Mercantile Bank Corporation (NASDAQ:MBWM) Short Interest Update

Mercantile Bank Corporation (NASDAQ:MBWM) was the recipient of a large drop in short interest during the month of April. As of April 15th, there was short interest totaling 290,873 shares, a drop of 17.9% from the March 31st total of 354,221 shares. Currently, 1.7% of the company’s shares are sold short. Based on an average daily trading volume, of 114,632 shares, the days-to-cover ratio is presently 2.5 days.

Mercantile Bank Stock Up 1.3%

Shares of NASDAQ:MBWM traded up $0.65 during trading on Friday, hitting $51.96. The stock had a trading volume of 133,422 shares, compared to its average volume of 116,531. Mercantile Bank has a 12 month low of $42.17 and a 12 month high of $55.77. The company has a market capitalization of $897.35 million, a PE ratio of 9.33 and a beta of 0.81. The firm’s fifty day moving average is $51.41 and its 200 day moving average is $49.44. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.64.

Mercantile Bank (NASDAQ:MBWM) last released its quarterly earnings results on Tuesday, April 21st. The financial services provider reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.33 by $0.13. The company had revenue of $67.59 million for the quarter, compared to analyst estimates of $67.41 million. Mercantile Bank had a return on equity of 14.06% and a net margin of 24.19%. Analysts anticipate that Mercantile Bank will post 5.63 EPS for the current fiscal year.

Mercantile Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 17th. Shareholders of record on Friday, June 5th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.56 annualized dividend and a yield of 3.0%. Mercantile Bank’s dividend payout ratio (DPR) is currently 28.01%.

Hedge Funds Weigh In On Mercantile Bank

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Siena Capital Partners GP LLC purchased a new position in shares of Mercantile Bank in the 3rd quarter worth about $900,000. JPMorgan Chase & Co. raised its position in shares of Mercantile Bank by 37.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 214,647 shares of the financial services provider’s stock worth $9,659,000 after purchasing an additional 58,743 shares during the last quarter. Semanteon Capital Management LP purchased a new position in shares of Mercantile Bank in the 3rd quarter worth about $444,000. American Century Companies Inc. raised its position in shares of Mercantile Bank by 9.2% in the 3rd quarter. American Century Companies Inc. now owns 494,367 shares of the financial services provider’s stock worth $22,247,000 after purchasing an additional 41,540 shares during the last quarter. Finally, Daytona Street Capital LLC purchased a new position in shares of Mercantile Bank in the 4th quarter worth about $589,000. Hedge funds and other institutional investors own 58.63% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on MBWM shares. Keefe, Bruyette & Woods upped their target price on Mercantile Bank from $56.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, January 21st. Raymond James Financial set a $57.00 price target on shares of Mercantile Bank in a report on Wednesday, January 21st. Wall Street Zen raised shares of Mercantile Bank to a “hold” rating in a research report on Saturday, March 28th. Piper Sandler set a $57.00 price objective on shares of Mercantile Bank in a report on Wednesday, January 21st. Finally, Stephens started coverage on shares of Mercantile Bank in a research report on Wednesday, March 25th. They issued an “equal weight” rating and a $54.00 target price for the company. Four investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $56.20.

About Mercantile Bank

Mercantile Bank Corporation (NASDAQ: MBWM) is the bank holding company for Mercantile Bank of Michigan, a full-service commercial bank headquartered in Grand Rapids, Michigan. Through its state-chartered subsidiary, the company provides a broad range of financial products and services to small and mid-sized businesses, professionals and consumers across West and Central Michigan.

The bank’s core offerings include deposit products such as checking, savings and money market accounts, alongside commercial and consumer loan portfolios.