Keefe, Bruyette & Woods Upgrades Macatawa Bank (NASDAQ:MCBC) to “Outperform”

Keefe, Bruyette & Woods upgraded shares of Macatawa Bank (NASDAQ:MCBC) from a market perform rating to an outperform rating in a research report report published on Monday, MarketBeat.com reports. The brokerage currently has $15.00 price objective on the financial services provider’s stock, up from their prior price objective of $12.00.

Separately, StockNews.com began coverage on Macatawa Bank in a research report on Friday. They set a sell rating on the stock.

Macatawa Bank Stock Performance

Shares of NASDAQ MCBC opened at $14.24 on Monday. Macatawa Bank has a 12 month low of $8.31 and a 12 month high of $14.45. The company has a market cap of $489.29 million, a price-to-earnings ratio of 11.87 and a beta of 0.67. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.07. The business has a fifty day simple moving average of $10.58 and a 200-day simple moving average of $10.34.

Macatawa Bank Announces Dividend

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

Institutional Trading of Macatawa Bank

Several large investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp boosted its stake in shares of 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 worth $3,005,000 after acquiring an additional 69,609 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its stake in shares of Macatawa Bank by 9.9% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 129,177 shares of the financial services provider’s stock worth $1,265,000 after acquiring an additional 11,618 shares in the last quarter. Los Angeles Capital Management LLC boosted its stake 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 acquiring an additional 3,740 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of 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 worth $654,000 after acquiring an additional 54,031 shares in the last quarter. Finally, Bailard Inc. boosted its stake in Macatawa Bank by 125.3% during the 3rd quarter. Bailard Inc. now owns 40,100 shares of the financial services provider’s stock valued at $359,000 after purchasing an additional 22,300 shares during the period. 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.