Mercantile Bank Co. (NASDAQ:MBWM) Short Interest Down 25.7% in August

Mercantile Bank Co. (NASDAQ:MBWM) was the recipient of a significant drop in short interest in August. As of August 31st, there was short interest totalling 151,700 shares, a drop of 25.7% from the August 15th total of 204,300 shares. Based on an average daily volume of 45,400 shares, the short-interest ratio is currently 3.3 days. Approximately 1.0% of the company’s stock are short sold.

Mercantile Bank stock traded up $0.18 during mid-day trading on Wednesday, reaching $29.49. 41 shares of the company traded hands, compared to its average volume of 46,779. The firm’s fifty day moving average is $31.09 and its two-hundred day moving average is $31.58. The company has a market capitalization of $468.68 million, a price-to-earnings ratio of 8.33 and a beta of 1.14. Mercantile Bank has a fifty-two week low of $17.09 and a fifty-two week high of $34.47. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.04 and a quick ratio of 1.03.

Mercantile Bank (NASDAQ:MBWM) last announced its quarterly earnings data on Monday, July 19th. The financial services provider reported $1.12 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.34. Mercantile Bank had a net margin of 28.63% and a return on equity of 13.18%. The firm had revenue of $45.43 million for the quarter, compared to analyst estimates of $41.40 million. As a group, equities research analysts predict that Mercantile Bank will post 3.66 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 15th. Investors of record on Friday, September 3rd were issued a dividend of $0.30 per share. This is an increase from Mercantile Bank’s previous quarterly dividend of $0.29. The ex-dividend date of this dividend was Thursday, September 2nd. This represents a $1.20 dividend on an annualized basis and a dividend yield of 4.07%. Mercantile Bank’s payout ratio is 43.17%.

Separately, Zacks Investment Research downgraded shares of Mercantile Bank from a “strong-buy” rating to a “hold” rating in a research note on Wednesday.

Large investors have recently modified their holdings of the stock. Lazard Asset Management LLC acquired a new stake in Mercantile Bank during the 2nd quarter worth about $25,000. Heritage Wealth Management LLC raised its position in Mercantile Bank by 60.8% during the second quarter. Heritage Wealth Management LLC now owns 1,854 shares of the financial services provider’s stock valued at $56,000 after acquiring an additional 701 shares in the last quarter. Ameritas Investment Company LLC acquired a new position in Mercantile Bank in the first quarter valued at approximately $86,000. Liberty Wealth Management LLC lifted its holdings in Mercantile Bank by 2,982.9% in the second quarter. Liberty Wealth Management LLC now owns 5,056 shares of the financial services provider’s stock valued at $167,000 after acquiring an additional 4,892 shares during the period. Finally, Metropolitan Life Insurance Co NY grew its stake in shares of Mercantile Bank by 91,683.3% during the 2nd quarter. Metropolitan Life Insurance Co NY now owns 5,507 shares of the financial services provider’s stock worth $166,000 after purchasing an additional 5,501 shares during the period. Institutional investors own 54.03% of the company’s stock.

Mercantile Bank Company Profile

Mercantile Bank Corp. operates as a bank holding company for Mercantile Bank of Michigan. It offers checking and savings accounts, credit and debit cards, mobile and Internet banking, business loans, mobile wallet, health savings account, and treasury management services. The company was founded on July 15, 1997 and is headquartered in Grand Rapids, MI.

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