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

StockNews.com started coverage on shares of Macatawa Bank (NASDAQ:MCBCFree Report) in a research note issued to investors on Sunday. The firm 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 upped their price target for the stock from $12.00 to $15.00 in a research report on Monday, April 29th.

Get Our Latest Report on Macatawa Bank

Macatawa Bank Stock Down 0.2 %

Shares of NASDAQ:MCBC opened at $14.65 on Friday. Macatawa Bank has a 52 week low of $8.31 and a 52 week high of $14.72. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.74 and a current ratio of 0.74. The company’s fifty day moving average is $14.21 and its 200-day moving average is $11.95. The company has a market capitalization of $503.37 million, a PE ratio of 12.21 and a beta of 0.54.

Macatawa Bank (NASDAQ:MCBCGet Free Report) last issued 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). The company had revenue of $25.39 million for the quarter, compared to analyst estimates of $26.10 million. Macatawa Bank had a return on equity of 14.73% and a net margin of 30.56%. Equities research analysts predict that Macatawa Bank will post 1.19 earnings per share for the current fiscal year.

Macatawa Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 30th. Shareholders of record on Monday, May 13th were given a dividend of $0.09 per share. The ex-dividend date of this dividend was Friday, May 10th. This represents a $0.36 dividend on an annualized basis and a yield of 2.46%. Macatawa Bank’s payout ratio is presently 30.00%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in MCBC. Quadrature Capital Ltd acquired a new position in Macatawa Bank during the 3rd quarter valued at about $111,000. SG Americas Securities LLC increased its stake in shares of 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 valued at $164,000 after acquiring an additional 2,993 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its stake in shares of Macatawa Bank by 307.9% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 117,559 shares of the financial services provider’s stock valued at $1,326,000 after acquiring an additional 88,741 shares during the last quarter. Norris Perne & French LLP MI increased its stake in shares of Macatawa Bank by 36.1% in 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 acquiring an additional 4,508 shares during the last quarter. Finally, Drive Wealth Management LLC bought a new stake in shares of Macatawa Bank in the 4th quarter valued at about $133,000. 42.49% of the stock is currently owned by institutional investors and hedge funds.

Macatawa Bank Company Profile

(Get Free Report)

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.

Featured Articles

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.