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

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

Macatawa Bank Price Performance

MCBC stock opened at $14.24 on Friday. The stock has a market capitalization of $489.29 million, a PE ratio of 11.87 and a beta of 0.67. The company’s 50-day moving average is $10.50 and its 200-day moving average is $10.29. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.73 and a quick ratio of 0.73. Macatawa Bank has a 1 year low of $8.31 and a 1 year high of $14.45.

Macatawa Bank (NASDAQ:MCBC) last released its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.04). The company had revenue of $26.13 million for the quarter, compared to the consensus estimate of $26.90 million. Macatawa Bank had a return on equity of 14.99% and a net margin of 30.56%. Equities research analysts expect that Macatawa Bank will post 1.26 EPS for the current fiscal year.

Macatawa Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 30th. Investors of record on Monday, May 13th will be given a $0.09 dividend. The ex-dividend date of this dividend is Friday, May 10th. This represents a $0.36 annualized dividend and a yield of 2.53%. Macatawa Bank’s payout ratio is 30.00%.

Hedge Funds Weigh In On Macatawa Bank

Several large investors have recently added to or reduced their stakes in MCBC. Raymond James Financial Services Advisors Inc. lifted its position in Macatawa Bank by 307.9% in 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 acquiring an additional 88,741 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Macatawa Bank by 26.2% in the 3rd quarter. Bank of New York Mellon Corp now owns 335,408 shares of the financial services provider’s stock valued at $3,005,000 after acquiring an additional 69,609 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in Macatawa Bank by 284.5% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 73,024 shares of the financial services provider’s stock valued at $654,000 after acquiring an additional 54,031 shares in the last quarter. Campbell & CO Investment Adviser LLC bought a new position in Macatawa Bank in the 3rd quarter valued at about $206,000. Finally, Bailard Inc. lifted its position in shares of Macatawa Bank by 125.3% during the 3rd quarter. Bailard Inc. now owns 40,100 shares of the financial services provider’s stock worth $359,000 after buying an additional 22,300 shares in the last quarter. Institutional investors own 42.49% of the company’s stock.

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.