Macatawa Bank (NASDAQ:MCBC) Coverage Initiated by Analysts at StockNews.com

StockNews.com assumed coverage on shares of Macatawa Bank (NASDAQ:MCBC) in a report issued on Sunday. The brokerage issued a sell rating on the financial services provider’s stock.

Macatawa Bank Stock Performance

Shares of NASDAQ:MCBC opened at $14.82 on Friday. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.07. Macatawa Bank has a 1-year low of $8.31 and a 1-year high of $15.16. The stock has a market capitalization of $509.22 million, a P/E ratio of 12.35 and a beta of 0.54. The business has a 50-day moving average price of $14.77 and a two-hundred day moving average price of $13.08.

Hedge Funds Weigh In On Macatawa Bank

Several hedge funds have recently added to or reduced their stakes in MCBC. Empowered Funds LLC lifted its holdings in Macatawa Bank by 6.7% during 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 in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Macatawa Bank by 0.3% during the second quarter. Bank of New York Mellon Corp now owns 304,564 shares of the financial services provider’s stock worth $4,447,000 after acquiring an additional 852 shares during the period. Los Angeles Capital Management LLC lifted its position in Macatawa Bank by 3.1% in the 1st quarter. Los Angeles Capital Management LLC now owns 122,816 shares of the financial services provider’s stock valued at $1,202,000 after acquiring an additional 3,740 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in Macatawa Bank by 38.5% in the 4th quarter. BNP Paribas Financial Markets now owns 31,432 shares of the financial services provider’s stock worth $355,000 after purchasing an additional 8,739 shares during the period. Finally, Voisard Asset Management Group Inc. bought a new position in Macatawa Bank during the 4th quarter worth about $112,000. 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.