Well Done LLC Has $4.77 Million Position in Macatawa Bank Co. (NASDAQ:MCBC)

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Well Done LLC lowered its holdings in Macatawa Bank Co. (NASDAQ:MCBC) by 32.9% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 459,173 shares of the financial services provider’s stock after selling 225,000 shares during the quarter. Macatawa Bank comprises about 1.1% of Well Done LLC’s investment portfolio, making the stock its 22nd largest position. Well Done LLC owned 1.35% of Macatawa Bank worth $4,771,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of MCBC. Bank of Montreal Can raised its position in shares of Macatawa Bank by 719.3% during the second quarter. Bank of Montreal Can now owns 2,425 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 2,129 shares during the last quarter. Zebra Capital Management LLC raised its position in shares of Macatawa Bank by 8.9% during the second quarter. Zebra Capital Management LLC now owns 12,997 shares of the financial services provider’s stock worth $133,000 after acquiring an additional 1,059 shares during the last quarter. Parametric Portfolio Associates LLC raised its position in shares of Macatawa Bank by 17.3% during the second quarter. Parametric Portfolio Associates LLC now owns 15,131 shares of the financial services provider’s stock worth $155,000 after acquiring an additional 2,228 shares during the last quarter. Royal Bank of Canada bought a new stake in shares of Macatawa Bank during the second quarter worth $771,000. Finally, Bank of America Corp DE raised its position in shares of Macatawa Bank by 6.9% during the second quarter. Bank of America Corp DE now owns 81,381 shares of the financial services provider’s stock worth $835,000 after acquiring an additional 5,250 shares during the last quarter. 31.97% of the stock is currently owned by institutional investors.

Shares of NASDAQ MCBC opened at $10.11 on Tuesday. The stock has a 50 day moving average price of $10.24 and a 200 day moving average price of $10.25. Macatawa Bank Co. has a 52 week low of $8.81 and a 52 week high of $11.50. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.94 and a current ratio of 0.94. The stock has a market capitalization of $345.08 million, a PE ratio of 12.96 and a beta of 0.48.

Macatawa Bank (NASDAQ:MCBC) last issued its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.24 EPS for the quarter, beating the consensus estimate of $0.21 by $0.03. Macatawa Bank had a return on equity of 15.18% and a net margin of 31.79%. The firm had revenue of $21.05 million during the quarter, compared to analysts’ expectations of $20.50 million. As a group, research analysts forecast that Macatawa Bank Co. will post 0.87 EPS for the current year.

A number of research firms recently commented on MCBC. BidaskClub downgraded Macatawa Bank from a “hold” rating to a “sell” rating in a report on Saturday. ValuEngine raised Macatawa Bank from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, Zacks Investment Research cut Macatawa Bank from a “hold” rating to a “sell” rating in a research note on Wednesday, October 2nd.

Macatawa Bank Profile

Macatawa Bank Corporation operates as the bank holding company for Macatawa Bank that provides 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.

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Institutional Ownership by Quarter for Macatawa Bank (NASDAQ:MCBC)

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