Equities researchers at StockNews.com assumed coverage on shares of Macatawa Bank (NASDAQ:MCBC – Get Free Report) in a report released on Saturday. 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 upped their price objective for the company from $12.00 to $15.00 in a research note on Monday, April 29th.
View Our Latest Stock Report on Macatawa Bank
Macatawa Bank Stock Performance
Institutional Trading of Macatawa Bank
A number of institutional investors have recently made changes to their positions in the stock. Sapient Capital LLC bought a new stake in Macatawa Bank during the 4th quarter valued at $234,000. Raymond James Financial Services Advisors Inc. grew its stake in shares of Macatawa Bank by 307.9% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 117,559 shares of the financial services provider’s stock worth $1,326,000 after purchasing an additional 88,741 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in Macatawa Bank by 26.2% during the 3rd quarter. Bank of New York Mellon Corp now owns 335,408 shares of the financial services provider’s stock valued at $3,005,000 after purchasing an additional 69,609 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its position in Macatawa Bank by 284.5% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 73,024 shares of the financial services provider’s stock valued at $654,000 after purchasing an additional 54,031 shares during the last quarter. Finally, Quadrature Capital Ltd bought a new position in Macatawa Bank during the 3rd quarter valued at approximately $111,000. Hedge funds and other institutional investors own 42.49% of the company’s stock.
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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