Short Interest in Mercantile Bank Corp. (NASDAQ:MBWM) Increases By 43.1%

Mercantile Bank Corp. (NASDAQ:MBWM) saw a significant growth in short interest in June. As of June 30th, there was short interest totalling 114,900 shares, a growth of 43.1% from the May 30th total of 80,300 shares. Based on an average daily volume of 28,100 shares, the short-interest ratio is presently 4.1 days. Approximately 0.7% of the shares of the stock are sold short.

Several brokerages have issued reports on MBWM. ValuEngine downgraded shares of Zumiez from a “hold” rating to a “sell” rating in a report on Tuesday, July 2nd. Zacks Investment Research downgraded shares of ExlService from a “hold” rating to a “sell” rating in a report on Wednesday. Finally, BidaskClub downgraded shares of Weyco Group from a “sell” rating to a “strong sell” rating in a report on Saturday. Three equities research analysts have rated the stock with a sell rating and one has given a hold rating to the company’s stock. Mercantile Bank has an average rating of “Sell” and an average price target of $38.17.

Shares of NASDAQ MBWM traded up $0.56 on Friday, hitting $32.40. The company’s stock had a trading volume of 35,337 shares, compared to its average volume of 35,413. Mercantile Bank has a 12-month low of $26.40 and a 12-month high of $38.28. The stock has a market cap of $522.91 million, a P/E ratio of 12.81, a price-to-earnings-growth ratio of 1.56 and a beta of 0.82. The company has a debt-to-equity ratio of 1.12, a current ratio of 1.09 and a quick ratio of 1.09. The company has a 50 day simple moving average of $31.90.

Mercantile Bank (NASDAQ:MBWM) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.61 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.01. The business had revenue of $37.28 million during the quarter, compared to analyst estimates of $34.67 million. Mercantile Bank had a net margin of 25.74% and a return on equity of 10.88%. On average, sell-side analysts forecast that Mercantile Bank will post 2.54 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 19th. Stockholders of record on Friday, June 7th were given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.21%. The ex-dividend date was Thursday, June 6th. Mercantile Bank’s dividend payout ratio is presently 41.11%.

Several large investors have recently bought and sold shares of the company. PNC Financial Services Group Inc. raised its position in shares of Mercantile Bank by 15.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,589 shares of the financial services provider’s stock valued at $73,000 after buying an additional 347 shares during the last quarter. Prudential Financial Inc. raised its position in shares of Mercantile Bank by 5.8% in the fourth quarter. Prudential Financial Inc. now owns 8,874 shares of the financial services provider’s stock valued at $251,000 after buying an additional 484 shares during the last quarter. Rhumbline Advisers increased its position in Mercantile Bank by 3.1% during the first quarter. Rhumbline Advisers now owns 24,019 shares of the financial services provider’s stock worth $786,000 after purchasing an additional 717 shares during the last quarter. Citigroup Inc. increased its position in Mercantile Bank by 17.3% during the fourth quarter. Citigroup Inc. now owns 5,294 shares of the financial services provider’s stock worth $150,000 after purchasing an additional 782 shares during the last quarter. Finally, Advisor Group Inc. increased its position in Mercantile Bank by 36.9% during the fourth quarter. Advisor Group Inc. now owns 4,091 shares of the financial services provider’s stock worth $116,000 after purchasing an additional 1,102 shares during the last quarter. 54.01% of the stock is owned by institutional investors and hedge funds.

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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