Macatawa Bank (NASDAQ:MCBC) Reaches New 52-Week High at $15.02

Macatawa Bank Co. (NASDAQ:MCBC)’s stock price reached a new 52-week high during trading on Wednesday . The company traded as high as $15.02 and last traded at $14.97, with a volume of 103853 shares trading hands. The stock had previously closed at $14.95.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on MCBC. Keefe, Bruyette & Woods raised shares of Macatawa Bank from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $12.00 to $15.00 in a research report on Monday, April 29th. StockNews.com started coverage on shares of Macatawa Bank in a research report on Wednesday. They set a “sell” rating on the stock.

Macatawa Bank Price Performance

The stock’s 50-day moving average is $14.32 and its 200-day moving average is $12.32. The firm has a market cap of $509.22 million, a P/E ratio of 12.46 and a beta of 0.54. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.07.

Hedge Funds Weigh In On Macatawa Bank

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Empowered Funds LLC increased its position in 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 acquiring an additional 700 shares during the period. Drive Wealth Management LLC boosted its stake in 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 buying an additional 850 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Macatawa Bank by 0.3% during the second quarter. Bank of New York Mellon Corp now owns 304,564 shares of the financial services provider’s stock worth $4,447,000 after buying an additional 852 shares in the last quarter. SG Americas Securities LLC boosted its stake in Macatawa Bank by 25.9% during the fourth quarter. SG Americas Securities LLC now owns 14,535 shares of the financial services provider’s stock worth $164,000 after buying an additional 2,993 shares in the last quarter. Finally, Los Angeles Capital Management LLC boosted its stake in Macatawa Bank by 3.1% during the first quarter. Los Angeles Capital Management LLC now owns 122,816 shares of the financial services provider’s stock worth $1,202,000 after buying an additional 3,740 shares in the last quarter. 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.