Equities researchers at StockNews.com assumed coverage on shares of Macatawa Bank (NASDAQ:MCBC – Get Free Report) in a note issued to investors on Saturday. The brokerage set a “sell” rating on the financial services provider’s stock.
Separately, Keefe, Bruyette & Woods raised shares of Macatawa Bank from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $12.00 to $15.00 in a research note on Monday, April 29th.
Get Our Latest Stock Report on MCBC
Macatawa Bank Price Performance
Institutional Trading of Macatawa Bank
A number of hedge funds and other institutional investors have recently made changes to their positions in MCBC. Raymond James Financial Services Advisors Inc. lifted its position in Macatawa Bank by 307.9% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 117,559 shares of the financial services provider’s stock valued at $1,326,000 after buying an additional 88,741 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Macatawa Bank by 26.2% in the 3rd quarter. Bank of New York Mellon Corp now owns 335,408 shares of the financial services provider’s stock worth $3,005,000 after acquiring an additional 69,609 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position 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 worth $654,000 after purchasing an additional 54,031 shares during the period. Campbell & CO Investment Adviser LLC acquired a new stake in Macatawa Bank in the 3rd quarter valued at approximately $206,000. Finally, Bailard Inc. raised its position in Macatawa Bank by 125.3% in the third quarter. Bailard Inc. now owns 40,100 shares of the financial services provider’s stock valued at $359,000 after purchasing an additional 22,300 shares during the period. 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.
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