Cwm LLC Trims Stock Position in Macatawa Bank Co. (NASDAQ:MCBC)

Cwm LLC trimmed its stake in Macatawa Bank Co. (NASDAQ:MCBC) by 26.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,676 shares of the financial services provider’s stock after selling 2,432 shares during the period. Cwm LLC’s holdings in Macatawa Bank were worth $75,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MCBC. Bank of New York Mellon Corp increased its position in shares of Macatawa Bank by 26.2% during the third quarter. Bank of New York Mellon Corp now owns 335,408 shares of the financial services provider’s stock worth $3,005,000 after purchasing an additional 69,609 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its position in Macatawa Bank by 307.9% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 117,559 shares of the financial services provider’s stock worth $1,326,000 after buying an additional 88,741 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Macatawa Bank by 284.5% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 73,024 shares of the financial services provider’s stock valued at $654,000 after buying an additional 54,031 shares during the last quarter. Campbell & CO Investment Adviser LLC acquired a new stake in shares of Macatawa Bank in the third quarter valued at approximately $206,000. Finally, Sapient Capital LLC purchased a new position in shares of Macatawa Bank during the fourth quarter worth about $234,000. 42.49% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Keefe, Bruyette & Woods raised Macatawa Bank from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $12.00 to $15.00 in a report on Monday, April 29th. StockNews.com initiated coverage on Macatawa Bank in a research note on Saturday. They issued a “sell” rating for the company.

Macatawa Bank Stock Down 0.4 %

MCBC stock opened at $14.31 on Wednesday. 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’s 50 day simple moving average is $11.11 and its 200-day simple moving average is $10.57. Macatawa Bank Co. has a 12 month low of $8.31 and a 12 month high of $14.53. The firm has a market capitalization of $491.69 million, a PE ratio of 11.93 and a beta of 0.52.

Macatawa Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 30th. Shareholders of record on Monday, May 13th will be given a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 2.52%. The ex-dividend date is Friday, May 10th. 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.