Macatawa Bank (MCBC) Rating Lowered to Sell at BidaskClub
BidaskClub downgraded shares of Macatawa Bank (NASDAQ:MCBC) from a hold rating to a sell rating in a report published on Wednesday morning.
Separately, Hovde Group set a $11.00 target price on shares of Macatawa Bank and gave the stock a hold rating in a research note on Monday, January 29th.
Shares of Macatawa Bank (MCBC) opened at $10.12 on Wednesday. The stock has a market cap of $346.22, a P/E ratio of 18.40 and a beta of 0.63. Macatawa Bank has a 52 week low of $8.87 and a 52 week high of $10.66. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.77.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 28th. Investors of record on Tuesday, February 13th were paid a dividend of $0.06 per share. This is an increase from Macatawa Bank’s previous quarterly dividend of $0.05. This represents a $0.24 annualized dividend and a yield of 2.37%. The ex-dividend date was Monday, February 12th. Macatawa Bank’s dividend payout ratio is presently 43.64%.
A number of institutional investors and hedge funds have recently made changes to their positions in MCBC. Cambridge Investment Research Advisors Inc. purchased a new stake in Macatawa Bank during the 3rd quarter worth approximately $103,000. Susquehanna International Group LLP purchased a new stake in Macatawa Bank during the 3rd quarter worth approximately $106,000. MetLife Investment Advisors LLC purchased a new stake in Macatawa Bank during the 4th quarter worth approximately $144,000. Parametric Portfolio Associates LLC purchased a new stake in Macatawa Bank during the 2nd quarter worth approximately $165,000. Finally, Acadian Asset Management LLC purchased a new stake in Macatawa Bank during the 4th quarter worth approximately $171,000. 28.67% of the stock is currently owned by hedge funds and other institutional investors.
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About Macatawa Bank
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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