Drive Wealth Management LLC Has $123,000 Stock Position in Macatawa Bank Co. (NASDAQ:MCBC)

Drive Wealth Management LLC increased its holdings in shares of Macatawa Bank Co. (NASDAQ:MCBC) by 7.2% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 12,609 shares of the financial services provider’s stock after buying an additional 850 shares during the quarter. Drive Wealth Management LLC’s holdings in Macatawa Bank were worth $123,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Los Angeles Capital Management LLC lifted its position in shares of Macatawa Bank by 3.1% during the 1st quarter. Los Angeles Capital Management LLC now owns 122,816 shares of the financial services provider’s stock worth $1,202,000 after buying an additional 3,740 shares during the last quarter. Voisard Asset Management Group Inc. bought a new position in Macatawa Bank in the fourth quarter valued at about $112,000. Panagora Asset Management Inc. bought a new position in Macatawa Bank in the fourth quarter valued at about $135,000. Johnson Investment Counsel Inc. bought a new position in Macatawa Bank in the fourth quarter valued at about $216,000. Finally, BNP Paribas Financial Markets raised its position in Macatawa Bank by 38.5% in the fourth quarter. BNP Paribas Financial Markets now owns 31,432 shares of the financial services provider’s stock valued at $355,000 after purchasing an additional 8,739 shares during the last quarter. 42.49% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, StockNews.com began coverage on Macatawa Bank in a research report on Friday. They issued a “sell” rating for the company.

Macatawa Bank Trading Down 0.6 %

Macatawa Bank stock traded down $0.09 during trading hours on Friday, hitting $14.24. The stock had a trading volume of 121,151 shares, compared to its average volume of 292,867. Macatawa Bank Co. has a one year low of $8.31 and a one year high of $14.45. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.10. The stock has a market cap of $489.31 million, a price-to-earnings ratio of 11.87 and a beta of 0.67. The business’s 50 day simple moving average is $10.50 and its 200-day simple moving average is $10.31.

Macatawa Bank (NASDAQ:MCBC) last issued its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.04). Macatawa Bank had a return on equity of 14.99% and a net margin of 30.56%. The company had revenue of $26.13 million for the quarter, compared to the consensus estimate of $26.90 million. On average, equities analysts predict that Macatawa Bank Co. will post 1.26 EPS for the current fiscal year.

Macatawa Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 30th. Investors of record on Monday, May 13th will be paid a dividend of $0.09 per share. The ex-dividend date is Friday, May 10th. This represents a $0.36 annualized dividend and a yield of 2.53%. Macatawa Bank’s dividend payout ratio is currently 30.00%.

Macatawa Bank Profile

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.