StockNews.com Begins Coverage on Macatawa Bank (NASDAQ:MCBC)

StockNews.com initiated coverage on shares of Macatawa Bank (NASDAQ:MCBC) in a report published on Friday morning. The firm issued a sell rating on the financial services provider’s stock.

Macatawa Bank Trading Down 0.6 %

NASDAQ:MCBC opened at $14.24 on Friday. Macatawa Bank has a one year low of $8.31 and a one year high of $14.45. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.74 and a current ratio of 0.74. The firm has a market cap of $489.29 million, a P/E ratio of 11.87 and a beta of 0.67. The firm has a 50-day simple moving average of $10.50 and a 200-day simple moving average of $10.31.

Macatawa Bank (NASDAQ:MCBC) last posted its quarterly earnings results on Thursday, January 25th. The financial services provider reported $0.28 EPS for the quarter, missing the consensus estimate of $0.32 by ($0.04). Macatawa Bank had a net margin of 30.56% and a return on equity of 14.73%. The business had revenue of $26.13 million during the quarter, compared to the consensus estimate of $26.90 million. Equities analysts anticipate that Macatawa Bank will post 1.26 EPS for the current fiscal year.

Macatawa Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 30th. Stockholders of record on Monday, May 13th will be issued a $0.09 dividend. The ex-dividend date is Friday, May 10th. This represents a $0.36 annualized dividend and a dividend yield of 2.53%. Macatawa Bank’s dividend payout ratio is currently 30.00%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Drive Wealth Management LLC raised its stake in shares of Macatawa Bank by 7.2% during the 1st quarter. Drive Wealth Management LLC now owns 12,609 shares of the financial services provider’s stock worth $123,000 after acquiring an additional 850 shares in the last quarter. SG Americas Securities LLC raised its stake in shares of Macatawa Bank by 25.9% during the 4th quarter. SG Americas Securities LLC now owns 14,535 shares of the financial services provider’s stock worth $164,000 after acquiring an additional 2,993 shares in the last quarter. Los Angeles Capital Management LLC raised its stake in shares of Macatawa Bank by 3.1% during the 1st quarter. Los Angeles Capital Management LLC now owns 122,816 shares of the financial services provider’s stock worth $1,202,000 after acquiring an additional 3,740 shares in the last quarter. Norris Perne & French LLP MI raised its stake in shares of Macatawa Bank by 36.1% during the 4th quarter. Norris Perne & French LLP MI now owns 17,008 shares of the financial services provider’s stock worth $192,000 after acquiring an additional 4,508 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its stake in shares of Macatawa Bank by 38.5% during the 4th quarter. BNP Paribas Financial Markets now owns 31,432 shares of the financial services provider’s stock worth $355,000 after acquiring an additional 8,739 shares in the last quarter. Institutional investors own 42.49% of the company’s stock.

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.