StockNews.com started coverage on shares of Macatawa Bank (NASDAQ:MCBC – Free Report) 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 upgraded 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 research note on Monday, April 29th.
View Our Latest Report on Macatawa Bank
Macatawa Bank Stock Performance
Macatawa Bank (NASDAQ:MCBC – Get Free Report) 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 the consensus estimate of $0.30 by ($0.01). Macatawa Bank had a net margin of 30.56% and a return on equity of 14.73%. The company had revenue of $25.39 million for the quarter, compared to the consensus estimate of $26.10 million. On average, research analysts anticipate that Macatawa Bank will post 1.19 earnings per share for the current year.
Macatawa Bank Dividend Announcement
The firm 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. This represents a $0.36 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date was Friday, May 10th. Macatawa Bank’s dividend payout ratio (DPR) is 30.00%.
Institutional Trading of Macatawa Bank
Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Empowered Funds LLC grew its holdings in Macatawa Bank by 6.7% during the 1st quarter. Empowered Funds LLC now owns 11,178 shares of the financial services provider’s stock valued at $109,000 after buying an additional 700 shares in the last quarter. Drive Wealth Management LLC increased its holdings in Macatawa Bank by 7.2% in the 1st quarter. Drive Wealth Management LLC now owns 12,609 shares of the financial services provider’s stock valued at $123,000 after acquiring an additional 850 shares during the last quarter. SG Americas Securities LLC lifted its stake in Macatawa Bank by 25.9% in the 4th quarter. SG Americas Securities LLC now owns 14,535 shares of the financial services provider’s stock worth $164,000 after purchasing an additional 2,993 shares in the last quarter. Los Angeles Capital Management LLC lifted its stake in Macatawa Bank by 3.1% in the 1st quarter. Los Angeles Capital Management LLC now owns 122,816 shares of the financial services provider’s stock worth $1,202,000 after purchasing an additional 3,740 shares in the last quarter. Finally, Norris Perne & French LLP MI boosted its holdings in shares of Macatawa Bank by 36.1% during the 4th quarter. Norris Perne & French LLP MI now owns 17,008 shares of the financial services provider’s stock valued at $192,000 after purchasing an additional 4,508 shares during the last quarter. Institutional investors 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.
Read More
- Five stocks we like better than Macatawa Bank
- Investing In Preferred Stock vs. Common Stock
- RXO Shares Surge Following New Acquisition Deal
- What is the Dogs of the Dow Strategy? Overview and Examples
- 3 Stock Dips Insiders Are Buying: Vestis, Shenandoah, Treace
- How Can Retail Investors Trade the Toronto Stock Exchange (TSX)?
- Biotech Stock Breakout: IBB Eyes Resistance with Amgen and Vertex
Receive News & Ratings for Macatawa Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Macatawa Bank and related companies with MarketBeat.com's FREE daily email newsletter.