Macatawa Bank (NASDAQ:MCBC) Now Covered by Analysts at StockNews.com

StockNews.com began coverage on shares of Macatawa Bank (NASDAQ:MCBC - Free Report) in a research report sent to investors on Monday. The firm issued a sell rating on the financial services provider's stock.

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

Macatawa Bank Price Performance

Macatawa Bank stock traded down $0.18 during midday trading on Monday, hitting $14.30. 69,370 shares of the company's stock were exchanged, compared to its average volume of 125,150. Macatawa Bank has a 52-week low of $8.31 and a 52-week high of $14.59. The stock has a 50-day moving average price of $11.85 and a two-hundred day moving average price of $10.89. 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 company has a market cap of $491.35 million, a P/E ratio of 12.07 and a beta of 0.52.

Macatawa Bank (NASDAQ:MCBC - Get Free Report) last posted its earnings results on Thursday, April 25th. The financial services provider reported $0.29 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.01). Macatawa Bank had a return on equity of 14.73% and a net margin of 30.56%. The business had revenue of $25.39 million for the quarter, compared to analysts' expectations of $26.10 million. On average, equities research analysts forecast that Macatawa Bank will post 1.19 earnings per share for the current year.

Macatawa Bank Announces Dividend

The company also recently disclosed 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. This represents a $0.36 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date of this dividend is Friday, May 10th. Macatawa Bank's payout ratio is currently 30.00%.

Institutional Investors Weigh In On Macatawa Bank

Institutional investors have recently bought and sold shares of the stock. Empowered Funds LLC boosted its holdings in Macatawa Bank by 6.7% during the 1st quarter. Empowered Funds LLC now owns 11,178 shares of the financial services provider's stock valued at $109,000 after acquiring an additional 700 shares during the period. Quadrature Capital Ltd purchased a new stake in Macatawa Bank during the 3rd quarter valued at about $111,000. Voisard Asset Management Group Inc. purchased a new stake in Macatawa Bank during the 4th quarter valued at about $112,000. Drive Wealth Management LLC boosted its holdings in 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 valued at $123,000 after acquiring an additional 850 shares during the period. Finally, Panagora Asset Management Inc. purchased a new stake in Macatawa Bank during the 4th quarter valued at about $135,000. 42.49% of the stock is currently owned by hedge funds and other institutional investors.

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.