Macatawa Bank Co. (NASDAQ:MCBC) Sees Significant Drop in Short Interest

Macatawa Bank Co. (NASDAQ:MCBC) was the recipient of a significant decrease in short interest in January. As of January 31st, there was short interest totalling 191,400 shares, a decrease of 26.7% from the January 15th total of 261,200 shares. Based on an average trading volume of 50,100 shares, the days-to-cover ratio is presently 3.8 days. Currently, 0.7% of the shares of the stock are short sold.

Several hedge funds have recently made changes to their positions in MCBC. Tower Research Capital LLC TRC purchased a new stake in Macatawa Bank during the 3rd quarter worth about $35,000. Bank of Montreal Can increased its position in Macatawa Bank by 36.6% during the 4th quarter. Bank of Montreal Can now owns 3,757 shares of the financial services provider’s stock worth $42,000 after purchasing an additional 1,007 shares in the last quarter. Citigroup Inc. increased its position in Macatawa Bank by 63.2% during the 4th quarter. Citigroup Inc. now owns 5,852 shares of the financial services provider’s stock worth $65,000 after purchasing an additional 2,266 shares in the last quarter. Victory Capital Management Inc. increased its position in Macatawa Bank by 65.5% during the 4th quarter. Victory Capital Management Inc. now owns 8,522 shares of the financial services provider’s stock worth $95,000 after purchasing an additional 3,373 shares in the last quarter. Finally, Metropolitan Life Insurance Co NY increased its position in Macatawa Bank by 18.3% during the 3rd quarter. Metropolitan Life Insurance Co NY now owns 9,354 shares of the financial services provider’s stock worth $97,000 after purchasing an additional 1,448 shares in the last quarter. Institutional investors and hedge funds own 32.65% of the company’s stock.

MCBC has been the subject of a number of research analyst reports. BidaskClub cut Macatawa Bank from a “hold” rating to a “sell” rating in a research report on Saturday, January 11th. ValuEngine cut Macatawa Bank from a “hold” rating to a “sell” rating in a research report on Friday, January 24th. Finally, Zacks Investment Research upgraded Macatawa Bank from a “sell” rating to a “hold” rating and set a $12.00 price target for the company in a research report on Wednesday, October 30th.

Shares of MCBC stock traded down $0.07 during mid-day trading on Friday, reaching $10.61. The stock had a trading volume of 19,700 shares, compared to its average volume of 51,381. Macatawa Bank has a 12-month low of $9.32 and a 12-month high of $11.42. The company has a market cap of $363.77 million, a P/E ratio of 11.29 and a beta of 0.49. The business has a 50-day simple moving average of $10.83 and a 200 day simple moving average of $10.54. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.48.

Macatawa Bank (NASDAQ:MCBC) last announced its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.21 by $0.03. Macatawa Bank had a return on equity of 15.59% and a net margin of 33.43%. The business had revenue of $20.76 million during the quarter.

The company also recently declared a quarterly dividend, which will be paid on Thursday, February 27th. Stockholders of record on Tuesday, February 11th will be given a $0.08 dividend. The ex-dividend date is Monday, February 10th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.02%. This is a boost from Macatawa Bank’s previous quarterly dividend of $0.07. Macatawa Bank’s dividend payout ratio (DPR) is currently 34.04%.

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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