Macatawa Bank Co. (NASDAQ:MCBC) Stock Holdings Increased by Drive Wealth Management LLC

Drive Wealth Management LLC lifted its stake in Macatawa Bank Co. (NASDAQ:MCBC) by 7.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,609 shares of the financial services provider’s stock after purchasing an additional 850 shares during the quarter. Drive Wealth Management LLC’s holdings in Macatawa Bank were worth $123,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in the stock. SG Americas Securities LLC bought a new position in Macatawa Bank during the third quarter valued at approximately $103,000. Quadrature Capital Ltd bought a new position in Macatawa Bank during the third quarter valued at approximately $111,000. Voisard Asset Management Group Inc. bought a new position in Macatawa Bank during the fourth quarter valued at approximately $112,000. Panagora Asset Management Inc. bought a new position in Macatawa Bank during the fourth quarter valued at approximately $135,000. Finally, Brandywine Global Investment Management LLC bought a new position in Macatawa Bank during the third quarter valued at approximately $140,000. 42.49% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, StockNews.com began coverage on shares of Macatawa Bank in a research report on Friday. They set a “sell” rating on the stock.

Macatawa Bank Stock Performance

MCBC stock traded down $0.09 during midday trading on Friday, hitting $14.24. 121,151 shares of the company traded hands, compared to its average volume of 292,867. Macatawa Bank Co. has a twelve month low of $8.31 and a twelve month high of $14.45. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.10. The business has a 50 day simple moving average of $10.50 and a 200-day simple moving average of $10.31. The stock has a market capitalization of $489.31 million, a price-to-earnings ratio of 11.87 and a beta of 0.67.

Macatawa Bank (NASDAQ:MCBC) last announced its quarterly earnings results on Thursday, January 25th. The financial services provider reported $0.28 EPS for the quarter, missing the consensus estimate of $0.32 by ($0.04). Macatawa Bank had a net margin of 30.56% and a return on equity of 14.99%. The company had revenue of $26.13 million for the quarter, compared to analyst estimates of $26.90 million. As a group, equities research analysts predict that Macatawa Bank Co. will post 1.26 earnings per share for the current year.

Macatawa Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 30th. Stockholders of record on Monday, May 13th will be paid a $0.09 dividend. The ex-dividend date is Friday, May 10th. This represents a $0.36 annualized dividend and a dividend yield of 2.53%. Macatawa Bank’s payout ratio is 30.00%.

Macatawa Bank 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.