BidaskClub Downgrades Macatawa Bank (NASDAQ:MCBC) to Strong Sell

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BidaskClub lowered shares of Macatawa Bank (NASDAQ:MCBC) from a sell rating to a strong sell rating in a report issued on Saturday morning, BidAskClub reports.

A number of other research firms have also recently weighed in on MCBC. ValuEngine upgraded Macatawa Bank from a sell rating to a hold rating in a report on Thursday, August 1st. Zacks Investment Research downgraded Macatawa Bank from a hold rating to a strong sell rating in a research report on Friday, August 2nd.

MCBC opened at $10.35 on Friday. Macatawa Bank has a one year low of $8.81 and a one year high of $12.59. The stock has a market capitalization of $345.71 million, a PE ratio of 13.27 and a beta of 0.50. The business’s 50 day moving average price is $10.03 and its 200 day moving average price is $10.26. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.94 and a current ratio of 0.94.

Macatawa Bank (NASDAQ:MCBC) last posted its earnings results on Thursday, July 25th. The financial services provider reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.03. Macatawa Bank had a return on equity of 15.18% and a net margin of 31.79%. The company had revenue of $21.05 million during the quarter, compared to analysts’ expectations of $20.50 million. As a group, equities research analysts forecast that Macatawa Bank will post 0.87 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Thursday, August 29th. Shareholders of record on Tuesday, August 13th were given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 2.71%. The ex-dividend date of this dividend was Monday, August 12th. Macatawa Bank’s dividend payout ratio is presently 35.90%.

Institutional investors have recently added to or reduced their stakes in the company. Bank of Montreal Can raised its stake in shares of Macatawa Bank by 719.3% in the 2nd quarter. Bank of Montreal Can now owns 2,425 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 2,129 shares during the period. BNP Paribas Arbitrage SA lifted its holdings in shares of Macatawa Bank by 617.5% in the 1st quarter. BNP Paribas Arbitrage SA now owns 5,446 shares of the financial services provider’s stock worth $54,000 after acquiring an additional 4,687 shares during the last quarter. Zebra Capital Management LLC boosted its position in shares of Macatawa Bank by 8.9% during the 2nd quarter. Zebra Capital Management LLC now owns 12,997 shares of the financial services provider’s stock worth $133,000 after purchasing an additional 1,059 shares during the period. Spark Investment Management LLC purchased a new position in shares of Macatawa Bank during the 1st quarter worth approximately $134,000. Finally, Parametric Portfolio Associates LLC increased its holdings in Macatawa Bank by 17.3% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 15,131 shares of the financial services provider’s stock valued at $155,000 after purchasing an additional 2,228 shares during the last quarter. 31.96% of the stock is currently owned by institutional investors and hedge funds.

Macatawa Bank Company Profile

Macatawa Bank Corporation operates as the bank holding company for Macatawa Bank that provides 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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