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

StockNews.com began coverage on shares of Macatawa Bank (NASDAQ:MCBC) in a research note issued to investors on Thursday morning. The firm 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 boosted their price objective for the stock from $12.00 to $15.00 in a research note on Monday, April 29th.

Macatawa Bank Stock Performance

Shares of Macatawa Bank stock remained flat at $14.82 on Thursday. The firm has a 50-day moving average of $14.43 and a 200 day moving average of $12.50. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.74 and a current ratio of 0.74. Macatawa Bank has a 12 month low of $8.31 and a 12 month high of $15.16. The stock has a market cap of $509.22 million, a P/E ratio of 12.35 and a beta of 0.54.

Institutional Investors Weigh In On Macatawa Bank

A number of large investors have recently made changes to their positions in MCBC. Empowered Funds LLC boosted its holdings 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 valued at $109,000 after purchasing an additional 700 shares during the last quarter. Drive Wealth Management LLC boosted its holdings in 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 valued at $123,000 after purchasing an additional 850 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Macatawa Bank by 0.3% in the second quarter. Bank of New York Mellon Corp now owns 304,564 shares of the financial services provider’s stock valued at $4,447,000 after purchasing an additional 852 shares during the last quarter. SG Americas Securities LLC boosted its holdings in Macatawa Bank by 25.9% in the fourth quarter. SG Americas Securities LLC now owns 14,535 shares of the financial services provider’s stock valued at $164,000 after purchasing an additional 2,993 shares during the last quarter. Finally, Los Angeles Capital Management LLC boosted its holdings in Macatawa Bank by 3.1% in the first quarter. Los Angeles Capital Management LLC now owns 122,816 shares of the financial services provider’s stock valued at $1,202,000 after purchasing an additional 3,740 shares during the last quarter. 42.49% of the stock is owned by hedge funds and other institutional investors.

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.