Macatawa Bank (NASDAQ:MCBC) Research Coverage Started at StockNews.com

StockNews.com assumed coverage on shares of Macatawa Bank (NASDAQ:MCBC) in a report issued on Saturday. The brokerage 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 raised their target price for the company from $12.00 to $15.00 in a research note on Monday, April 29th.

Macatawa Bank Trading Down 0.4 %

Shares of MCBC opened at $14.31 on Friday. The firm has a market cap of $491.69 million, a P/E ratio of 11.93 and a beta of 0.52. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.74 and a quick ratio of 0.74. Macatawa Bank has a 1 year low of $8.31 and a 1 year high of $14.53. The company has a 50 day simple moving average of $11.11 and a two-hundred day simple moving average of $10.57.

Macatawa Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 30th. Shareholders of record on Monday, May 13th will be issued a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 2.52%. The ex-dividend date is Friday, May 10th. Macatawa Bank’s dividend payout ratio is presently 30.00%.

Institutional Trading of Macatawa Bank

Hedge funds have recently modified their holdings of the company. Sapient Capital LLC purchased a new position in shares of Macatawa Bank in the fourth quarter valued at $234,000. Raymond James Financial Services Advisors Inc. lifted its position in Macatawa Bank by 307.9% during the fourth 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 purchasing an additional 88,741 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of 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 worth $654,000 after buying an additional 54,031 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of 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 worth $3,005,000 after buying an additional 69,609 shares during the last quarter. Finally, Quadrature Capital Ltd purchased a new stake in shares of Macatawa Bank during the 3rd quarter valued at about $111,000. 42.49% of the stock is owned by hedge funds and other institutional investors.

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.