Mercantile Bank Co. (NASDAQ:MBWM) Sees Significant Decrease in Short Interest

Mercantile Bank Co. (NASDAQ:MBWM - Get Free Report) was the recipient of a large decline in short interest during the month of October. As of October 31st, there was short interest totalling 126,200 shares, a decline of 22.1% from the October 15th total of 162,000 shares. Based on an average daily volume of 60,600 shares, the days-to-cover ratio is presently 2.1 days. Currently, 0.8% of the company's stock are short sold.

Mercantile Bank Stock Performance

Shares of MBWM stock traded down $0.35 during trading hours on Friday, reaching $49.10. The company had a trading volume of 52,195 shares, compared to its average volume of 68,680. The firm has a market cap of $792.47 million, a PE ratio of 9.86 and a beta of 0.95. The business has a fifty day moving average price of $44.44 and a 200-day moving average price of $42.43. Mercantile Bank has a one year low of $33.46 and a one year high of $51.31. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.01 and a current ratio of 1.02.

Mercantile Bank (NASDAQ:MBWM - Get Free Report) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $1.22 earnings per share for the quarter, beating analysts' consensus estimates of $1.18 by $0.04. The business had revenue of $93.08 million during the quarter, compared to analyst estimates of $56.83 million. Mercantile Bank had a net margin of 22.77% and a return on equity of 14.59%. During the same period in the previous year, the business earned $1.30 EPS. Sell-side analysts predict that Mercantile Bank will post 4.87 earnings per share for the current fiscal year.

Mercantile Bank Announces Dividend

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 $0.36 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.44 annualized dividend and a yield of 2.93%. Mercantile Bank's payout ratio is 28.92%.

Insider Transactions at Mercantile Bank

In related news, Director Michael H. Price sold 5,000 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $45.57, for a total transaction of $227,850.00. Following the sale, the director now directly owns 21,556 shares of the company's stock, valued at $982,306.92. This trade represents a 18.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Robert B. Kaminski sold 4,000 shares of Mercantile Bank stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $49.51, for a total value of $198,040.00. Following the completion of the sale, the director now owns 25,610 shares of the company's stock, valued at $1,267,951.10. The trade was a 13.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 9,500 shares of company stock valued at $446,960 in the last quarter. 3.08% of the stock is owned by insiders.

Institutional Investors Weigh In On Mercantile Bank

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Gradient Investments LLC purchased a new position in shares of Mercantile Bank during the 2nd quarter worth $28,000. Mattson Financial Services LLC purchased a new stake in shares of Mercantile Bank during the second quarter worth about $28,000. EMC Capital Management purchased a new stake in Mercantile Bank during the 1st quarter valued at approximately $72,000. Quantbot Technologies LP purchased a new position in Mercantile Bank during the third quarter valued at $89,000. Finally, CWM LLC lifted its stake in Mercantile Bank by 242.6% in the 2nd quarter. CWM LLC now owns 2,799 shares of the financial services provider's stock worth $114,000 after purchasing an additional 1,982 shares in the last quarter. Hedge funds and other institutional investors own 58.63% of the company's stock.

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.

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