Macatawa Bank (NASDAQ:MCBC) Shares Pass Above 200 Day Moving Average of $0.00

Macatawa Bank Co. (NASDAQ:MCBC)’s share price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $0.00 and traded as high as $10.06. Macatawa Bank shares last traded at $10.03, with a volume of 5,702 shares traded.

MCBC has been the topic of a number of analyst reports. BidaskClub upgraded shares of Macatawa Bank from a “strong sell” rating to a “sell” rating in a research note on Wednesday, July 31st. Zacks Investment Research cut shares of Macatawa Bank from a “hold” rating to a “strong sell” rating in a research note on Friday, August 2nd. Finally, ValuEngine upgraded shares of Macatawa Bank from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st.

The stock has a market cap of $343.03 million, a P/E ratio of 12.95 and a beta of 0.51. The stock has a 50 day moving average price of $10.11. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.49.

Macatawa Bank (NASDAQ:MCBC) last announced its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.24 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.03. The company had revenue of $21.05 million for the quarter, compared to analysts’ expectations of $20.50 million. Macatawa Bank had a net margin of 31.79% and a return on equity of 15.18%. As a group, equities analysts anticipate that Macatawa Bank Co. will post 0.87 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 29th. Investors of record on Tuesday, August 13th will be paid a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 2.77%. The ex-dividend date is Monday, August 12th. Macatawa Bank’s payout ratio is 35.90%.

A number of institutional investors have recently made changes to their positions in the stock. Bank of Montreal Can lifted its stake in Macatawa Bank by 719.3% during the 2nd quarter. Bank of Montreal Can now owns 2,425 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 2,129 shares during the period. BNP Paribas Arbitrage SA lifted its stake in Macatawa Bank by 617.5% during the 1st quarter. BNP Paribas Arbitrage SA now owns 5,446 shares of the financial services provider’s stock valued at $54,000 after acquiring an additional 4,687 shares during the period. Valeo Financial Advisors LLC lifted its stake in Macatawa Bank by 113.9% during the 1st quarter. Valeo Financial Advisors LLC now owns 5,862 shares of the financial services provider’s stock valued at $58,000 after acquiring an additional 3,122 shares during the period. Metropolitan Life Insurance Co. NY lifted its stake in Macatawa Bank by 351.7% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 9,355 shares of the financial services provider’s stock valued at $90,000 after acquiring an additional 7,284 shares during the period. Finally, Spark Investment Management LLC bought a new position in Macatawa Bank during the 1st quarter valued at about $134,000. Institutional investors own 31.42% of the company’s stock.

Macatawa Bank Company Profile (NASDAQ:MCBC)

Macatawa Bank Corporation operates as the bank holding company for Macatawa Bank that provides 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.

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