StockNews.com Begins Coverage on Macatawa Bank (NASDAQ:MCBC)

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

Separately, Keefe, Bruyette & Woods upgraded Macatawa Bank from a market perform rating to an outperform rating and boosted their target price for the stock from $12.00 to $15.00 in a report on Monday, April 29th.

Macatawa Bank Trading Down 0.9 %

Shares of MCBC opened at $14.82 on Friday. The firm’s fifty day moving average is $14.54 and its two-hundred day moving average is $12.67. The stock has a market cap of $509.22 million, a PE ratio of 12.35 and a beta of 0.54. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.07. Macatawa Bank has a 52-week low of $8.31 and a 52-week high of $15.16.

Institutional Trading of Macatawa Bank

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Empowered Funds LLC grew its position in 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 increased 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. Bank of New York Mellon Corp increased its position in shares of Macatawa Bank by 0.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 304,564 shares of the financial services provider’s stock worth $4,447,000 after purchasing an additional 852 shares during the last quarter. Los Angeles Capital Management LLC raised its holdings 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 buying an additional 3,740 shares during the period. Finally, BNP Paribas Financial Markets lifted its position in Macatawa Bank by 38.5% in the fourth quarter. BNP Paribas Financial Markets now owns 31,432 shares of the financial services provider’s stock valued at $355,000 after buying an additional 8,739 shares during the last quarter. Institutional investors and hedge funds own 42.49% of the company’s stock.

Macatawa Bank Company 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.