Short Interest in Mercantile Bank Co. (NASDAQ:MBWM) Declines By 38.3%

Mercantile Bank Co. (NASDAQ:MBWM) was the target of a significant decline in short interest in the month of September. As of September 30th, there was short interest totalling 84,700 shares, a decline of 38.3% from the September 15th total of 137,300 shares. Approximately 0.6% of the company’s shares are sold short. Based on an average daily volume of 67,100 shares, the short-interest ratio is presently 1.3 days.

Analyst Ratings Changes

A number of brokerages have weighed in on MBWM. Piper Sandler lifted their price target on shares of Mercantile Bank from $42.00 to $53.00 and gave the company a “neutral” rating in a research note on Wednesday, July 17th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $51.00 target price (up previously from $47.00) on shares of Mercantile Bank in a report on Wednesday, July 17th.

Insider Buying and Selling

In related news, Director Robert B. Kaminski sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $48.01, for a total transaction of $96,020.00. Following the completion of the transaction, the director now owns 29,610 shares in the company, valued at approximately $1,421,576.10. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Robert B. Kaminski sold 2,000 shares of the business’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $48.01, for a total value of $96,020.00. Following the completion of the transaction, the director now owns 29,610 shares of the company’s stock, valued at $1,421,576.10. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael H. Price sold 5,000 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $45.57, for a total value of $227,850.00. Following the sale, the director now directly owns 21,556 shares in the company, valued at $982,306.92. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 10,500 shares of company stock valued at $491,418 over the last three months. Company insiders own 3.08% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Gradient Investments LLC acquired a new stake in shares of Mercantile Bank in the 2nd quarter valued at approximately $28,000. Mattson Financial Services LLC acquired a new stake in Mercantile Bank in the second quarter valued at $28,000. Voisard Asset Management Group Inc. bought a new position in shares of Mercantile Bank in the 4th quarter valued at about $38,000. EMC Capital Management acquired a new position in shares of Mercantile Bank during the 1st quarter worth about $72,000. Finally, CWM LLC raised its holdings in shares of Mercantile Bank by 242.6% in the 2nd quarter. CWM LLC now owns 2,799 shares of the financial services provider’s stock valued at $114,000 after purchasing an additional 1,982 shares during the period. 58.63% of the stock is currently owned by institutional investors.

Mercantile Bank Price Performance

NASDAQ MBWM opened at $43.91 on Monday. The firm’s 50 day moving average is $43.40 and its 200-day moving average is $40.86. The company has a quick ratio of 1.02, a current ratio of 1.03 and a debt-to-equity ratio of 1.03. The company has a market capitalization of $707.87 million, a PE ratio of 8.51 and a beta of 0.95. Mercantile Bank has a 12-month low of $30.35 and a 12-month high of $51.21.

Mercantile Bank (NASDAQ:MBWM) last issued its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.17 EPS for the quarter, hitting the consensus estimate of $1.17. The firm had revenue of $88.56 million for the quarter, compared to analysts’ expectations of $56.23 million. Mercantile Bank had a net margin of 23.99% and a return on equity of 15.52%. During the same period in the previous year, the firm posted $1.27 EPS. Equities research analysts anticipate that Mercantile Bank will post 4.82 earnings per share for the current fiscal year.

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.