Macatawa Bank (NASDAQ:MCBC) Share Price Passes Above 200 Day Moving Average of $10.22

Macatawa Bank Co. (NASDAQ:MCBC) shares passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $10.22 and traded as high as $14.34. Macatawa Bank shares last traded at $14.30, with a volume of 217,526 shares changing hands.

Analysts Set New Price Targets

Separately, StockNews.com lowered shares of Macatawa Bank from a “hold” rating to a “sell” rating in a research report on Wednesday, April 17th.

Macatawa Bank Stock Performance

The stock has a market cap of $491.35 million, a price-to-earnings ratio of 11.35 and a beta of 0.67. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.73 and a quick ratio of 0.73. The firm has a fifty day moving average of $10.34 and a 200 day moving average of $10.22.

Macatawa Bank (NASDAQ:MCBC) last issued its earnings results 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). The company had revenue of $26.13 million during the quarter, compared to analyst estimates of $26.90 million. Macatawa Bank had a return on equity of 15.99% and a net margin of 32.68%. As a group, sell-side analysts forecast that Macatawa Bank Co. will post 1.26 EPS for the current year.

Institutional Trading of Macatawa Bank

Hedge funds have recently made changes to their positions in the company. Sapient Capital LLC acquired a new position in Macatawa Bank in the fourth quarter valued at approximately $234,000. Raymond James Financial Services Advisors Inc. grew its holdings 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 purchasing an additional 88,741 shares during the period. Bank of New York Mellon Corp increased its position 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 purchasing an additional 69,609 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Macatawa Bank by 284.5% in 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 buying an additional 54,031 shares during the period. Finally, Quadrature Capital Ltd acquired a new position in Macatawa Bank in the third quarter valued at about $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.