Macatawa Bank (NASDAQ:MCBC) Coverage Initiated by Analysts at StockNews.com

StockNews.com started coverage on shares of Macatawa Bank (NASDAQ:MCBC) in a report published on Wednesday morning. The firm issued a sell rating on the financial services provider’s stock.

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

Macatawa Bank Price Performance

Shares of Macatawa Bank stock opened at $14.82 on Wednesday. The stock has a market cap of $509.22 million, a P/E ratio of 12.35 and a beta of 0.54. 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 stock’s fifty day moving average is $14.37 and its 200 day moving average is $12.38. Macatawa Bank has a one year low of $8.31 and a one year high of $15.16.

Institutional Investors Weigh In On Macatawa Bank

A number of institutional investors and hedge funds have recently bought and sold shares of the business. SG Americas Securities LLC grew its position in shares of Macatawa Bank by 25.9% during the fourth quarter. SG Americas Securities LLC now owns 14,535 shares of the financial services provider’s stock worth $164,000 after purchasing an additional 2,993 shares in the last quarter. Raymond James Financial Services Advisors Inc. grew its holdings in Macatawa Bank by 307.9% during 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 buying an additional 88,741 shares in the last quarter. Drive Wealth Management LLC bought a new stake in shares of Macatawa Bank during the fourth quarter valued at approximately $133,000. Sapient Capital LLC purchased a new position in shares of Macatawa Bank in the fourth quarter worth $234,000. Finally, Los Angeles Capital Management LLC lifted its holdings in shares of Macatawa Bank by 17.4% in the fourth quarter. Los Angeles Capital Management LLC now owns 119,076 shares of the financial services provider’s stock worth $1,343,000 after buying an additional 17,644 shares in 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.