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 firm issued a sell rating on the financial services provider’s stock.

Separately, Keefe, Bruyette & Woods raised Macatawa Bank from a market perform rating to an outperform rating and boosted their target price for the stock from $12.00 to $15.00 in a report on Monday, April 29th.

Macatawa Bank Price Performance

Shares of NASDAQ MCBC opened at $14.31 on Friday. The firm’s 50-day simple moving average is $11.11 and its 200 day simple moving average is $10.57. The stock 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 quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.07. Macatawa Bank has a fifty-two week low of $8.31 and a fifty-two week high of $14.53.

Macatawa Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 30th. Stockholders of record on Monday, May 13th will be given a $0.09 dividend. The ex-dividend date of this dividend is Friday, May 10th. This represents a $0.36 annualized dividend and a dividend yield of 2.52%. Macatawa Bank’s dividend payout ratio (DPR) is presently 30.00%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of MCBC. Sapient Capital LLC acquired a new position in shares of Macatawa Bank in the 4th quarter valued at about $234,000. Raymond James Financial Services Advisors Inc. increased its stake in Macatawa Bank by 307.9% in the 4th 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 buying an additional 88,741 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its position in 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 boosted its stake in shares of Macatawa Bank by 26.2% during the 3rd quarter. Bank of New York Mellon Corp now owns 335,408 shares of the financial services provider’s stock valued at $3,005,000 after buying an additional 69,609 shares during the period. Finally, Quadrature Capital Ltd purchased a new position in shares of Macatawa Bank during the 3rd quarter valued at $111,000. 42.49% of the stock is owned by institutional investors and hedge funds.

Macatawa Bank Company Profile

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.