Macatawa Bank Co. (NASDAQ:MCBC) was the recipient of a large drop in short interest during the month of January. As of January 31st, there was short interest totalling 191,400 shares, a drop of 26.7% from the January 15th total of 261,200 shares. Approximately 0.7% of the company’s shares are sold short. Based on an average trading volume of 50,100 shares, the days-to-cover ratio is currently 3.8 days.
Several equities research analysts have recently issued reports on MCBC shares. Zacks Investment Research upgraded shares of Macatawa Bank from a “sell” rating to a “hold” rating and set a $12.00 target price for the company in a report on Wednesday, October 30th. BidaskClub lowered shares of Macatawa Bank from a “hold” rating to a “sell” rating in a report on Saturday, January 11th. Finally, ValuEngine lowered shares of Macatawa Bank from a “hold” rating to a “sell” rating in a report on Friday, January 24th.
A number of institutional investors and hedge funds have recently made changes to their positions in MCBC. Renaissance Technologies LLC lifted its holdings in Macatawa Bank by 8.4% during the 4th quarter. Renaissance Technologies LLC now owns 1,253,662 shares of the financial services provider’s stock valued at $13,953,000 after buying an additional 96,800 shares in the last quarter. Royal Bank of Canada bought a new stake in Macatawa Bank during the 2nd quarter valued at about $771,000. State Street Corp lifted its holdings in Macatawa Bank by 11.9% during the 4th quarter. State Street Corp now owns 628,162 shares of the financial services provider’s stock valued at $6,991,000 after buying an additional 66,618 shares in the last quarter. Acadian Asset Management LLC lifted its holdings in Macatawa Bank by 21.7% during the 4th quarter. Acadian Asset Management LLC now owns 281,827 shares of the financial services provider’s stock valued at $3,138,000 after buying an additional 50,181 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in Macatawa Bank by 20.6% during the 4th quarter. Bank of New York Mellon Corp now owns 244,000 shares of the financial services provider’s stock valued at $2,715,000 after buying an additional 41,730 shares in the last quarter. Institutional investors own 32.65% of the company’s stock.
Shares of Macatawa Bank stock traded down $0.07 during trading on Friday, hitting $10.61. The stock had a trading volume of 19,700 shares, compared to its average volume of 51,381. The firm’s fifty day simple moving average is $10.83 and its 200-day simple moving average is $10.54. The stock has a market cap of $363.77 million, a PE ratio of 11.29 and a beta of 0.49. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.95 and a quick ratio of 0.95. Macatawa Bank has a 12 month low of $9.32 and a 12 month high of $11.42.
Macatawa Bank (NASDAQ:MCBC) last released its earnings results on Thursday, January 23rd. The financial services provider reported $0.24 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.03. The firm had revenue of $20.76 million during the quarter. Macatawa Bank had a net margin of 33.43% and a return on equity of 15.59%.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 27th. Investors of record on Tuesday, February 11th will be issued a dividend of $0.08 per share. This is a positive change from Macatawa Bank’s previous quarterly dividend of $0.07. The ex-dividend date is Monday, February 10th. This represents a $0.32 dividend on an annualized basis and a yield of 3.02%. Macatawa Bank’s dividend payout ratio (DPR) is presently 34.04%.
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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