California Public Employees Retirement System continued to hold its stake in shares of Macatawa Bank Corporation (NASDAQ:MCBC) during the first quarter, Holdings Channel reports. The firm owned 145,652 shares of the financial services provider’s stock at the end of the first quarter. California Public Employees Retirement System’s holdings in Macatawa Bank Corporation were worth $1,439,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of MCBC. Oxford Asset Management purchased a new stake in shares of Macatawa Bank Corporation during the first quarter worth about $125,000. American International Group Inc. increased its stake in shares of Macatawa Bank Corporation by 7.2% in the first quarter. American International Group Inc. now owns 16,303 shares of the financial services provider’s stock worth $161,000 after buying an additional 1,094 shares during the last quarter. Russell Investments Group Ltd. purchased a new stake in shares of Macatawa Bank Corporation during the fourth quarter worth about $309,000. Teachers Advisors LLC increased its stake in shares of Macatawa Bank Corporation by 5.6% in the fourth quarter. Teachers Advisors LLC now owns 44,313 shares of the financial services provider’s stock worth $461,000 after buying an additional 2,366 shares during the last quarter. Finally, TIAA CREF Investment Management LLC increased its stake in shares of Macatawa Bank Corporation by 1.6% in the first quarter. TIAA CREF Investment Management LLC now owns 79,893 shares of the financial services provider’s stock worth $789,000 after buying an additional 1,230 shares during the last quarter. 27.84% of the stock is owned by institutional investors and hedge funds.

Shares of Macatawa Bank Corporation (NASDAQ:MCBC) opened at 9.55 on Friday. The firm has a 50-day moving average of $9.39 and a 200-day moving average of $9.71. Macatawa Bank Corporation has a 12 month low of $7.40 and a 12 month high of $10.67. The company has a market capitalization of $324.11 million, a P/E ratio of 18.05 and a beta of 1.10.

Macatawa Bank Corporation (NASDAQ:MCBC) last issued its earnings results on Thursday, July 27th. The financial services provider reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.01. The business had revenue of $17.18 million during the quarter. Macatawa Bank Corporation had a net margin of 24.52% and a return on equity of 10.86%. On average, equities analysts predict that Macatawa Bank Corporation will post $0.56 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 30th. Shareholders of record on Tuesday, August 15th will be issued a $0.05 dividend. The ex-dividend date is Friday, August 11th. This is a boost from Macatawa Bank Corporation’s previous quarterly dividend of $0.04. This represents a $0.20 annualized dividend and a yield of 2.09%. Macatawa Bank Corporation’s payout ratio is 30.19%.

COPYRIGHT VIOLATION WARNING: “Macatawa Bank Corporation (NASDAQ:MCBC) Position Held by California Public Employees Retirement System” was posted by Daily Political and is owned by of Daily Political. If you are viewing this report on another site, it was illegally copied and republished in violation of United States and international copyright & trademark legislation. The correct version of this report can be read at https://www.dailypolitical.com/2017/08/06/macatawa-bank-corporation-nasdaqmcbc-position-held-by-california-public-employees-retirement-system.html.

A number of brokerages have issued reports on MCBC. BidaskClub raised shares of Macatawa Bank Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, July 6th. Keefe, Bruyette & Woods set a $10.00 price objective on shares of Macatawa Bank Corporation and gave the stock a “hold” rating in a research report on Monday, April 10th.

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.

Want to see what other hedge funds are holding MCBC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Macatawa Bank Corporation (NASDAQ:MCBC).

Institutional Ownership by Quarter for Macatawa Bank Corporation (NASDAQ:MCBC)

Receive News & Ratings for Macatawa Bank Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Macatawa Bank Corporation and related companies with MarketBeat.com's FREE daily email newsletter.