Shares of Macatawa Bank Co. (NASDAQ:MCBC) have been given a consensus recommendation of “Hold” by the six analysts that are currently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, three have given a hold recommendation, one has given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $18.50.
Several equities research analysts recently weighed in on MCBC shares. ValuEngine cut Macatawa Bank from a “hold” rating to a “sell” rating in a research note on Friday, March 22nd. BidaskClub cut Macatawa Bank from a “hold” rating to a “sell” rating in a research note on Friday, March 22nd. Finally, Zacks Investment Research raised Macatawa Bank from a “hold” rating to a “buy” rating and set a $12.00 target price on the stock in a research note on Thursday, May 2nd.
In related news, VP Jill A. Walcott sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $10.33, for a total transaction of $154,950.00. Following the completion of the sale, the vice president now directly owns 68,960 shares of the company’s stock, valued at approximately $712,356.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Jill A. Walcott sold 4,200 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $10.28, for a total value of $43,176.00. Following the sale, the vice president now directly owns 75,416 shares of the company’s stock, valued at $775,276.48. The disclosure for this sale can be found here. Over the last three months, insiders sold 21,100 shares of company stock worth $218,589. Insiders own 8.60% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Ameritas Investment Corp bought a new stake in shares of Macatawa Bank during the 1st quarter worth approximately $28,000. BNP Paribas Arbitrage SA raised its position in shares of Macatawa Bank by 617.5% in the 1st quarter. BNP Paribas Arbitrage SA now owns 5,446 shares of the financial services provider’s stock worth $54,000 after acquiring an additional 4,687 shares in the last quarter. Valeo Financial Advisors LLC raised its position in shares of Macatawa Bank by 113.9% in the 1st quarter. Valeo Financial Advisors LLC now owns 5,862 shares of the financial services provider’s stock worth $58,000 after acquiring an additional 3,122 shares in the last quarter. Metropolitan Life Insurance Co. NY grew its stake in Macatawa Bank by 351.7% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 9,355 shares of the financial services provider’s stock worth $90,000 after buying an additional 7,284 shares during the last quarter. Finally, The Manufacturers Life Insurance Company purchased a new position in Macatawa Bank during the 1st quarter worth $112,000. 31.47% of the stock is owned by hedge funds and other institutional investors.
MCBC stock traded up $0.03 during midday trading on Friday, hitting $10.35. The stock had a trading volume of 33,151 shares, compared to its average volume of 30,329. The stock has a market cap of $347.59 million, a price-to-earnings ratio of 13.27, a PEG ratio of 1.52 and a beta of 0.57. Macatawa Bank has a 52-week low of $8.81 and a 52-week high of $12.92. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.51.
Macatawa Bank (NASDAQ:MCBC) last issued its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.22 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.02. The company had revenue of $20.35 million for the quarter, compared to analysts’ expectations of $20.20 million. Macatawa Bank had a return on equity of 15.03% and a net margin of 31.44%. Equities research analysts expect that Macatawa Bank will post 0.84 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, May 30th. Stockholders of record on Tuesday, May 14th were paid a $0.07 dividend. The ex-dividend date was Monday, May 13th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 2.71%. Macatawa Bank’s dividend payout ratio is currently 35.90%.
About Macatawa Bank
Macatawa Bank Corporation operates as the bank holding company for Macatawa Bank that provides 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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