BidaskClub upgraded shares of Macatawa Bank Corporation (NASDAQ:MCBC) from a sell rating to a hold rating in a research note published on Thursday.

Separately, Keefe, Bruyette & Woods set a $10.00 price objective on Macatawa Bank Corporation and gave the stock a hold rating in a research report on Monday, April 10th.

Shares of Macatawa Bank Corporation (NASDAQ:MCBC) traded down 0.21% during midday trading on Thursday, hitting $9.55. 45,131 shares of the company were exchanged. The stock has a market capitalization of $324.11 million, a price-to-earnings ratio of 18.05 and a beta of 1.10. Macatawa Bank Corporation has a 52-week low of $7.40 and a 52-week high of $10.67. The company has a 50-day moving average price of $9.39 and a 200-day moving average price of $9.71.

Macatawa Bank Corporation (NASDAQ:MCBC) last posted its quarterly earnings data on Thursday, July 27th. The financial services provider reported $0.14 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.01. The firm had revenue of $17.18 million during the quarter. Macatawa Bank Corporation had a return on equity of 10.86% and a net margin of 24.52%. On average, analysts forecast that Macatawa Bank Corporation will post $0.56 EPS for the current year.

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The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 30th. Investors of record on Tuesday, August 15th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date is Friday, August 11th. This is a boost from Macatawa Bank Corporation’s previous quarterly dividend of $0.04. Macatawa Bank Corporation’s dividend payout ratio (DPR) is currently 30.19%.

A number of hedge funds have recently bought and sold shares of MCBC. State Street Corp boosted its stake in Macatawa Bank Corporation by 14.1% in the fourth quarter. State Street Corp now owns 363,517 shares of the financial services provider’s stock worth $3,783,000 after buying an additional 44,857 shares in the last quarter. Russell Investments Group Ltd. acquired a new stake in Macatawa Bank Corporation during the fourth quarter valued at approximately $309,000. Two Sigma Investments LP acquired a new stake in Macatawa Bank Corporation during the fourth quarter valued at approximately $282,000. Oxford Asset Management acquired a new stake in Macatawa Bank Corporation during the first quarter valued at approximately $125,000. Finally, Renaissance Technologies LLC boosted its stake in Macatawa Bank Corporation by 3.2% in the first quarter. Renaissance Technologies LLC now owns 889,100 shares of the financial services provider’s stock valued at $8,784,000 after buying an additional 27,400 shares during the period. Hedge funds and other institutional investors own 27.84% of the company’s stock.

About Macatawa Bank Corporation

Macatawa Bank Corporation is a bank holding company. The Company, through its subsidiary, Macatawa Bank (the Bank), offers a range of commercial and personal banking services, including checking, savings and certificates of deposit accounts, cash management, safe deposit boxes, trust services and commercial, mortgage and consumer loans.

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