Macatawa Bank (NASDAQ:MCBC) Hits New 1-Year High at $14.59

Macatawa Bank Co. (NASDAQ:MCBC)’s stock price reached a new 52-week high during trading on Friday . The company 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.

Wall Street Analysts Forecast Growth

MCBC has been the subject of several research analyst reports. Keefe, Bruyette & Woods upgraded Macatawa Bank from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $12.00 to $15.00 in a report on Monday, April 29th. StockNews.com began coverage on shares of Macatawa Bank in a research report on Friday, June 21st. They set a “sell” rating on the stock.

Macatawa Bank Price Performance

The firm has a 50-day moving average of $14.14 and a 200 day moving average of $11.72. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.74 and a quick ratio of 0.74. The company has a market capitalization of $499.25 million, a PE ratio of 12.11 and a beta of 0.52.

Macatawa Bank (NASDAQ:MCBC) last announced its earnings results 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). The company had revenue of $25.39 million for the quarter, compared to analysts’ expectations of $26.10 million. Macatawa Bank had a net margin of 30.56% and a return on equity of 14.73%. As a group, research analysts anticipate that Macatawa Bank Co. will post 1.19 earnings per share for the current fiscal year.

Macatawa Bank Dividend Announcement

The firm also recently announced 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. The ex-dividend date of this dividend was Friday, May 10th. This represents a $0.36 dividend on an annualized basis and a yield of 2.48%. Macatawa Bank’s dividend payout ratio is currently 30.00%.

Institutional Trading of Macatawa Bank

Hedge funds have recently bought and sold shares of the stock. Empowered Funds LLC raised its position in shares of Macatawa Bank by 6.7% during the 1st quarter. Empowered Funds LLC now owns 11,178 shares of the financial services provider’s stock valued at $109,000 after purchasing an additional 700 shares during the period. Quadrature Capital Ltd bought a new stake in Macatawa Bank during the third quarter valued at about $111,000. Voisard Asset Management Group Inc. purchased a new position in shares of Macatawa Bank in the fourth quarter valued at about $112,000. Drive Wealth Management LLC boosted its stake in shares of Macatawa Bank by 7.2% in the first quarter. Drive Wealth Management LLC now owns 12,609 shares of the financial services provider’s stock worth $123,000 after acquiring an additional 850 shares during the period. Finally, Panagora Asset Management Inc. bought a new stake in Macatawa Bank during the 4th quarter valued at approximately $135,000. 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.