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 report report published on Saturday morning. The firm issued a sell rating on the financial services provider’s stock.

Separately, Keefe, Bruyette & Woods raised shares of Macatawa Bank from a market perform rating to an outperform rating and increased their price target for the stock from $12.00 to $15.00 in a research report on Monday, April 29th.

Macatawa Bank Stock Down 0.3 %

Shares of Macatawa Bank stock opened at $14.37 on Friday. The business has a 50-day moving average of $11.02 and a 200-day moving average of $10.53. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.74 and a quick ratio of 0.74. The company has a market capitalization of $493.75 million, a PE ratio of 11.98 and a beta of 0.52. Macatawa Bank has a 1-year low of $8.31 and a 1-year high of $14.49.

Macatawa Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 30th. Stockholders of record on Monday, May 13th will be given a dividend of $0.09 per share. The ex-dividend date of this dividend is Friday, May 10th. This represents a $0.36 annualized dividend and a dividend yield of 2.51%. Macatawa Bank’s payout ratio is 30.00%.

Hedge Funds Weigh In On Macatawa Bank

Several large investors have recently modified their holdings of the stock. Empowered Funds LLC lifted its position in shares of Macatawa Bank by 6.7% during the first quarter. Empowered Funds LLC now owns 11,178 shares of the financial services provider’s stock worth $109,000 after purchasing an additional 700 shares during the last quarter. Drive Wealth Management LLC lifted its holdings in Macatawa Bank by 7.2% in the first quarter. Drive Wealth Management LLC now owns 12,609 shares of the financial services provider’s stock worth $123,000 after acquiring an additional 850 shares during the last quarter. SG Americas Securities LLC lifted its holdings in Macatawa Bank by 25.9% in the fourth quarter. SG Americas Securities LLC now owns 14,535 shares of the financial services provider’s stock worth $164,000 after acquiring an additional 2,993 shares during the last quarter. Los Angeles Capital Management LLC lifted its holdings in Macatawa Bank by 3.1% in the first quarter. Los Angeles Capital Management LLC now owns 122,816 shares of the financial services provider’s stock worth $1,202,000 after acquiring an additional 3,740 shares during the last quarter. Finally, Norris Perne & French LLP MI lifted its holdings in Macatawa Bank by 36.1% in the fourth quarter. Norris Perne & French LLP MI now owns 17,008 shares of the financial services provider’s stock worth $192,000 after acquiring an additional 4,508 shares during 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.