 0.24 percent on Monday, reaching $ 21.24 with volume of 30.50 thousand shares. Mercantile Bank Corporation has traded high as $ 21.63 and has cracked $ 21.18 on the downward trend
According to the previous trading day, closing price of $ 21.24, representing a 23.99 % increase from the 52 week low of $ 17.09 and a 43.22 % decrease over the 52 week high of $ 37.32.
The company has a market capital of $ 344.75 million and is part of the Financial Services sector and Banks – Regional – US industry.
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. The company also offers commercial and industrial loans; vacant land, land development, and residential construction loans; owner occupied real estate, non-owner occupied real estate, and multi-family and residential rental property loans; single-family residential real estate loans; home equity line of credit programs; and consumer loans, such as loans for new and used automobiles, boats, and credit cards, as well as overdraft protection services.
