Southern Michigan Bancorp, Inc. (OTCMKTS:SOMC) Sees Significant Drop in Short Interest

Posted by Cynthia Vaughn on Mar 28th, 2024

Southern Michigan Bancorp, Inc. (OTCMKTS:SOMC – Get Free Report) was the recipient of a significant decline in short interest in March. As of March 15th, there was short interest totalling 100 shares, a decline of 75.0% from the February 29th total of 400 shares. Based on an average trading volume of 4,900 shares, the days-to-cover ratio is currently 0.0 days.

Southern Michigan Bancorp Trading Up 3.5 %

OTCMKTS:SOMC traded up $0.58 on Thursday, reaching $17.25. 797 shares of the stock traded hands, compared to its average volume of 4,290. The firm has a market capitalization of $77.97 million, a price-to-earnings ratio of 7.19 and a beta of 0.29. Southern Michigan Bancorp has a 1-year low of $15.15 and a 1-year high of $20.50. The company’s 50 day moving average is $17.62 and its 200-day moving average is $16.76. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.46.

Southern Michigan Bancorp (OTCMKTS:SOMC – Get Free Report) last issued its quarterly earnings data on Monday, February 12th. The financial services provider reported $0.54 earnings per share for the quarter. Southern Michigan Bancorp had a return on equity of 11.98% and a net margin of 14.88%. The business had revenue of $12.41 million for the quarter.

Southern Michigan Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 19th. Shareholders of record on Friday, April 5th will be paid a $0.15 dividend. The ex-dividend date is Thursday, April 4th. This represents a $0.60 annualized dividend and a yield of 3.48%. This is an increase from Southern Michigan Bancorp’s previous quarterly dividend of $0.14. Southern Michigan Bancorp’s dividend payout ratio (DPR) is currently 23.33%.

About Southern Michigan Bancorp

(Get Free Report)

Southern Michigan Bancorp, Inc operates as the bank holding company for Southern Michigan Bank & Trust that provides a range of commercial banking services to individuals, businesses, institutions, and governmental agencies primarily in the southwest Michigan communities. Its deposit products include interest and non-interest checking, savings, and various types of money market accounts; time, savings, and demand deposits; and certificates of deposit and IRAs.