Macatawa Bank Co. (MCBC) Holdings Decreased by Millennium Management LLC

Millennium Management LLC reduced its position in Macatawa Bank Co. (NASDAQ:MCBC) by 56.3% in the fourth quarter, HoldingsChannel.com reports. The firm owned 11,722 shares of the financial services provider’s stock after selling 15,075 shares during the period. Millennium Management LLC’s holdings in Macatawa Bank were worth $113,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of MCBC. Metropolitan Life Insurance Co. NY boosted its position in shares of Macatawa Bank by 351.7% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 9,355 shares of the financial services provider’s stock worth $90,000 after acquiring an additional 7,284 shares during the last quarter. Advisor Group Inc. boosted its position in shares of Macatawa Bank by 15,013.0% during the fourth quarter. Advisor Group Inc. now owns 15,113 shares of the financial services provider’s stock worth $145,000 after acquiring an additional 15,013 shares during the last quarter. MetLife Investment Advisors LLC boosted its position in shares of Macatawa Bank by 50.5% during the third quarter. MetLife Investment Advisors LLC now owns 21,700 shares of the financial services provider’s stock worth $254,000 after acquiring an additional 7,284 shares during the last quarter. Two Sigma Investments LP boosted its position in shares of Macatawa Bank by 106.4% during the fourth quarter. Two Sigma Investments LP now owns 30,242 shares of the financial services provider’s stock worth $291,000 after acquiring an additional 15,590 shares during the last quarter. Finally, Rhumbline Advisers boosted its position in shares of Macatawa Bank by 42.9% during the fourth quarter. Rhumbline Advisers now owns 36,276 shares of the financial services provider’s stock worth $349,000 after acquiring an additional 10,892 shares during the last quarter. Institutional investors and hedge funds own 33.27% of the company’s stock.

A number of equities analysts recently weighed in on the stock. BidaskClub upgraded shares of Macatawa Bank from a “sell” rating to a “hold” rating in a research report on Saturday, March 30th. Zacks Investment Research upgraded shares of Macatawa Bank from a “hold” rating to a “buy” rating and set a $12.00 target price for the company in a research report on Thursday, May 2nd. Finally, ValuEngine lowered shares of Macatawa Bank from a “hold” rating to a “sell” rating in a research report on Friday, March 22nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $18.50.

Macatawa Bank stock opened at $10.53 on Friday. The firm has a market cap of $356.44 million, a P/E ratio of 12.61, a price-to-earnings-growth ratio of 1.56 and a beta of 0.59. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.51. Macatawa Bank Co. has a 52-week low of $8.81 and a 52-week high of $12.92.

Macatawa Bank (NASDAQ:MCBC) last released its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.22 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.02. The company had revenue of $20.35 million for the quarter, compared to the consensus estimate of $20.20 million. Macatawa Bank had a net margin of 31.44% and a return on equity of 15.03%. On average, equities research analysts predict that Macatawa Bank Co. will post 0.84 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 30th. Investors of record on Tuesday, May 14th will be paid a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 2.66%. The ex-dividend date of this dividend is Monday, May 13th. Macatawa Bank’s payout ratio is 35.90%.

In related news, VP Jill A. Walcott sold 4,200 shares of the company’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $10.28, for a total transaction of $43,176.00. Following the sale, the vice president now owns 75,416 shares of the company’s stock, valued at $775,276.48. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Jill A. Walcott sold 15,000 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $10.33, for a total transaction of $154,950.00. Following the sale, the vice president now directly owns 68,960 shares in the company, valued at approximately $712,356.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 21,100 shares of company stock worth $218,589. 8.60% of the stock is owned by insiders.

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Macatawa Bank Profile

Macatawa Bank Corporation operates as the bank holding company for Macatawa Bank that provides 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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Want to see what other hedge funds are holding MCBC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Macatawa Bank Co. (NASDAQ:MCBC).

Institutional Ownership by Quarter for Macatawa Bank (NASDAQ:MCBC)

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