Macatawa Bank (NASDAQ:MCBC) Now Covered by StockNews.com

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

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

Macatawa Bank Stock Down 0.7 %

Macatawa Bank stock opened at $13.47 on Thursday. The stock has a market cap of $462.83 million, a P/E ratio of 11.23 and a beta of 0.52. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.07. Macatawa Bank has a twelve month low of $8.31 and a twelve month high of $14.59. The company’s 50-day moving average price is $13.56 and its two-hundred day moving average price is $11.49.

Macatawa Bank (NASDAQ:MCBC) last announced its earnings results on Thursday, April 25th. The financial services provider reported $0.29 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.01). Macatawa Bank had a return on equity of 14.73% and a net margin of 30.56%. The business had revenue of $25.39 million for the quarter, compared to the consensus estimate of $26.10 million. As a group, analysts expect that Macatawa Bank will post 1.19 EPS for the current year.

Macatawa Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 30th. Investors of record on Monday, May 13th were given a dividend of $0.09 per share. The ex-dividend date of this dividend was Friday, May 10th. This represents a $0.36 annualized dividend and a dividend yield of 2.67%. Macatawa Bank’s dividend payout ratio is 30.00%.

Institutional Trading of Macatawa Bank

Large investors have recently made changes to their positions in the company. Sapient Capital LLC acquired a new stake in shares of Macatawa Bank during the 4th quarter worth approximately $234,000. Raymond James Financial Services Advisors Inc. boosted its position in shares of Macatawa Bank by 307.9% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 117,559 shares of the financial services provider’s stock worth $1,326,000 after acquiring an additional 88,741 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Macatawa Bank by 284.5% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 73,024 shares of the financial services provider’s stock worth $654,000 after acquiring an additional 54,031 shares in the last quarter. Los Angeles Capital Management LLC boosted its position in shares of Macatawa Bank by 17.4% during the 4th quarter. Los Angeles Capital Management LLC now owns 119,076 shares of the financial services provider’s stock worth $1,343,000 after acquiring an additional 17,644 shares in the last quarter. Finally, Quadrature Capital Ltd acquired a new stake in shares of Macatawa Bank during the 3rd quarter worth approximately $111,000. Institutional investors and hedge funds own 42.49% of the company’s stock.

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.