Macatawa Bank Co. (NASDAQ:MCBC) Short Interest Update

Macatawa Bank Co. (NASDAQ:MCBC) saw a large increase in short interest in June. As of June 15th, there was short interest totalling 175,400 shares, an increase of 27.6% from the May 31st total of 137,500 shares. Based on an average daily trading volume, of 171,100 shares, the short-interest ratio is currently 1.0 days. Approximately 0.7% of the company’s stock are sold short.

Macatawa Bank Stock Up 0.5 %

Shares of Macatawa Bank stock traded up $0.07 on Friday, reaching $14.60. The company’s stock had a trading volume of 329,392 shares, compared to its average volume of 111,667. The company has a market capitalization of $501.66 million, a price-to-earnings ratio of 12.17 and a beta of 0.52. The firm’s fifty day simple moving average is $14.15 and its two-hundred day simple moving average is $11.76. Macatawa Bank has a 52 week low of $8.31 and a 52 week high of $14.63. 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 (NASDAQ:MCBC) last released its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). Macatawa Bank had a net margin of 30.56% and a return on equity of 14.73%. The firm had revenue of $25.39 million for the quarter, compared to the consensus estimate of $26.10 million. Equities analysts anticipate that Macatawa Bank will post 1.19 earnings per share for the current year.

Macatawa Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 30th. Stockholders of record on Monday, May 13th were paid a $0.09 dividend. The ex-dividend date was Friday, May 10th. This represents a $0.36 annualized dividend and a dividend yield of 2.47%. Macatawa Bank’s dividend payout ratio (DPR) is 30.00%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. StockNews.com initiated coverage on Macatawa Bank in a research report on Saturday. They set a “sell” rating for the company. Keefe, Bruyette & Woods raised Macatawa Bank from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $12.00 to $15.00 in a report on Monday, April 29th.

Hedge Funds Weigh In On Macatawa Bank

A number of institutional investors have recently bought and sold shares of the stock. Empowered Funds LLC increased its position in Macatawa Bank by 6.7% in the first quarter. Empowered Funds LLC now owns 11,178 shares of the financial services provider’s stock worth $109,000 after buying an additional 700 shares in the last quarter. Quadrature Capital Ltd bought a new position in shares of Macatawa Bank in the third quarter worth about $111,000. Voisard Asset Management Group Inc. bought a new position in shares of Macatawa Bank in the fourth quarter worth about $112,000. Drive Wealth Management LLC raised its stake in shares of Macatawa Bank by 7.2% in the first quarter. Drive Wealth Management LLC now owns 12,609 shares of the financial services provider’s stock worth $123,000 after buying an additional 850 shares during the period. Finally, Panagora Asset Management Inc. bought a new position in shares of Macatawa Bank in the fourth quarter worth about $135,000. 42.49% of the stock is owned by institutional investors.

About Macatawa Bank

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.