Mercantile Bank Corp. (NASDAQ:MBWM) was the target of a significant growth in short interest in the month of September. As of September 30th, there was short interest totalling 198,100 shares, a growth of 72.3% from the August 30th total of 115,000 shares. Currently, 1.3% of the company’s shares are sold short. Based on an average trading volume of 35,300 shares, the days-to-cover ratio is presently 5.6 days.
MBWM has been the topic of several research reports. ValuEngine raised Mercantile Bank from a “sell” rating to a “hold” rating in a research note on Monday, October 7th. BidaskClub raised Mercantile Bank from a “strong sell” rating to a “sell” rating in a research note on Thursday, September 12th. Finally, Zacks Investment Research lowered Mercantile Bank from a “hold” rating to a “sell” rating in a research note on Thursday, September 19th.
Shares of MBWM traded up $0.42 during trading hours on Friday, hitting $32.93. 39,183 shares of the stock traded hands, compared to its average volume of 36,510. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 1.05. Mercantile Bank has a 1-year low of $26.40 and a 1-year high of $35.82. The firm has a market capitalization of $529.36 million, a PE ratio of 13.02 and a beta of 0.83. The business has a fifty day moving average of $32.10 and a 200-day moving average of $32.45.
Mercantile Bank (NASDAQ:MBWM) last issued its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.02. Mercantile Bank had a return on equity of 10.95% and a net margin of 25.97%. The business had revenue of $37.45 million for the quarter, compared to analyst estimates of $35.51 million. As a group, equities research analysts expect that Mercantile Bank will post 2.58 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders of record on Friday, September 6th were paid a $0.27 dividend. This is a positive change from Mercantile Bank’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Thursday, September 5th. This represents a $1.08 annualized dividend and a yield of 3.28%. Mercantile Bank’s dividend payout ratio is presently 42.69%.
A number of large investors have recently added to or reduced their stakes in MBWM. WINTON GROUP Ltd acquired a new position in Mercantile Bank in the second quarter valued at about $339,000. Well Done LLC acquired a new position in Mercantile Bank in the second quarter valued at about $219,000. Bessemer Group Inc. acquired a new position in Mercantile Bank in the second quarter valued at about $733,000. Aperio Group LLC acquired a new position in Mercantile Bank in the second quarter valued at about $146,000. Finally, Swiss National Bank lifted its stake in Mercantile Bank by 1.8% in the second quarter. Swiss National Bank now owns 27,700 shares of the financial services provider’s stock valued at $902,000 after buying an additional 500 shares during the period. 54.68% of the stock is currently owned by hedge funds and other institutional investors.
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.
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