StockNews.com started coverage on shares of Macatawa Bank (NASDAQ:MCBC – Free Report) in a research report report published on Saturday. The firm issued a sell rating on the financial services provider’s stock.
Separately, Keefe, Bruyette & Woods raised shares of Macatawa Bank from a market perform rating to an outperform rating and upped their price target for the company from $12.00 to $15.00 in a report on Monday, April 29th.
View Our Latest Stock Analysis on Macatawa Bank
Macatawa Bank Price Performance
Macatawa Bank Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 30th. Shareholders of record on Monday, May 13th will be given a $0.09 dividend. The ex-dividend date is Friday, May 10th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 2.51%. Macatawa Bank’s dividend payout ratio (DPR) is currently 30.00%.
Institutional Inflows and Outflows
A number of large investors have recently modified their holdings of the company. Empowered Funds LLC raised its position in shares of Macatawa Bank by 6.7% in the first quarter. Empowered Funds LLC now owns 11,178 shares of the financial services provider’s stock worth $109,000 after acquiring an additional 700 shares during the period. Drive Wealth Management LLC raised its position in shares of Macatawa Bank by 7.2% during the 1st quarter. Drive Wealth Management LLC now owns 12,609 shares of the financial services provider’s stock worth $123,000 after purchasing an additional 850 shares during the last quarter. SG Americas Securities LLC raised its position in shares of Macatawa Bank by 25.9% during the 4th quarter. SG Americas Securities LLC now owns 14,535 shares of the financial services provider’s stock worth $164,000 after purchasing an additional 2,993 shares during the last quarter. Los Angeles Capital Management LLC raised its position in shares of Macatawa Bank by 3.1% during the 1st quarter. Los Angeles Capital Management LLC now owns 122,816 shares of the financial services provider’s stock worth $1,202,000 after purchasing an additional 3,740 shares during the last quarter. Finally, Norris Perne & French LLP MI raised its position in shares of Macatawa Bank by 36.1% during the 4th quarter. Norris Perne & French LLP MI now owns 17,008 shares of the financial services provider’s stock worth $192,000 after purchasing an additional 4,508 shares during the last quarter. Institutional investors and hedge funds own 42.49% of the company’s stock.
About Macatawa Bank
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.
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