The new annual dividend rate of $1.60 per share offers an annual yield of approximately 2.77%, calculated against Monday’s closing price of $57.66. This marks a marginal uptick from the prior 2.71% yield. The bank scheduled the disbursement for September 16, with the eligibility cutoff for shareholders of record set for September 4.
Mercantile Bank Increases Quarterly Dividend to 40 Cents
Shareholders of the Grand Rapids-based Mercantile Bank will see their quarterly dividend rise to 40 cents, a 2.6% increase from the previous 39-cent payout. This adjustment, confirmed by the company on Tuesday, reflects the financial institution's latest policy shift as it balances capital returns for its investor base.
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