Macatawa Bank (NASDAQ:MCBC) Earns Hold Rating from Analysts at StockNews.com

StockNews.com began coverage on shares of Macatawa Bank (NASDAQ:MCBC – Get Rating) in a research report released on Thursday morning. The brokerage issued a hold rating on the financial services provider’s stock.

Macatawa Bank Price Performance

NASDAQ:MCBC opened at $10.26 on Thursday. The firm has a market capitalization of $351.92 million, a price-to-earnings ratio of 10.16 and a beta of 0.66. Macatawa Bank has a 1 year low of $6.96 and a 1 year high of $11.84. The business has a 50 day simple moving average of $10.70 and a 200-day simple moving average of $10.48. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.73 and a quick ratio of 0.73.

Macatawa Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 28th. Stockholders of record on Monday, February 13th were paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 3.12%. The ex-dividend date was Friday, February 10th. Macatawa Bank’s payout ratio is 31.68%.

Institutional Investors Weigh In On Macatawa Bank

Several institutional investors have recently modified their holdings of the stock. Alliancebernstein L.P. lifted its stake in shares of Macatawa Bank by 30.7% in the 4th quarter. Alliancebernstein L.P. now owns 823,041 shares of the financial services provider’s stock valued at $9,078,000 after purchasing an additional 193,151 shares during the last quarter. rhino investment partners Inc lifted its stake in shares of Macatawa Bank by 3.5% in the 4th quarter. rhino investment partners Inc now owns 1,122,166 shares of the financial services provider’s stock valued at $12,377,000 after purchasing an additional 37,680 shares during the last quarter. CI Private Wealth LLC purchased a new stake in shares of Macatawa Bank in the fourth quarter worth approximately $408,000. Millennium Management LLC purchased a new stake in shares of Macatawa Bank in the fourth quarter worth approximately $2,009,000. Finally, Morgan Stanley raised its holdings in shares of Macatawa Bank by 2.9% in the fourth quarter. Morgan Stanley now owns 536,546 shares of the financial services provider’s stock worth $5,918,000 after buying an additional 15,124 shares during the period. 40.29% of the stock is owned by institutional investors.

About Macatawa Bank

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Macatawa Bank Corp. operates as a holding company, which engages in the provision of financial services. The company offers a range of commercial and personal banking services. It also includes checking, savings and certificates of deposit accounts, cash management, safe deposit boxes, trust services and commercial, mortgage and consumer loans, internet and telephone banking, and debit cards.