Mercantile Bank's most recent quarterly dividend was on Aug 31, 2023 (ex-date) with a cash dividend payment of $0.34 per share. On an annualized basis, the company has a current payout of $1.32 per share. This brings the dividend yield to 4.26% based on its recent close price. The latest dividend has increased by $0.01, or 3% from the previous payment.
Mercantile Bank's dividend yield of 4.26% is above the Financial Services sector, the industry and its peers average. Compared to its Financial Services sector average of 3.79%, Mercantile Bank's dividend yield is 12% higher. Historically MBWM's dividend yield has averaged at 3.7% in the last 5 years, which is below the current yield.
Mercantile Bank has a long dividend history, including the last 11 consecutive years with dividend payouts. MBWM has issued four quarterly dividends in the last twelve months. The annualized DPS has increased by 6% for the last year. And since the stock price has gone up by 1.1% from a year ago, the dividend yield has increased by 5%.
| Ex-date | Payment date | Declared on | Amount | Type |
|---|---|---|---|---|
| Aug 31, 2023 | Sep 13, 2023 | Jul 13, 2023 | $0.34 | normal |
| Jun 1, 2023 | Jun 14, 2023 | Apr 13, 2023 | $0.33 | normal |
| Mar 2, 2023 | Mar 15, 2023 | Jan 12, 2023 | $0.33 | normal |
| Dec 1, 2022 | Dec 14, 2022 | Oct 13, 2022 | $0.32 | normal |
| Sep 1, 2022 | Sep 14, 2022 | Jul 14, 2022 | $0.32 | normal |
| Jun 2, 2022 | Jun 15, 2022 | Apr 14, 2022 | $0.31 | normal |
| Mar 3, 2022 | Mar 16, 2022 | Jan 18, 2022 | $0.31 | normal |
| Dec 2, 2021 | Dec 15, 2021 | Oct 19, 2021 | $0.3 | normal |
| Sep 2, 2021 | Sep 15, 2021 | Jul 20, 2021 | $0.3 | normal |
| Jun 3, 2021 | Jun 16, 2021 | Apr 15, 2021 | $0.29 | normal |
| Mar 4, 2021 | Mar 17, 2021 | Jan 19, 2021 | $0.29 | normal |
| Sep 3, 2020 | Sep 16, 2020 | Jul 16, 2020 | $0.28 | normal |
| Jun 4, 2020 | Jun 17, 2020 | Apr 16, 2020 | $0.28 | normal |
| Mar 5, 2020 | Mar 18, 2020 | Jan 16, 2020 | $0.28 | normal |
| Dec 5, 2019 | Dec 18, 2019 | Oct 10, 2019 | $0.27 | normal |
| Sep 5, 2019 | Sep 18, 2019 | Jul 11, 2019 | $0.27 | normal |
| Jun 6, 2019 | Jun 19, 2019 | Apr 11, 2019 | $0.26 | normal |
| Mar 7, 2019 | Mar 20, 2019 | Jan 17, 2019 | $0.26 | normal |
| Dec 6, 2018 | Dec 19, 2018 | Oct 11, 2018 | $0.75 | special |
| Dec 6, 2018 | Dec 19, 2018 | Oct 11, 2018 | $0.25 | normal |
| Sep 6, 2018 | Sep 19, 2018 | Jul 12, 2018 | $0.24 | normal |
| Jun 7, 2018 | Jun 20, 2018 | Apr 12, 2018 | $0.22 | normal |
| Mar 8, 2018 | Mar 21, 2018 | Jan 11, 2018 | $0.22 | normal |
| Dec 7, 2017 | Dec 20, 2017 | Oct 12, 2017 | $0.19 | normal |
| Sep 7, 2017 | Sep 20, 2017 | Jul 18, 2017 | $0.19 | normal |
| Jun 7, 2017 | Jun 21, 2017 | Apr 13, 2017 | $0.18 | normal |
| Mar 8, 2017 | Mar 22, 2017 | Jan 17, 2017 | $0.18 | normal |
| Dec 7, 2016 | Dec 21, 2016 | Oct 13, 2016 | $0.17 | normal |
| Dec 7, 2016 | Dec 21, 2016 | Oct 13, 2016 | $0.5 | special |
| Sep 7, 2016 | Sep 21, 2016 | Jul 14, 2016 | $0.17 | normal |
| Jun 8, 2016 | Jun 23, 2016 | Apr 14, 2016 | $0.16 | normal |
Mercantile Bank's payout ratio of 26.6% is below the Financial Services sector, the industry and its peers average. Compared to its Financial Services sector average of 33.4%, Mercantile Bank's payout ratio is 20% lower.
| Name | Dividend yield | DPS | Payout ratio |
|---|---|---|---|
| FITB Fifth Third Bancorp | 5.31% | $1.32 | 37.5% |
| MBWM Mercantile Bank Corp | 4.26% | $1.32 | 26.6% |
| MCBC Macatawa Bank Corp | 3.57% | $0.32 | 24.8% |
| SRCE 1St Source Corp | 3.12% | $1.28 | 25% |
Yes, Mercantile Bank has been paying dividends for the last 11 years.
Currently MBWM's next dividend date is unknown, however based on the recent dividend frequency we project that it will likely be in November 2023.
Mercantile Bank's last dividend ex-date was on Aug 31, 2023. The dividend amount was $0.34 per share.
MBWM has paid dividend of $1.32 per share in the last year.
The current dividend yield of Mercantile Bank is 4.26%.
Mercantile Bank pays dividends quarterly.
Mercantile Bank's dividend payout ratio is 26.6%.
Mercantile Bank's dividend yield is above the Financial Services sector average.