Shares of Macatawa Bank Co. (NASDAQ:MCBC – Get Free Report) hit a new 52-week high on Friday . The stock traded as high as $14.59 and last traded at $14.56, with a volume of 7637 shares changing hands. The stock had previously closed at $14.53.
Analyst Ratings Changes
MCBC has been the subject of several recent analyst reports. Keefe, Bruyette & Woods upgraded shares of Macatawa Bank from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $12.00 to $15.00 in a research report on Monday, April 29th. StockNews.com initiated coverage on Macatawa Bank in a research note on Friday, June 21st. They issued a “sell” rating on the stock.
Get Our Latest Report on Macatawa Bank
Macatawa Bank Stock Performance
Macatawa Bank (NASDAQ:MCBC – Get Free Report) last released its quarterly earnings data on Thursday, April 25th. The financial services provider reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). Macatawa Bank had a return on equity of 14.73% and a net margin of 30.56%. The company had revenue of $25.39 million for the quarter, compared to analyst estimates of $26.10 million. As a group, research analysts expect that Macatawa Bank Co. will post 1.19 earnings per share for the current fiscal year.
Macatawa Bank Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 30th. Shareholders of record on Monday, May 13th were issued a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 2.48%. The ex-dividend date was Friday, May 10th. Macatawa Bank’s payout ratio is 30.00%.
Institutional Investors Weigh In On Macatawa Bank
A number of institutional investors and hedge funds have recently added to or reduced their stakes in MCBC. Empowered Funds LLC boosted its stake in shares of Macatawa Bank by 6.7% during the first quarter. Empowered Funds LLC now owns 11,178 shares of the financial services provider’s stock worth $109,000 after buying an additional 700 shares during the period. Quadrature Capital Ltd purchased a new position in shares of Macatawa Bank in the 3rd quarter valued at approximately $111,000. Voisard Asset Management Group Inc. acquired a new position in shares of Macatawa Bank in the fourth quarter valued at approximately $112,000. Drive Wealth Management LLC lifted its holdings in shares of Macatawa Bank by 7.2% during the first quarter. Drive Wealth Management LLC now owns 12,609 shares of the financial services provider’s stock worth $123,000 after purchasing an additional 850 shares during the period. Finally, Panagora Asset Management Inc. purchased a new position in Macatawa Bank in the 4th quarter valued at $135,000. Hedge funds and other institutional investors 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.
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