StockNews.com Begins Coverage on Macatawa Bank (NASDAQ:MCBC)

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

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

Macatawa Bank Trading Up 0.2 %

NASDAQ:MCBC opened at $14.63 on Friday. The stock’s 50 day moving average price is $14.15 and its 200 day moving average price is $11.77. The company has a market capitalization of $502.69 million, a PE ratio of 12.19 and a beta of 0.54. 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 52-week low of $8.31 and a 52-week high of $14.72.

Macatawa Bank (NASDAQ:MCBC) last announced its earnings results on Thursday, April 25th. The financial services provider reported $0.29 earnings per share 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 during the quarter, compared to analysts’ expectations of $26.10 million. On average, research analysts anticipate that Macatawa Bank will post 1.19 EPS for the current year.

Macatawa Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, May 30th. Shareholders 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 2.46%. Macatawa Bank’s dividend payout ratio (DPR) is currently 30.00%.

Institutional Trading of Macatawa Bank

A number of institutional investors have recently modified their holdings of the business. Quadrature Capital Ltd purchased a new stake in shares of Macatawa Bank in the first quarter valued at approximately $144,000. EntryPoint Capital LLC boosted its stake in shares of Macatawa Bank by 224.8% in the first quarter. EntryPoint Capital LLC now owns 14,865 shares of the financial services provider’s stock valued at $146,000 after buying an additional 10,289 shares in the last quarter. Acadian Asset Management LLC boosted its stake in shares of Macatawa Bank by 4.8% in the first quarter. Acadian Asset Management LLC now owns 415,312 shares of the financial services provider’s stock valued at $4,065,000 after buying an additional 19,035 shares in the last quarter. ClariVest Asset Management LLC purchased a new stake in shares of Macatawa Bank in the first quarter valued at approximately $793,000. Finally, Empowered Funds LLC boosted its stake in shares of 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 buying an additional 700 shares in the last quarter. 42.49% of the stock is currently owned by hedge funds and other 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.