Mercantile Bank Co. (NASDAQ:MBWM) Short Interest Down 53.5% in November

Mercantile Bank Co. (NASDAQ:MBWM) saw a large drop in short interest in the month of November. As of November 30th, there was short interest totalling 57,100 shares, a drop of 53.5% from the November 15th total of 122,900 shares. Based on an average daily trading volume, of 60,400 shares, the short-interest ratio is presently 0.9 days. Approximately 0.4% of the company’s stock are sold short.

Mercantile Bank Stock Performance

Shares of Mercantile Bank stock traded down $0.45 during mid-day trading on Friday, hitting $49.15. 60,943 shares of the stock were exchanged, compared to its average volume of 68,005. Mercantile Bank has a 12 month low of $33.46 and a 12 month high of $52.98. The company has a 50-day simple moving average of $47.11 and a 200 day simple moving average of $43.98. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.01 and a current ratio of 1.02. The company has a market capitalization of $793.38 million, a P/E ratio of 9.87 and a beta of 0.99.

Mercantile Bank (NASDAQ:MBWM) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $1.22 EPS for the quarter, topping the consensus estimate of $1.18 by $0.04. Mercantile Bank had a net margin of 22.77% and a return on equity of 14.59%. The firm had revenue of $93.08 million for the quarter, compared to analysts’ expectations of $56.83 million. During the same quarter last year, the firm earned $1.30 EPS. Sell-side analysts anticipate that Mercantile Bank will post 4.87 earnings per share for the current fiscal year.

Mercantile Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Friday, December 6th will be given a dividend of $0.36 per share. The ex-dividend date is Friday, December 6th. This represents a $1.44 annualized dividend and a dividend yield of 2.93%. Mercantile Bank’s dividend payout ratio is currently 28.92%.

Insider Activity

In related news, Director Robert B. Kaminski sold 4,000 shares of the firm’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $49.51, for a total value of $198,040.00. Following the transaction, the director now owns 25,610 shares of the company’s stock, valued at approximately $1,267,951.10. This trade represents a 13.51 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 10,550 shares of company stock worth $531,660 in the last three months. Company insiders own 3.08% of the company’s stock.

Hedge Funds Weigh In On Mercantile Bank

Several hedge funds have recently modified their holdings of the company. Principal Financial Group Inc. raised its holdings in shares of Mercantile Bank by 3.7% in the 3rd quarter. Principal Financial Group Inc. now owns 8,611 shares of the financial services provider’s stock worth $376,000 after purchasing an additional 304 shares during the period. Hotchkis & Wiley Capital Management LLC raised its holdings in shares of Mercantile Bank by 0.5% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 75,720 shares of the financial services provider’s stock worth $3,310,000 after purchasing an additional 400 shares during the period. CWM LLC raised its holdings in shares of Mercantile Bank by 16.1% in the 3rd quarter. CWM LLC now owns 3,249 shares of the financial services provider’s stock worth $142,000 after purchasing an additional 450 shares during the period. Semanteon Capital Management LP raised its holdings in shares of Mercantile Bank by 10.1% in the 3rd quarter. Semanteon Capital Management LP now owns 5,751 shares of the financial services provider’s stock worth $251,000 after purchasing an additional 528 shares during the period. Finally, Rhumbline Advisers raised its holdings in shares of Mercantile Bank by 2.7% in the 2nd quarter. Rhumbline Advisers now owns 25,321 shares of the financial services provider’s stock worth $1,027,000 after purchasing an additional 655 shares during the period. Institutional investors own 58.63% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods raised their price target on shares of Mercantile Bank from $50.00 to $56.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th.

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 to 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.