Macatawa Bank Co. (NASDAQ:MCBC) Short Interest Up 27.6% in June

Macatawa Bank Co. (NASDAQ:MCBC) was the recipient of a large increase in short interest in June. As of June 15th, there was short interest totalling 175,400 shares, an increase of 27.6% from the May 31st total of 137,500 shares. Based on an average daily volume of 171,100 shares, the days-to-cover ratio is presently 1.0 days. Approximately 0.7% of the shares of the stock are sold short.

Institutional Investors Weigh In On Macatawa Bank

Hedge funds have recently modified their holdings of the company. Sapient Capital LLC bought a new position in Macatawa Bank during the 4th quarter worth $234,000. Raymond James Financial Services Advisors Inc. raised its position in 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 last quarter. 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 worth $654,000 after purchasing an additional 54,031 shares during the last quarter. Los Angeles Capital Management LLC raised its position in 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 purchasing an additional 3,740 shares during the last quarter. Finally, Quadrature Capital Ltd bought a new position in Macatawa Bank during the 3rd quarter worth $111,000. Institutional investors and hedge funds own 42.49% of the company’s stock.

Macatawa Bank Trading Up 0.2 %

NASDAQ MCBC opened at $14.63 on Tuesday. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.07. Macatawa Bank has a twelve month low of $8.31 and a twelve month high of $14.72. The company has a market cap of $502.69 million, a price-to-earnings ratio of 12.19 and a beta of 0.54. The business’s fifty day moving average is $14.15 and its 200 day moving average is $11.77.

Macatawa Bank (NASDAQ:MCBC) last released its quarterly earnings data on Thursday, April 25th. The financial services provider reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.01). Macatawa Bank had a net margin of 30.56% and a return on equity of 14.73%. The firm had revenue of $25.39 million for the quarter, compared to analyst estimates of $26.10 million. As a group, sell-side analysts expect that Macatawa Bank will post 1.19 EPS for the current fiscal year.

Macatawa Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 30th. Investors of record on Monday, May 13th were issued a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 2.46%. The ex-dividend date was Friday, May 10th. Macatawa Bank’s dividend payout ratio (DPR) is 30.00%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. StockNews.com assumed coverage on Macatawa Bank in a report on Saturday. They issued a “sell” rating on the stock. Keefe, Bruyette & Woods raised Macatawa Bank from a “market perform” rating to an “outperform” rating and raised their target price for the company from $12.00 to $15.00 in a report on Monday, April 29th.

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.