Macatawa Bank (MCBC) Upgraded to Hold by BidaskClub

BidaskClub upgraded shares of Macatawa Bank (NASDAQ:MCBC) from a sell rating to a hold rating in a research report sent to investors on Tuesday.

Separately, Hovde Group set a $11.00 target price on shares of Macatawa Bank and gave the stock a hold rating in a research note on Monday, January 29th.

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Macatawa Bank (NASDAQ:MCBC) opened at $10.52 on Tuesday. Macatawa Bank has a 52 week low of $8.87 and a 52 week high of $10.66. The firm has a market cap of $350.05, a price-to-earnings ratio of 22.38 and a beta of 0.63. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.93 and a current ratio of 0.93.

Macatawa Bank (NASDAQ:MCBC) last announced its earnings results on Thursday, January 25th. The financial services provider reported $0.13 earnings per share for the quarter. Macatawa Bank had a net margin of 21.69% and a return on equity of 11.01%. The business had revenue of $17.93 million during the quarter.

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 28th. Investors of record on Tuesday, February 13th were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date of this dividend was Monday, February 12th. This is an increase from Macatawa Bank’s previous quarterly dividend of $0.05. Macatawa Bank’s dividend payout ratio (DPR) is currently 51.06%.

A number of hedge funds and other institutional investors have recently made changes to their positions in MCBC. Renaissance Technologies LLC raised its stake in Macatawa Bank by 12.0% during the fourth quarter. Renaissance Technologies LLC now owns 1,055,900 shares of the financial services provider’s stock worth $10,559,000 after buying an additional 112,949 shares during the last quarter. Stifel Financial Corp bought a new stake in Macatawa Bank in the third quarter valued at $637,000. Dimensional Fund Advisors LP increased its stake in Macatawa Bank by 3.2% in the third quarter. Dimensional Fund Advisors LP now owns 1,324,960 shares of the financial services provider’s stock valued at $13,594,000 after purchasing an additional 40,534 shares in the last quarter. State Street Corp increased its stake in Macatawa Bank by 8.2% in the second quarter. State Street Corp now owns 422,741 shares of the financial services provider’s stock valued at $4,031,000 after purchasing an additional 31,921 shares in the last quarter. Finally, Deutsche Bank AG increased its stake in Macatawa Bank by 27.0% in the fourth quarter. Deutsche Bank AG now owns 141,971 shares of the financial services provider’s stock valued at $1,418,000 after purchasing an additional 30,180 shares in the last quarter. 29.40% of the stock is owned by institutional investors and hedge funds.

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About Macatawa Bank

Macatawa Bank Corporation is a bank holding company. The Company, through its subsidiary, Macatawa Bank (the Bank), offers a range of commercial and personal banking services, including checking, savings and certificates of deposit accounts, cash management, safe deposit boxes, trust services and commercial, mortgage and consumer loans.

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