Macatawa Bank (NASDAQ:MCBC) Receives New Coverage from Analysts at StockNews.com

StockNews.com assumed coverage on shares of Macatawa Bank (NASDAQ:MCBC) in a research note released on Friday. The firm issued a sell rating on the financial services provider’s stock.

Macatawa Bank Price Performance

NASDAQ MCBC opened at $14.24 on Friday. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.07. Macatawa Bank has a 1 year low of $8.31 and a 1 year high of $14.45. The company has a market cap of $489.29 million, a PE ratio of 11.87 and a beta of 0.67. The stock’s 50-day moving average price is $10.58 and its two-hundred day moving average price is $10.34.

Macatawa Bank Dividend Announcement

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

Hedge Funds Weigh In On Macatawa Bank

Several institutional investors and hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC purchased a new position in Macatawa Bank in the third quarter valued at about $103,000. Raymond James Financial Services Advisors Inc. grew its stake in shares of Macatawa Bank by 47.7% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 28,818 shares of the financial services provider’s stock valued at $258,000 after buying an additional 9,313 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Macatawa Bank by 26.2% in the third quarter. Bank of New York Mellon Corp now owns 335,408 shares of the financial services provider’s stock worth $3,005,000 after buying an additional 69,609 shares during the last quarter. Bailard Inc. raised its position in Macatawa Bank by 125.3% during the third quarter. Bailard Inc. now owns 40,100 shares of the financial services provider’s stock valued at $359,000 after acquiring an additional 22,300 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC acquired a new stake in Macatawa Bank in the third quarter valued at approximately $206,000. 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.