Macatawa Bank Co. (NASDAQ:MCBC) Sees Significant Increase in Short Interest

Macatawa Bank Co. (NASDAQ:MCBCGet Free Report) was the recipient of a large growth in short interest during the month of January. As of January 15th, there was short interest totalling 71,600 shares, a growth of 5.3% from the December 31st total of 68,000 shares. Currently, 0.3% of the shares of the stock are sold short. Based on an average daily volume of 68,100 shares, the short-interest ratio is currently 1.1 days.

Wall Street Analysts Forecast Growth

MCBC has been the subject of several research reports. Hovde Group upgraded shares of Macatawa Bank from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $11.00 to $12.50 in a research report on Wednesday, December 20th. StockNews.com initiated coverage on shares of Macatawa Bank in a research report on Thursday, October 5th. They issued a “hold” rating for the company.

View Our Latest Research Report on Macatawa Bank

Institutional Investors Weigh In On Macatawa Bank

Several institutional investors have recently modified their holdings of MCBC. Alliancebernstein L.P. grew its position in shares of Macatawa Bank by 30.7% during the 4th quarter. Alliancebernstein L.P. now owns 823,041 shares of the financial services provider’s stock worth $9,078,000 after buying an additional 193,151 shares during the period. Millennium Management LLC acquired a new stake in shares of Macatawa Bank during the 4th quarter worth approximately $2,009,000. EAM Investors LLC acquired a new stake in shares of Macatawa Bank during the 4th quarter worth approximately $1,498,000. Vanguard Group Inc. grew its position in shares of Macatawa Bank by 10.3% during the 1st quarter. Vanguard Group Inc. now owns 1,428,079 shares of the financial services provider’s stock worth $12,867,000 after buying an additional 133,747 shares during the period. Finally, Raymond James Financial Services Advisors Inc. grew its position in shares of Macatawa Bank by 307.9% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 117,559 shares of the financial services provider’s stock worth $1,326,000 after buying an additional 88,741 shares during the period. Institutional investors and hedge funds own 41.58% of the company’s stock.

Macatawa Bank Trading Down 5.0 %

MCBC opened at $10.66 on Thursday. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $365.53 million, a PE ratio of 8.90 and a beta of 0.69. Macatawa Bank has a 1-year low of $6.96 and a 1-year high of $11.91. The firm has a 50-day moving average price of $10.78 and a two-hundred day moving average price of $9.81.

Macatawa Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, February 28th. Stockholders of record on Tuesday, February 13th will be given a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 3.38%. The ex-dividend date is Monday, February 12th. Macatawa Bank’s dividend payout ratio is 28.57%.

Macatawa Bank Company Profile

(Get Free Report)

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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