BidaskClub Downgrades Macatawa Bank (NASDAQ:MCBC) to Strong Sell

BidaskClub lowered shares of Macatawa Bank (NASDAQ:MCBC) from a sell rating to a strong sell rating in a research note published on Saturday morning, BidAskClub reports.

Other analysts also recently issued research reports about the company. ValuEngine upgraded Macatawa Bank from a sell rating to a hold rating in a research note on Thursday, August 1st. Zacks Investment Research lowered Macatawa Bank from a hold rating to a strong sell rating in a report on Friday, August 2nd.

NASDAQ:MCBC opened at $10.35 on Friday. The company has a debt-to-equity ratio of 0.49, a current ratio of 0.94 and a quick ratio of 0.94. The company’s fifty day moving average price is $10.03 and its 200-day moving average price is $10.26. Macatawa Bank has a 1-year low of $8.81 and a 1-year high of $12.59. The firm has a market capitalization of $345.71 million, a P/E ratio of 13.27 and a beta of 0.50.

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

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 29th. Stockholders of record on Tuesday, August 13th were paid a dividend of $0.07 per share. The ex-dividend date of this dividend was Monday, August 12th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 2.71%. Macatawa Bank’s payout ratio is 35.90%.

Several large investors have recently bought and sold shares of the company. Bank of Montreal Can grew its position in Macatawa Bank by 719.3% during the second quarter. Bank of Montreal Can now owns 2,425 shares of the financial services provider’s stock valued at $25,000 after buying an additional 2,129 shares during the period. BNP Paribas Arbitrage SA boosted its stake in shares of 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 worth $54,000 after acquiring an additional 4,687 shares in the last quarter. Zebra Capital Management LLC boosted its stake in shares of Macatawa Bank by 8.9% during the 2nd quarter. Zebra Capital Management LLC now owns 12,997 shares of the financial services provider’s stock worth $133,000 after acquiring an additional 1,059 shares in the last quarter. Spark Investment Management LLC purchased a new stake in shares of Macatawa Bank during the 1st quarter worth about $134,000. Finally, Parametric Portfolio Associates LLC grew its position in shares of Macatawa Bank by 17.3% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 15,131 shares of the financial services provider’s stock valued at $155,000 after acquiring an additional 2,228 shares during the period. 31.96% of the stock is 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 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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