Macatawa Bank Co. (NASDAQ:MCBC) was the target of a large drop in short interest in the month of October. As of October 31st, there was short interest totalling 275,900 shares, a drop of 8.8% from the September 30th total of 302,400 shares. Approximately 1.1% of the company’s stock are short sold. Based on an average daily volume of 41,000 shares, the short-interest ratio is currently 6.7 days.
Shares of Macatawa Bank stock traded down $0.02 on Friday, reaching $10.70. The stock had a trading volume of 27,700 shares, compared to its average volume of 45,399. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.48. Macatawa Bank has a 1 year low of $8.81 and a 1 year high of $11.16. The company has a 50 day moving average price of $10.41 and a 200 day moving average price of $10.28. The stock has a market capitalization of $365.14 million, a P/E ratio of 13.72 and a beta of 0.46.
Macatawa Bank (NASDAQ:MCBC) last announced its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.24 EPS for the quarter, beating the consensus estimate of $0.21 by $0.03. Macatawa Bank had a net margin of 32.46% and a return on equity of 15.31%. The business had revenue of $21.05 million during the quarter. On average, analysts forecast that Macatawa Bank will post 0.92 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Tuesday, November 12th will be paid a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 2.62%. The ex-dividend date of this dividend is Friday, November 8th. Macatawa Bank’s payout ratio is 35.90%.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of Montreal Can lifted its stake in Macatawa Bank by 719.3% during 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. Tower Research Capital LLC TRC purchased a new position in shares of Macatawa Bank during the 3rd quarter valued at approximately $35,000. Campbell & CO Investment Adviser LLC purchased a new position in shares of Macatawa Bank during the 3rd quarter valued at approximately $117,000. Zebra Capital Management LLC increased its holdings 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 valued at $133,000 after purchasing an additional 1,059 shares in the last quarter. Finally, Parametric Portfolio Associates LLC increased its holdings in shares of Macatawa Bank by 17.3% during 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 in the last quarter. Institutional investors and hedge funds own 31.23% of the company’s stock.
A number of research analysts have commented on MCBC shares. ValuEngine raised shares of Macatawa Bank from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. BidaskClub raised shares of Macatawa Bank from a “hold” rating to a “buy” rating in a research report on Tuesday, November 12th. Finally, Zacks Investment Research raised shares of Macatawa Bank from a “sell” rating to a “hold” rating and set a $12.00 target price on the stock in a research report on Wednesday, October 30th.
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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