Macatawa Bank (NASDAQ:MCBC) Sets New 12-Month High at $14.73

Macatawa Bank Co. (NASDAQ:MCBC)’s share price reached a new 52-week high during trading on Thursday . The stock traded as high as $14.73 and last traded at $14.73, with a volume of 147471 shares trading hands. The stock had previously closed at $14.65.

Analysts Set New Price Targets

MCBC has been the subject of several research reports. Keefe, Bruyette & Woods upgraded Macatawa Bank from a “market perform” rating to an “outperform” rating and increased their target price for the company from $12.00 to $15.00 in a research report on Monday, April 29th. StockNews.com assumed coverage on Macatawa Bank in a research report on Sunday. They issued a “sell” rating for the company.

Macatawa Bank Trading Up 0.5 %

The company has a market cap of $505.78 million, a price-to-earnings ratio of 12.21 and a beta of 0.54. The firm has a 50 day moving average price of $14.21 and a two-hundred day moving average price of $11.95. 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 issued its quarterly 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). The company had revenue of $25.39 million during the quarter, compared to analyst estimates of $26.10 million. Macatawa Bank had a net margin of 30.56% and a return on equity of 14.73%. As a group, equities analysts forecast that Macatawa Bank Co. will post 1.19 earnings per share for the current year.

Macatawa Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 30th. Investors of record on Monday, May 13th were paid a dividend of $0.09 per share. The ex-dividend date of this dividend was Friday, May 10th. This represents a $0.36 annualized dividend and a yield of 2.45%. Macatawa Bank’s dividend payout ratio is currently 30.00%.

Institutional Investors Weigh In On Macatawa Bank

Several large investors have recently added to or reduced their stakes in the business. Quadrature Capital Ltd acquired a new stake in Macatawa Bank during the first quarter worth approximately $144,000. EntryPoint Capital LLC grew its stake in Macatawa Bank by 224.8% during the first quarter. EntryPoint Capital LLC now owns 14,865 shares of the financial services provider’s stock worth $146,000 after purchasing an additional 10,289 shares during the period. Acadian Asset Management LLC grew its stake in Macatawa Bank by 4.8% during the first 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 period. ClariVest Asset Management LLC acquired a new stake in Macatawa Bank during the first quarter worth approximately $793,000. Finally, 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 worth $109,000 after acquiring an additional 700 shares in the last quarter. Institutional investors and hedge funds 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.