Bank of New York Mellon Corp boosted its position in shares of Macatawa Bank Corp. (NASDAQ:MCBC) by 71.1% during the second quarter, Holdings Channel reports. The institutional investor owned 132,508 shares of the financial services provider’s stock after buying an additional 55,048 shares during the period. Bank of New York Mellon Corp owned 0.39% of Macatawa Bank Corp. worth $983,000 as of its most recent SEC filing.
Separately, Geode Capital Management LLC boosted its stake in shares of Macatawa Bank Corp. by 4.7% in the first quarter. Geode Capital Management LLC now owns 110,635 shares of the financial services provider’s stock worth $691,000 after buying an additional 4,926 shares in the last quarter. 24.43% of the stock is currently owned by institutional investors and hedge funds.
Macatawa Bank Corp. (NASDAQ:MCBC) traded up 0.64% on Friday, reaching $7.91. The company’s stock had a trading volume of 15,394 shares. The stock has a 50-day moving average of $7.97 and a 200-day moving average of $7.36. Macatawa Bank Corp. has a one year low of $5.02 and a one year high of $8.21. The stock has a market cap of $268.32 million, a P/E ratio of 19.29 and a beta of 0.94.
Macatawa Bank Corp. (NASDAQ:MCBC) last released its quarterly earnings data on Thursday, July 21st. The financial services provider reported $0.11 EPS for the quarter, meeting the consensus estimate of $0.11. Macatawa Bank Corp. had a return on equity of 9.09% and a net margin of 20.22%. On average, analysts predict that Macatawa Bank Corp. will post $0.44 EPS for the current fiscal year.
Separately, Keefe, Bruyette & Woods boosted their price objective on Macatawa Bank Corp. from $7.00 to $7.50 and gave the company a “market perform” rating in a research note on Monday, August 1st.
About Macatawa Bank Corp.
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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