Macatawa Bank (NASDAQ:MCBC) Receives New Coverage from Analysts at StockNews.com

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

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

Macatawa Bank Trading Up 0.5 %

Shares of NASDAQ:MCBC opened at $14.60 on Friday. The firm has a market capitalization of $501.69 million, a price-to-earnings ratio of 12.17 and a beta of 0.52. The business’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 current ratio of 0.74 and a quick ratio of 0.74. Macatawa Bank has a 1 year low of $8.31 and a 1 year high of $14.63.

Macatawa Bank (NASDAQ:MCBC) last posted its quarterly earnings data 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 analysts’ expectations of $26.10 million. Macatawa Bank had a net margin of 30.56% and a return on equity of 14.73%. On average, equities research analysts forecast that Macatawa Bank will post 1.19 earnings per share for the current fiscal year.

Macatawa Bank Announces Dividend

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Empowered Funds LLC increased its holdings in shares of Macatawa Bank by 6.7% in the first 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 during the last quarter. Quadrature Capital Ltd acquired a new stake in shares of Macatawa Bank in the 3rd quarter worth $111,000. Voisard Asset Management Group Inc. purchased a new position in shares of Macatawa Bank during the 4th quarter worth $112,000. Drive Wealth Management LLC boosted its position in shares of 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 acquiring an additional 850 shares during the last quarter. Finally, Panagora Asset Management Inc. purchased a new stake in shares of Macatawa Bank in the fourth quarter valued at about $135,000. 42.49% of the stock is owned by hedge funds and other 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.