Short Interest in Mercantile Bank Co. (NASDAQ:MBWM) Declines By 21.2%

Mercantile Bank Co. (NASDAQ:MBWM) was the target of a significant drop in short interest in February. As of February 28th, there was short interest totalling 64,700 shares, a drop of 21.2% from the February 13th total of 82,100 shares. Based on an average daily volume of 72,800 shares, the short-interest ratio is presently 0.9 days. Currently, 0.4% of the shares of the stock are sold short.

Analysts Set New Price Targets

Several research firms have issued reports on MBWM. Keefe, Bruyette & Woods increased their price objective on shares of Mercantile Bank from $56.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, January 22nd. Hovde Group raised shares of Mercantile Bank from a “market perform” rating to an “outperform” rating and set a $54.00 price target on the stock in a research note on Wednesday, January 22nd.

Insider Buying and Selling at Mercantile Bank

In other Mercantile Bank news, Director Robert B. Kaminski sold 3,000 shares of the stock in a transaction on Monday, January 27th. The shares were sold at an average price of $50.16, for a total transaction of $150,480.00. Following the transaction, the director now directly owns 13,810 shares of the company’s stock, valued at $692,709.60. This trade represents a 17.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 7,500 shares of company stock valued at $371,910 over the last ninety days. Corporate insiders own 3.08% of the company’s stock.

Institutional Investors Weigh In On Mercantile Bank

Several hedge funds and other institutional investors have recently bought and sold shares of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Mercantile Bank by 62.6% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 28,506 shares of the financial services provider’s stock worth $1,268,000 after purchasing an additional 10,979 shares during the last quarter. Squarepoint Ops LLC acquired a new stake in Mercantile Bank during the fourth quarter worth about $211,000. Two Sigma Investments LP increased its position in Mercantile Bank by 14.1% during the fourth quarter. Two Sigma Investments LP now owns 30,845 shares of the financial services provider’s stock worth $1,372,000 after purchasing an additional 3,809 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Mercantile Bank during the fourth quarter valued at about $35,000. Finally, Point72 Asset Management L.P. acquired a new stake in shares of Mercantile Bank during the fourth quarter valued at about $102,000. 58.63% of the stock is currently owned by institutional investors and hedge funds.

Mercantile Bank Price Performance

Shares of NASDAQ:MBWM traded down $0.10 during midday trading on Tuesday, hitting $44.48. The company’s stock had a trading volume of 65,781 shares, compared to its average volume of 62,322. The business’s 50 day simple moving average is $46.86 and its 200 day simple moving average is $46.16. 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 cap of $721.95 million, a P/E ratio of 8.99 and a beta of 0.98. Mercantile Bank has a 12-month low of $33.46 and a 12-month high of $52.98.

Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.07. Mercantile Bank had a net margin of 21.99% and a return on equity of 14.29%. On average, analysts forecast that Mercantile Bank will post 4.83 EPS for the current year.

Mercantile Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Friday, March 7th will be given a dividend of $0.37 per share. This is a boost from Mercantile Bank’s previous quarterly dividend of $0.36. This represents a $1.48 annualized dividend and a yield of 3.33%. The ex-dividend date of this dividend is Friday, March 7th. Mercantile Bank’s dividend payout ratio (DPR) is presently 29.90%.

About Mercantile Bank

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.