Macatawa Bank (NASDAQ:MCBC) Upgraded to “Sell” at BidaskClub

BidaskClub upgraded shares of Macatawa Bank (NASDAQ:MCBC) from a strong sell rating to a sell rating in a research note released on Tuesday morning, BidAskClub reports.

Other equities research analysts have also recently issued reports about the stock. Zacks Investment Research cut shares of Macatawa Bank from a hold rating to a strong sell rating in a report on Friday, August 2nd. ValuEngine upgraded shares of Macatawa Bank from a sell rating to a hold rating in a report on Thursday, August 1st.

MCBC stock opened at $10.64 on Tuesday. The company has a debt-to-equity ratio of 0.49, a current ratio of 0.94 and a quick ratio of 0.94. Macatawa Bank has a 52-week low of $8.81 and a 52-week high of $12.09. The company has a 50-day moving average of $10.12 and a two-hundred day moving average of $10.26. The stock has a market capitalization of $367.22 million, a price-to-earnings ratio of 12.39 and a beta of 0.50.

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

The business also recently announced a quarterly dividend, which was paid on Thursday, August 29th. Investors of record on Tuesday, August 13th were paid a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 2.63%. The ex-dividend date of this dividend was Monday, August 12th. Macatawa Bank’s payout ratio is presently 35.90%.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP lifted its stake in shares of Macatawa Bank by 1.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,564,351 shares of the financial services provider’s stock valued at $15,049,000 after buying an additional 26,220 shares during the period. Vanguard Group Inc. lifted its stake in shares of Macatawa Bank by 2.9% in the second quarter. Vanguard Group Inc. now owns 1,221,240 shares of the financial services provider’s stock valued at $12,530,000 after buying an additional 34,741 shares during the period. Renaissance Technologies LLC lifted its stake in shares of Macatawa Bank by 1.1% in the second quarter. Renaissance Technologies LLC now owns 1,083,100 shares of the financial services provider’s stock valued at $11,113,000 after buying an additional 11,500 shares during the period. Northern Trust Corp lifted its stake in shares of Macatawa Bank by 3.0% in the second quarter. Northern Trust Corp now owns 309,360 shares of the financial services provider’s stock valued at $3,174,000 after buying an additional 8,879 shares during the period. Finally, Acadian Asset Management LLC lifted its stake in shares of Macatawa Bank by 14.0% in the second quarter. Acadian Asset Management LLC now owns 198,831 shares of the financial services provider’s stock valued at $2,041,000 after buying an additional 24,359 shares during the period. Institutional investors and hedge funds own 31.97% of the company’s stock.

Macatawa Bank Company 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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