StockNews.com began coverage on shares of Macatawa Bank (NASDAQ:MCBC – Free Report) in a report issued on Saturday 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 increased their price objective for the stock from $12.00 to $15.00 in a report on Monday, April 29th.
Check Out Our Latest Report on Macatawa Bank
Macatawa Bank Stock Up 0.2 %
Macatawa Bank (NASDAQ:MCBC – Get Free Report) last issued its quarterly earnings data on Thursday, April 25th. The financial services provider reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $26.10 million. Equities research analysts forecast that Macatawa Bank will post 1.19 earnings per share for the current year.
Macatawa Bank Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 30th. Investors of record on Monday, May 13th were issued a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 2.46%. The ex-dividend date of this dividend was Friday, May 10th. Macatawa Bank’s dividend payout ratio (DPR) is 30.00%.
Hedge Funds Weigh In On Macatawa Bank
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Empowered Funds LLC boosted its stake in Macatawa Bank by 6.7% during the 1st quarter. Empowered Funds LLC now owns 11,178 shares of the financial services provider’s stock valued at $109,000 after purchasing an additional 700 shares in the last quarter. Quadrature Capital Ltd bought a new position in Macatawa Bank during the 3rd quarter valued at $111,000. Voisard Asset Management Group Inc. bought a new position in Macatawa Bank during the 4th quarter valued at $112,000. Drive Wealth Management LLC boosted its stake in Macatawa Bank by 7.2% during the 1st quarter. Drive Wealth Management LLC now owns 12,609 shares of the financial services provider’s stock valued at $123,000 after purchasing an additional 850 shares in the last quarter. Finally, Panagora Asset Management Inc. bought a new position in Macatawa Bank during the 4th quarter valued at $135,000. 42.49% of the stock is owned by institutional investors.
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.
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