California Public Employees Retirement System Boosts Position in Macatawa Bank Corp. (MCBC)
California Public Employees Retirement System boosted its stake in shares of Macatawa Bank Corp. (NASDAQ:MCBC) by 35.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 156,752 shares of the financial services provider’s stock after buying an additional 41,200 shares during the period. California Public Employees Retirement System owned 0.46% of Macatawa Bank Corp. worth $1,163,000 as of its most recent SEC filing.
Several other institutional investors have also recently added to or reduced their stakes in MCBC. California State Teachers Retirement System bought a new position in shares of Macatawa Bank Corp. during the second quarter worth approximately $412,000. Bank of New York Mellon Corp increased its position in shares of Macatawa Bank Corp. by 71.1% in the second quarter. Bank of New York Mellon Corp now owns 132,508 shares of the financial services provider’s stock worth $983,000 after buying an additional 55,048 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Macatawa Bank Corp. by 4.7% in the first quarter. Geode Capital Management LLC now owns 110,635 shares of the financial services provider’s stock worth $691,000 after buying an additional 4,926 shares during the last quarter. Institutional investors and hedge funds own 24.43% of the company’s stock.
Macatawa Bank Corp. (NASDAQ:MCBC) traded up 0.64% during midday trading on Friday, reaching $7.91. The company’s stock had a trading volume of 15,394 shares. Macatawa Bank Corp. has a 1-year low of $5.02 and a 1-year high of $8.21. The firm has a market cap of $268.32 million, a price-to-earnings ratio of 19.29 and a beta of 0.94. The company has a 50 day moving average price of $7.97 and a 200 day moving average price of $7.36.
Macatawa Bank Corp. (NASDAQ:MCBC) last released its quarterly earnings results on Thursday, July 21st. The financial services provider reported $0.11 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.11. Macatawa Bank Corp. had a return on equity of 9.09% and a net margin of 20.22%. On average, equities research analysts expect that Macatawa Bank Corp. will post $0.44 EPS for the current year.
Separately, Keefe, Bruyette & Woods lifted their price objective on Macatawa Bank Corp. from $7.00 to $7.50 and gave the stock a “market perform” rating in a research report on Monday, August 1st.
About Macatawa Bank Corp.
Macatawa Bank Corporation is a bank holding company. The Company owns Macatawa Bank (the Bank). The Company focuses on commercial banking. It also offers automated teller machines (ATMs), Internet banking, telephone banking and debit cards. It offers personal trust services, which include financial planning, investment management services, trust and estate administration, and custodial services.
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