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

Equities researchers at StockNews.com started coverage on shares of Macatawa Bank (NASDAQ:MCBC) in a report issued on Friday. The firm set a “sell” rating on the financial services provider’s stock.

Macatawa Bank Trading Up 0.2 %

NASDAQ:MCBC opened at $14.33 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.73 and a quick ratio of 0.73. The firm has a 50-day moving average of $10.42 and a 200-day moving average of $10.25. The company has a market cap of $492.38 million, a PE ratio of 11.37 and a beta of 0.67. Macatawa Bank has a one year low of $8.31 and a one year high of $14.45.

Macatawa Bank (NASDAQ:MCBC) last posted its earnings results on Thursday, January 25th. The financial services provider reported $0.28 EPS for the quarter, missing the consensus estimate of $0.32 by ($0.04). The business had revenue of $26.13 million for the quarter, compared to the consensus estimate of $26.90 million. Macatawa Bank had a return on equity of 15.99% and a net margin of 32.68%. As a group, equities research analysts expect that Macatawa Bank will post 1.26 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Voisard Asset Management Group Inc. purchased a new position in Macatawa Bank during the fourth quarter worth about $112,000. SG Americas Securities LLC purchased a new position in Macatawa Bank during the third quarter worth about $103,000. Drive Wealth Management LLC purchased a new position in Macatawa Bank in the fourth quarter valued at about $133,000. Panagora Asset Management Inc. purchased a new position in Macatawa Bank in the fourth quarter valued at about $135,000. Finally, Quadrature Capital Ltd purchased a new position in Macatawa Bank in the third quarter valued at about $111,000. 42.49% of the stock is currently owned by hedge funds and other institutional investors.

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.