Short Interest in Macatawa Bank Co. (NASDAQ:MCBC) Rises By 6.7%

Posted by Defense World Staff on Oct 17th, 2023

Macatawa Bank Co. (NASDAQ:MCBC – Get Free Report) was the target of a significant growth in short interest during the month of September. As of September 30th, there was short interest totalling 177,500 shares, a growth of 6.7% from the September 15th total of 166,400 shares. Based on an average daily trading volume, of 55,700 shares, the short-interest ratio is currently 3.2 days. Currently, 0.7% of the shares of the company are short sold.

Macatawa Bank Trading Up 0.5 %

MCBC stock opened at $8.90 on Tuesday. Macatawa Bank has a 1-year low of $6.96 and a 1-year high of $11.84. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.11. The business’s 50 day moving average is $9.13 and its 200-day moving average is $9.29. The firm has a market cap of $305.19 million, a P/E ratio of 6.90 and a beta of 0.66.

Macatawa Bank (NASDAQ:MCBC – Get Free Report) last announced its quarterly earnings results on Thursday, July 27th. The financial services provider reported $0.30 earnings per share for the quarter. The firm had revenue of $25.76 million for the quarter. Macatawa Bank had a return on equity of 17.65% and a net margin of 37.13%. Equities analysts anticipate that Macatawa Bank will post 1.25 earnings per share for the current fiscal year.

Macatawa Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 30th. Investors of record on Tuesday, August 15th were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 3.60%. The ex-dividend date of this dividend was Monday, August 14th. Macatawa Bank’s dividend payout ratio is currently 24.81%.

Institutional Trading of Macatawa Bank

Several large investors have recently added to or reduced their stakes in the company. Lazard Asset Management LLC acquired a new position in shares of Macatawa Bank in the 2nd quarter worth approximately $28,000. FMR LLC increased its stake in shares of Macatawa Bank by 332.4% in the second quarter. FMR LLC now owns 3,593 shares of the financial services provider’s stock valued at $31,000 after buying an additional 2,762 shares in the last quarter. Citigroup Inc. raised its holdings in shares of Macatawa Bank by 3,477.1% in the second quarter. Citigroup Inc. now owns 8,120 shares of the financial services provider’s stock valued at $75,000 after buying an additional 7,893 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in Macatawa Bank by 144.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 7,889 shares of the financial services provider’s stock worth $81,000 after buying an additional 4,662 shares in the last quarter. Finally, CWM LLC grew its holdings in Macatawa Bank by 17.9% during the 2nd quarter. CWM LLC now owns 9,297 shares of the financial services provider’s stock worth $86,000 after acquiring an additional 1,409 shares during the last quarter. 41.58% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on MCBC. Janney Montgomery Scott assumed coverage on Macatawa Bank in a research report on Wednesday, August 30th. They set a “buy” rating and a $11.00 price objective on the stock. StockNews.com started coverage on shares of Macatawa Bank in a research note on Thursday, October 5th. They issued a “hold” rating for the company.

View Our Latest Analysis on MCBC

Macatawa Bank Company Profile

(Get Free Report)

Macatawa Bank Corp. operates as a holding company, which engages in the provision of financial services. The company offers a range of commercial and personal banking services. It also includes checking, savings and certificates of deposit accounts, cash management, safe deposit boxes, trust services and commercial, mortgage and consumer loans, internet and telephone banking, and debit cards.