Short Interest in Macatawa Bank Co. (NASDAQ:MCBC) Decreases By 6.0%

Macatawa Bank Co. (NASDAQ:MCBC – Get Rating) saw a significant decrease in short interest in the month of April. As of April 30th, there was short interest totalling 176,800 shares, a decrease of 6.0% from the April 15th total of 188,000 shares. Based on an average trading volume of 54,500 shares, the short-interest ratio is currently 3.2 days. Currently, 0.7% of the shares of the stock are short sold.

Hedge Funds Weigh In On Macatawa Bank

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MCBC. Deutsche Bank AG raised its position in shares of Macatawa Bank by 51.5% in the first quarter. Deutsche Bank AG now owns 16,489 shares of the financial services provider’s stock valued at $169,000 after buying an additional 5,606 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Macatawa Bank by 35.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 58,071 shares of the financial services provider’s stock valued at $594,000 after buying an additional 15,046 shares during the last quarter. BNP Paribas Arbitrage SNC raised its position in shares of Macatawa Bank by 94.3% in the first quarter. BNP Paribas Arbitrage SNC now owns 23,107 shares of the financial services provider’s stock valued at $236,000 after buying an additional 11,213 shares during the last quarter. Bank of America Corp DE raised its position in shares of Macatawa Bank by 41.0% in the first quarter. Bank of America Corp DE now owns 29,355 shares of the financial services provider’s stock valued at $300,000 after buying an additional 8,532 shares during the last quarter. Finally, Martingale Asset Management L P raised its position in shares of Macatawa Bank by 32.0% in the first quarter. Martingale Asset Management L P now owns 67,061 shares of the financial services provider’s stock valued at $685,000 after buying an additional 16,245 shares during the last quarter. 40.29% of the stock is owned by hedge funds and other institutional investors.

Macatawa Bank Stock Performance

MCBC opened at $8.51 on Tuesday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.12. The company has a market cap of $291.82 million, a price-to-earnings ratio of 7.21 and a beta of 0.66. Macatawa Bank has a 52-week low of $6.96 and a 52-week high of $11.84. The firm’s fifty day simple moving average is $9.72 and its two-hundred day simple moving average is $10.49.

Macatawa Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 30th. Shareholders of record on Monday, May 15th will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 3.76%. The ex-dividend date of this dividend is Friday, May 12th. Macatawa Bank’s payout ratio is 27.12%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com began coverage on shares of Macatawa Bank in a report on Thursday, March 16th. They set a “hold” rating on the stock.

Macatawa Bank Company Profile

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Macatawa Bank Corp. operates as a holding company, which engages in the provision of financial services. The company offers a range of commercial and personal banking services. It also includes checking, savings and certificates of deposit accounts, cash management, safe deposit boxes, trust services and commercial, mortgage and consumer loans, internet and telephone banking, and debit cards.