Mercantile Bank Co. (NASDAQ:MBWM) Short Interest Down 9.5% in August

Mercantile Bank Co. (NASDAQ:MBWMGet Rating) was the target of a significant drop in short interest during the month of August. As of August 31st, there was short interest totalling 171,000 shares, a drop of 9.5% from the August 15th total of 189,000 shares. Approximately 1.2% of the shares of the stock are short sold. Based on an average trading volume of 31,100 shares, the short-interest ratio is currently 5.5 days.

Mercantile Bank Stock Up 0.3 %

Shares of Mercantile Bank stock opened at $32.20 on Monday. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.01 and a current ratio of 1.01. Mercantile Bank has a 52-week low of $29.10 and a 52-week high of $40.01. The stock has a market capitalization of $510.72 million, a price-to-earnings ratio of 10.19 and a beta of 0.98. The company’s 50 day moving average price is $33.96 and its 200-day moving average price is $33.56.

Mercantile Bank (NASDAQ:MBWMGet Rating) last issued its earnings results on Tuesday, July 19th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.74. Mercantile Bank had a net margin of 25.79% and a return on equity of 11.98%. The firm had revenue of $42.07 million for the quarter, compared to analysts’ expectations of $42.37 million. During the same quarter last year, the business earned $1.12 earnings per share. Equities research analysts forecast that Mercantile Bank will post 3.57 EPS for the current year.

Mercantile Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 14th. Investors of record on Friday, September 2nd were issued a $0.32 dividend. The ex-dividend date of this dividend was Thursday, September 1st. This represents a $1.28 annualized dividend and a yield of 3.98%. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.31. Mercantile Bank’s payout ratio is 40.51%.

Insider Buying and Selling at Mercantile Bank

In other Mercantile Bank news, Director David B. Ramaker purchased 3,000 shares of Mercantile Bank stock in a transaction on Thursday, August 18th. The shares were acquired at an average cost of $36.58 per share, for a total transaction of $109,740.00. Following the completion of the transaction, the director now directly owns 5,894 shares of the company’s stock, valued at $215,602.52. The purchase was disclosed in a filing with the SEC, which is available at this link. Company insiders own 3.64% of the company’s stock.

Institutional Trading of Mercantile Bank

Several large investors have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC boosted its holdings in Mercantile Bank by 14.1% in the second quarter. Nisa Investment Advisors LLC now owns 2,990 shares of the financial services provider’s stock valued at $96,000 after acquiring an additional 370 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in Mercantile Bank by 1.7% in the second quarter. Envestnet Asset Management Inc. now owns 31,752 shares of the financial services provider’s stock valued at $1,014,000 after acquiring an additional 516 shares in the last quarter. BNP Paribas Arbitrage SA boosted its holdings in Mercantile Bank by 22.0% in the second quarter. BNP Paribas Arbitrage SA now owns 4,960 shares of the financial services provider’s stock valued at $158,000 after acquiring an additional 893 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in Mercantile Bank by 3.4% in the second quarter. Goldman Sachs Group Inc. now owns 27,826 shares of the financial services provider’s stock valued at $889,000 after acquiring an additional 906 shares in the last quarter. Finally, US Bancorp DE lifted its position in Mercantile Bank by 18.5% during the first quarter. US Bancorp DE now owns 6,180 shares of the financial services provider’s stock valued at $219,000 after buying an additional 966 shares during the period. Institutional investors own 56.72% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Hovde Group upgraded shares of Mercantile Bank from a “market perform” rating to an “outperform” rating and set a $41.00 price target on the stock in a research report on Thursday, July 28th.

Mercantile Bank Company Profile

(Get Rating)

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.

Further Reading

Receive News & Ratings for Mercantile Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mercantile Bank and related companies with MarketBeat.com's FREE daily email newsletter.