Macatawa Bank (NASDAQ:MCBC) Hits New 52-Week High at $14.59

Macatawa Bank Co. (NASDAQ:MCBC) hit a new 52-week high on Friday . The company traded as high as $14.59 and last traded at $14.56, with a volume of 7637 shares. The stock had previously closed at $14.53.

Wall Street Analysts Forecast Growth

MCBC has been the subject of a number of research analyst reports. StockNews.com initiated coverage on shares of Macatawa Bank in a research note on Saturday. They issued a “sell” rating for the company. Keefe, Bruyette & Woods raised shares of Macatawa Bank from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $12.00 to $15.00 in a research note on Monday, April 29th.

Macatawa Bank Stock Performance

The firm’s 50-day moving average price is $14.15 and its 200 day moving average price is $11.76. 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 has a market cap of $501.69 million, a price-to-earnings ratio of 12.17 and a beta of 0.52.

Macatawa Bank (NASDAQ:MCBC) last issued its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.29 EPS 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 analyst estimates of $26.10 million. On average, sell-side analysts anticipate that Macatawa Bank Co. will post 1.19 EPS for the current year.

Macatawa Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 30th. Stockholders of record on Monday, May 13th were given a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 2.47%. The ex-dividend date was Friday, May 10th. Macatawa Bank’s dividend payout ratio is 30.00%.

Institutional Investors Weigh In On Macatawa Bank

Institutional investors have recently modified their holdings of the business. Acadian Asset Management LLC grew its holdings 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 valued at $4,065,000 after purchasing an additional 19,035 shares during the period. Raymond James Financial Services Advisors Inc. grew its holdings in Macatawa Bank by 9.9% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 129,177 shares of the financial services provider’s stock valued at $1,265,000 after purchasing an additional 11,618 shares during the period. Los Angeles Capital Management LLC grew its holdings in Macatawa Bank by 3.1% during the first quarter. Los Angeles Capital Management LLC now owns 122,816 shares of the financial services provider’s stock valued at $1,202,000 after purchasing an additional 3,740 shares during the period. ClariVest Asset Management LLC acquired a new position in shares of Macatawa Bank in the first quarter valued at approximately $793,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Macatawa Bank by 284.5% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 73,024 shares of the financial services provider’s stock valued at $654,000 after buying an additional 54,031 shares during the period. 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.