Macatawa Bank (NASDAQ:MCBC) Research Coverage Started at StockNews.com

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

Macatawa Bank Price Performance

Macatawa Bank stock opened at $14.24 on Friday. Macatawa Bank has a 12-month low of $8.31 and a 12-month high of $14.45. The stock has a market cap of $489.29 million, a P/E ratio of 11.87 and a beta of 0.67. The company has a 50-day moving average price of $10.50 and a 200 day moving average price of $10.29. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.10.

Macatawa Bank (NASDAQ:MCBC) last released its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.04). Macatawa Bank had a return on equity of 14.99% and a net margin of 30.56%. The firm had revenue of $26.13 million for the quarter, compared to analyst estimates of $26.90 million. Sell-side analysts anticipate that Macatawa Bank will post 1.26 earnings per share for the current year.

Macatawa Bank Dividend Announcement

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

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Voisard Asset Management Group Inc. purchased a new position in Macatawa Bank during the fourth quarter worth about $112,000. SG Americas Securities LLC purchased a new position in Macatawa Bank during the third quarter worth about $103,000. Drive Wealth Management LLC purchased a new position in Macatawa Bank during the fourth quarter worth about $133,000. Panagora Asset Management Inc. purchased a new position in Macatawa Bank during the fourth quarter worth about $135,000. Finally, Quadrature Capital Ltd purchased a new position in Macatawa Bank during the third quarter worth about $111,000. Hedge funds and other institutional investors own 42.49% of the company’s stock.

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.