Company shares are trading at $36.67 marginally over $33.89, the 50 day moving average and which is significantly above the 200 day moving average of $32.55. The 50 day moving average was up $2.78 or +8.20% whereas the 200 day moving average was up $4.12 or +12.66%. (NASDAQ:MBWM) shares saw light trading volume with 286 shares changing hands on Tuesday. Overall, volume was down 99.05% under the stocks normal daily volume.
Investors are feeling more bullish on shares of Mercantile Bank Corporation recently as shown by the change in short interest. The company saw a fall in short interest from September 15, 2017 to September 29, 2017 of -12.72%. Short shares decreased from 124,393 to 108,566 over that period. Days to cover decreased from 3.0 to 3.0 and the percentage of shorted shares is 0.01% as of September 29.
These funds have shifted positions in (MBWM). As of the end of the quarter Ubs Group Ag had bought a total of 1,139 shares growing its holdings by 118.5%. The value of the investment in MBWM went from $33,000 to $66,000 a change of 100.0% since the last quarter. As of quarter end First National Bank Of Omaha had acquired 300 shares growing its stake by 1.3%. The value in dollars increased from $706,000 to $793,000 a change of $87,000 for the reporting period.
Dubuque Bank & Trust Co augmented its ownership by buying 207 shares an increase of 4.7% as of 09/30/2017. Dubuque Bank & Trust Co owns 4,643 shares valued at $162,000. The total value of its holdings increased 15.7%. Dynamic Advisors Solutions LLC reduced its holdings by shedding 1,500 shares a decrease of 9.1% in the quarter. Dynamic Advisors Solutions LLC now controls 15,000 shares with a value of $524,000. The value of the position overall is up by 1.0%.
DA Davidson initiated coverage on MBWM with an initial rating of “Neutral”. On September 11 the company was upgraded to “Buy” from “Neutral” with a current price target of $35.00 by DA Davidson.
On September 11, 2017 DA Davidson maintained a price target of $35.00 but upgraded the stock to Buy from Neutral. On September 28 the stock rating was downgraded from “Buy” to “Neutral” in a report from DA Davidson.
The company is down by 1.11% percent from yesterday’s close. The company also recently declared a dividend payable on Wednesday December 20th, 2017. The dividend will be $0.190 per share for the quarter which is $0.76 annualized. The dividend yield will be $2.04. The ex-dividend date will be on Thursday September 7th, 2017.
The P/E ratio is 19.21 and the market cap of the company is 604.43M. In the last earnings report the EPS was $1.91 and is expected to be $1.86 for the current year with 16,483,000 shares now outstanding. Next quarter’s EPS is forecasted to be $0.49 with next year’s EPS projected to be $2.18.
Mercantile Bank Corporation, launched on July 15, 1997, is a bank holding company. The Company owns the Mercantile Bank of Michigan (the Bank). The Bank is a state banking company. The Bank provides commercial banking services primarily to small- to medium-sized businesses and retail banking services. The Bank makes secured and unsecured commercial, construction, mortgage and consumer loans, and accepts checking, savings and time deposits. The Bank also enables customers to conduct certain loan and deposit transactions by personal computer and through mobile applications. Courier service is provided to certain commercial customers, and safe deposit facilities are available at its office locations..