Norris Perne & French LLP MI Raises Stock Position in Macatawa Bank Co. (NASDAQ:MCBC)

Norris Perne & French LLP MI boosted its holdings in Macatawa Bank Co. (NASDAQ:MCBCFree Report) by 36.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 17,008 shares of the financial services provider’s stock after acquiring an additional 4,508 shares during the period. Norris Perne & French LLP MI’s holdings in Macatawa Bank were worth $192,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Bank of New York Mellon Corp grew its position in shares of Macatawa Bank by 26.2% in the third quarter. Bank of New York Mellon Corp now owns 335,408 shares of the financial services provider’s stock valued at $3,005,000 after purchasing an additional 69,609 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Macatawa Bank by 284.5% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 73,024 shares of the financial services provider’s stock valued at $654,000 after acquiring an additional 54,031 shares during the last quarter. Quadrature Capital Ltd purchased a new position in shares of Macatawa Bank during the 3rd quarter worth about $111,000. Bailard Inc. boosted its position in shares of Macatawa Bank by 125.3% in the third quarter. Bailard Inc. now owns 40,100 shares of the financial services provider’s stock worth $359,000 after acquiring an additional 22,300 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC purchased a new stake in Macatawa Bank in the third quarter valued at approximately $206,000. Institutional investors and hedge funds own 42.49% of the company’s stock.

Analysts Set New Price Targets

Separately, Hovde Group upgraded shares of Macatawa Bank from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $11.00 to $12.50 in a report on Wednesday, December 20th.

Check Out Our Latest Analysis on MCBC

Macatawa Bank Stock Performance

NASDAQ MCBC opened at $9.79 on Monday. The business’s 50-day simple moving average is $10.06 and its 200-day simple moving average is $9.94. The firm has a market capitalization of $336.38 million, a P/E ratio of 7.77 and a beta of 0.67. Macatawa Bank Co. has a 1-year low of $8.31 and a 1-year high of $11.91. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.73 and a quick ratio of 0.73.

Macatawa Bank (NASDAQ:MCBCGet Free Report) last announced its earnings results on Thursday, January 25th. The financial services provider reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.04). Macatawa Bank had a net margin of 32.68% and a return on equity of 15.99%. The firm had revenue of $26.13 million during the quarter, compared to analysts’ expectations of $26.90 million. Equities analysts predict that Macatawa Bank Co. will post 1.26 EPS for the current year.

Macatawa Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 28th. Stockholders of record on Tuesday, February 13th were given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 3.68%. The ex-dividend date was Monday, February 12th. Macatawa Bank’s payout ratio is 28.57%.

Macatawa Bank Profile

(Free Report)

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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Institutional Ownership by Quarter for Macatawa Bank (NASDAQ:MCBC)

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