Macatawa Bank (NASDAQ:MCBC) Earns Sell Rating from Analysts at StockNews.com

StockNews.com began coverage on shares of Macatawa Bank (NASDAQ:MCBC) in a research report sent to investors on Thursday morning. 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 increased their price target for the company from $12.00 to $15.00 in a research note on Monday, April 29th.

Macatawa Bank Stock Down 0.7 %

NASDAQ MCBC opened at $13.47 on Thursday. The business has a fifty day moving average price of $13.56 and a two-hundred day moving average price of $11.48. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.74 and a quick ratio of 0.74. Macatawa Bank has a fifty-two week low of $8.31 and a fifty-two week high of $14.59. The stock has a market capitalization of $462.86 million, a PE ratio of 11.23 and a beta of 0.52.

Macatawa Bank (NASDAQ:MCBC) last released 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 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. Equities analysts expect that Macatawa Bank will post 1.19 earnings per share for the current fiscal year.

Macatawa Bank Announces Dividend

The company also recently declared 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 2.67%. The ex-dividend date of this dividend was Friday, May 10th. Macatawa Bank’s payout ratio is 30.00%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Acadian Asset Management LLC raised its position in Macatawa Bank by 4.8% during the 1st quarter. Acadian Asset Management LLC now owns 415,312 shares of the financial services provider’s stock worth $4,065,000 after purchasing an additional 19,035 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its position in Macatawa Bank by 9.9% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 129,177 shares of the financial services provider’s stock worth $1,265,000 after purchasing an additional 11,618 shares during the last quarter. Los Angeles Capital Management LLC raised its position in Macatawa Bank by 3.1% during 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 during the last quarter. ClariVest Asset Management LLC bought a new position in Macatawa Bank during the 1st quarter worth $793,000. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in 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 purchasing an additional 54,031 shares during the last quarter. 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.