Macatawa Bank (NASDAQ:MCBC) Raised to Outperform at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods upgraded shares of Macatawa Bank (NASDAQ:MCBC) from a market perform rating to an outperform rating in a research note published on Monday morning, MarketBeat reports. The firm currently has $15.00 target price on the financial services provider’s stock, up from their previous target price of $12.00.

Separately, StockNews.com assumed coverage on Macatawa Bank in a research note on Friday, April 26th. They set a sell rating on the stock.

Macatawa Bank Price Performance

NASDAQ:MCBC opened at $14.21 on Monday. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.07. The stock’s 50 day moving average price is $10.75 and its two-hundred day moving average price is $10.41. The firm has a market capitalization of $488.26 million, a price-to-earnings ratio of 11.84 and a beta of 0.67. Macatawa Bank has a 12-month low of $8.31 and a 12-month high of $14.45.

Macatawa Bank Announces Dividend

The business also recently declared 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 dividend on an annualized basis and a yield of 2.53%. The ex-dividend date of this dividend is Friday, May 10th. Macatawa Bank’s dividend payout ratio is currently 30.00%.

Institutional Investors Weigh In On Macatawa Bank

A number of large investors have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets boosted its holdings in shares of Macatawa Bank by 46.5% in the 1st quarter. BNP Paribas Financial Markets now owns 46,044 shares of the financial services provider’s stock valued at $451,000 after purchasing an additional 14,612 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its holdings in shares of Macatawa Bank by 9.9% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 129,177 shares of the financial services provider’s stock valued at $1,265,000 after purchasing an additional 11,618 shares in the last quarter. Drive Wealth Management LLC boosted its holdings in shares of Macatawa Bank by 7.2% in the 1st quarter. Drive Wealth Management LLC now owns 12,609 shares of the financial services provider’s stock valued at $123,000 after purchasing an additional 850 shares in the last quarter. Los Angeles Capital Management LLC boosted its holdings in shares of Macatawa Bank by 3.1% in the 1st quarter. Los Angeles Capital Management LLC now owns 122,816 shares of the financial services provider’s stock valued at $1,202,000 after purchasing an additional 3,740 shares in the last quarter. Finally, Voisard Asset Management Group Inc. acquired a new stake in shares of Macatawa Bank in the 4th quarter valued at $112,000. Institutional investors and hedge funds own 42.49% of the company’s stock.

About Macatawa Bank

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.