Macatawa Bank (NASDAQ:MCBC) Upgraded to Outperform at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods upgraded shares of Macatawa Bank (NASDAQ:MCBC - Free Report) from a market perform rating to an outperform rating in a research report report published on Monday, MarketBeat reports. The brokerage currently has $15.00 price objective on the financial services provider's stock, up from their prior price objective of $12.00.

Separately, StockNews.com began coverage on shares of Macatawa Bank in a report on Friday. They set a sell rating for the company.

Macatawa Bank Stock Performance

Shares of NASDAQ MCBC remained flat at $14.24 during trading on Monday. 197,824 shares of the stock traded hands, compared to its average volume of 123,444. The firm has a market cap of $489.29 million, a price-to-earnings ratio of 11.92 and a beta of 0.67. The firm has a fifty day moving average of $10.50 and a two-hundred day moving average of $10.31. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.74 and a quick ratio of 0.74. Macatawa Bank has a 52-week low of $8.31 and a 52-week high of $14.45.

Macatawa Bank (NASDAQ:MCBC - Get Free Report) last issued its earnings results on Thursday, January 25th. The financial services provider reported $0.28 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.32 by ($0.04). The firm had revenue of $26.13 million during the quarter, compared to the consensus estimate of $26.90 million. Macatawa Bank had a return on equity of 14.73% and a net margin of 30.56%. On average, analysts predict that Macatawa Bank will post 1.26 EPS for the current year.

Macatawa Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 30th. Shareholders of record on Monday, May 13th will be issued a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 2.53%. The ex-dividend date of this dividend is Friday, May 10th. Macatawa Bank's dividend payout ratio is 30.00%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Drive Wealth Management LLC lifted its position 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 buying an additional 850 shares in the last quarter. SG Americas Securities LLC boosted its position in Macatawa Bank by 25.9% in the fourth quarter. SG Americas Securities LLC now owns 14,535 shares of the financial services provider's stock worth $164,000 after purchasing an additional 2,993 shares during the last quarter. Los Angeles Capital Management LLC grew its stake in Macatawa Bank by 3.1% in the 1st quarter. Los Angeles Capital Management LLC now owns 122,816 shares of the financial services provider's stock valued at $1,202,000 after purchasing an additional 3,740 shares during the period. Norris Perne & French LLP MI increased its position 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 valued at $192,000 after purchasing an additional 4,508 shares during 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 purchasing an additional 8,739 shares during the period. 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.