Posted by Defense World Staff on Aug 8th, 2024
Equities research analysts at StockNews.com started coverage on shares of Macatawa Bank (NASDAQ:MCBC – Get Free Report) in a research report issued on Thursday. 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 boosted their target price for the stock from $12.00 to $15.00 in a research note on Monday, April 29th.
View Our Latest Report on MCBC
Macatawa Bank Stock Performance
Shares of NASDAQ MCBC opened at $14.82 on Thursday. Macatawa Bank has a 1-year low of $8.31 and a 1-year high of $15.16. The company has a market cap of $509.22 million, a PE ratio of 12.35 and a beta of 0.54. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.07. The company has a 50-day moving average of $14.40 and a two-hundred day moving average of $12.46.
Institutional Investors Weigh In On Macatawa Bank
A number of institutional investors and hedge funds have recently modified their holdings of MCBC. ClariVest Asset Management LLC acquired a new position in Macatawa Bank during the first quarter valued at approximately $793,000. Sapient Capital LLC acquired a new position in Macatawa Bank during the fourth quarter valued at approximately $234,000. Raymond James Financial Services Advisors Inc. grew its holdings in Macatawa Bank by 307.9% during 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 purchasing an additional 88,741 shares during the period. Los Angeles Capital Management LLC grew its holdings in Macatawa Bank by 3.1% during the first quarter. Los Angeles Capital Management LLC now owns 122,816 shares of the financial services provider’s stock valued at $1,202,000 after purchasing an additional 3,740 shares during the period. Finally, Drive Wealth Management LLC grew its holdings in Macatawa Bank by 7.2% during the first quarter. Drive Wealth Management LLC now owns 12,609 shares of the financial services provider’s stock valued at $123,000 after purchasing an additional 850 shares during the period. 42.49% of the stock is owned by 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.
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