Bank of America Corp DE increased its stake in shares of Macatawa Bank Co. (NASDAQ:MCBC) by 7.1% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 86,479 shares of the financial services provider’s stock after acquiring an additional 5,746 shares during the period. Bank of America Corp DE’s holdings in Macatawa Bank were worth $832,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp increased its position in Macatawa Bank by 3.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 202,365 shares of the financial services provider’s stock valued at $2,370,000 after buying an additional 7,508 shares in the last quarter. BlackRock Inc. increased its position in Macatawa Bank by 3.5% during the 3rd quarter. BlackRock Inc. now owns 1,433,863 shares of the financial services provider’s stock valued at $16,790,000 after buying an additional 49,011 shares in the last quarter. MetLife Investment Advisors LLC increased its position in Macatawa Bank by 50.5% during the 3rd quarter. MetLife Investment Advisors LLC now owns 21,700 shares of the financial services provider’s stock valued at $254,000 after buying an additional 7,284 shares in the last quarter. Vanguard Group Inc. increased its position in Macatawa Bank by 3.4% during the 3rd quarter. Vanguard Group Inc. now owns 1,120,677 shares of the financial services provider’s stock valued at $13,123,000 after buying an additional 37,253 shares in the last quarter. Finally, Vanguard Group Inc increased its position in Macatawa Bank by 3.4% during the 3rd quarter. Vanguard Group Inc now owns 1,120,677 shares of the financial services provider’s stock valued at $13,123,000 after buying an additional 37,253 shares in the last quarter. 33.27% of the stock is currently owned by hedge funds and other institutional investors.

MCBC stock opened at $10.47 on Thursday. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.93 and a quick ratio of 0.93. Macatawa Bank Co. has a twelve month low of $8.81 and a twelve month high of $12.92. The company has a market cap of $354.70 million, a P/E ratio of 13.42, a P/E/G ratio of 1.53 and a beta of 0.59.

Macatawa Bank (NASDAQ:MCBC) last issued its earnings results on Thursday, April 25th. The financial services provider reported $0.22 EPS for the quarter, beating the consensus estimate of $0.20 by $0.02. Macatawa Bank had a return on equity of 15.03% and a net margin of 31.44%. The business had revenue of $20.35 million for the quarter, compared to the consensus estimate of $20.20 million. Equities research analysts forecast that Macatawa Bank Co. will post 0.84 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 30th. Shareholders of record on Tuesday, May 14th will be paid a dividend of $0.07 per share. The ex-dividend date of this dividend is Monday, May 13th. This represents a $0.28 annualized dividend and a yield of 2.67%. Macatawa Bank’s dividend payout ratio is 35.90%.

In other Macatawa Bank news, VP Jill A. Walcott sold 15,000 shares of the stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $10.33, for a total transaction of $154,950.00. Following the sale, the vice president now directly owns 68,960 shares in the company, valued at approximately $712,356.80. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Jill A. Walcott sold 4,200 shares of the stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $10.28, for a total value of $43,176.00. Following the sale, the vice president now owns 75,416 shares in the company, valued at $775,276.48. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 21,100 shares of company stock worth $218,589. Company insiders own 8.60% of the company’s stock.

A number of research analysts recently weighed in on the company. Zacks Investment Research raised Macatawa Bank from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a research report on Thursday, May 2nd. BidaskClub raised Macatawa Bank from a “sell” rating to a “hold” rating in a research report on Saturday, March 30th. Finally, ValuEngine lowered Macatawa Bank from a “hold” rating to a “sell” rating in a research report on Friday, March 22nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. Macatawa Bank presently has a consensus rating of “Hold” and a consensus price target of $18.50.

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Macatawa Bank Company Profile

Macatawa Bank Corporation operates as the bank holding company for Macatawa Bank that provides 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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Want to see what other hedge funds are holding MCBC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Macatawa Bank Co. (NASDAQ:MCBC).

Institutional Ownership by Quarter for Macatawa Bank (NASDAQ:MCBC)

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