California State Teachers Retirement System bought a new stake in Macatawa Bank Corp. (NASDAQ:MCBC) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 55,461 shares of the financial services provider’s stock, valued at approximately $412,000. California State Teachers Retirement System owned approximately 0.16% of Macatawa Bank Corp. as of its most recent SEC filing.
Separately, Bank of New York Mellon Corp raised its position in Macatawa Bank Corp. by 71.1% in the second quarter. Bank of New York Mellon Corp now owns 132,508 shares of the financial services provider’s stock valued at $983,000 after buying an additional 55,048 shares during the period. 24.43% of the stock is currently owned by institutional investors.
Shares of Macatawa Bank Corp. (NASDAQ:MCBC) traded down 2.12% during mid-day trading on Thursday, reaching $7.85. The company had a trading volume of 7,682 shares. The company has a market capitalization of $266.29 million, a P/E ratio of 19.15 and a beta of 0.94. Macatawa Bank Corp. has a 12-month low of $5.02 and a 12-month high of $8.21. The firm has a 50-day moving average of $7.97 and a 200-day moving average of $7.35.
Macatawa Bank Corp. (NASDAQ:MCBC) last posted its quarterly earnings results on Thursday, July 21st. The financial services provider reported $0.11 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.11. Macatawa Bank Corp. had a net margin of 20.22% and a return on equity of 9.09%. On average, equities analysts anticipate that Macatawa Bank Corp. will post $0.44 earnings per share for the current fiscal year.
Separately, Keefe, Bruyette & Woods lifted their price objective on Macatawa Bank Corp. from $7.00 to $7.50 and gave the stock a “market perform” rating in a research report on Monday, August 1st.
Macatawa Bank Corp. Company Profile
Macatawa Bank Corporation is a bank holding company. The Company owns Macatawa Bank (the Bank). The Company focuses on commercial banking. It also offers automated teller machines (ATMs), Internet banking, telephone banking and debit cards. It offers personal trust services, which include financial planning, investment management services, trust and estate administration, and custodial services.
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