Macatawa Bank (NASDAQ:MCBC) Receives New Coverage from Analysts at StockNews.com

StockNews.com assumed coverage on shares of Macatawa Bank (NASDAQ:MCBC) in a research note released on Saturday morning. The brokerage issued a sell rating on the financial services provider’s stock.

Separately, Keefe, Bruyette & Woods raised Macatawa Bank from a market perform rating to an outperform rating and raised their price target for the stock from $12.00 to $15.00 in a report on Monday, April 29th.

Macatawa Bank Stock Performance

Shares of NASDAQ MCBC traded up $0.12 during mid-day trading on Friday, hitting $14.42. The company had a trading volume of 199,800 shares, compared to its average volume of 315,855. The stock has a market cap of $495.47 million, a price-to-earnings ratio of 12.02 and a beta of 0.52. Macatawa Bank has a 12 month low of $8.31 and a 12 month high of $14.45. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.74 and a quick ratio of 0.74. The firm’s 50 day simple moving average is $10.93 and its two-hundred day simple moving average is $10.48.

Macatawa Bank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 30th. Investors of record on Monday, May 13th will be given a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 2.50%. The ex-dividend date of this dividend is Friday, May 10th. Macatawa Bank’s dividend payout ratio is currently 30.00%.

Institutional Trading of Macatawa Bank

Several large investors have recently added to or reduced their stakes in MCBC. SG Americas Securities LLC acquired a new stake in Macatawa Bank in the 3rd quarter valued at approximately $103,000. Raymond James Financial Services Advisors Inc. increased its position in shares of Macatawa Bank by 47.7% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 28,818 shares of the financial services provider’s stock valued at $258,000 after purchasing an additional 9,313 shares during the period. Bank of New York Mellon Corp increased its position in shares of Macatawa Bank by 26.2% during the 3rd quarter. Bank of New York Mellon Corp now owns 335,408 shares of the financial services provider’s stock valued at $3,005,000 after purchasing an additional 69,609 shares during the period. Bailard Inc. increased its position in shares of Macatawa Bank by 125.3% during the 3rd quarter. Bailard Inc. now owns 40,100 shares of the financial services provider’s stock valued at $359,000 after purchasing an additional 22,300 shares during the period. Finally, Campbell & CO Investment Adviser LLC acquired a new position in shares of Macatawa Bank during the 3rd quarter valued at $206,000. 42.49% of the stock is currently owned by institutional investors and hedge funds.

Macatawa Bank Company Profile

Macatawa Bank Corporation operates as the bank holding company for Macatawa Bank that engages in the provision of commercial and consumer banking and trust services. The company accepts various deposits, such as checking accounts, savings accounts, time deposits, regular and money market savings accounts, certificates of deposit, and demand deposits.