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

Macatawa Bank Co. (NASDAQ:MCBC) was the target of a significant increase in short interest in the month of 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. Approximately 0.7% of the company’s stock are sold short. Based on an average daily trading volume, of 171,100 shares, the short-interest ratio is presently 1.0 days.

Institutional Investors Weigh In On Macatawa Bank

Several institutional investors and hedge funds have recently modified their holdings of MCBC. Acadian Asset Management LLC boosted its stake in shares of Macatawa Bank by 4.8% during the 1st quarter. Acadian Asset Management LLC now owns 415,312 shares of the financial services provider’s stock worth $4,065,000 after acquiring an additional 19,035 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its stake in shares of Macatawa Bank by 9.9% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 129,177 shares of the financial services provider’s stock worth $1,265,000 after buying an additional 11,618 shares during the last quarter. Los Angeles Capital Management LLC grew its stake in Macatawa Bank by 3.1% in the 1st quarter. Los Angeles Capital Management LLC now owns 122,816 shares of the financial services provider’s stock valued at $1,202,000 after buying an additional 3,740 shares during the last quarter. ClariVest Asset Management LLC bought a new position in Macatawa Bank in the 1st quarter worth $793,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted 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 acquiring an additional 54,031 shares during the last quarter. Institutional investors and hedge funds own 42.49% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on MCBC. Keefe, Bruyette & Woods raised Macatawa Bank from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $12.00 to $15.00 in a research note on Monday, April 29th. StockNews.com started coverage on shares of Macatawa Bank in a research report on Saturday. They issued a “sell” rating for the company.

Macatawa Bank Price Performance

Shares of NASDAQ:MCBC opened at $14.63 on Tuesday. The business has a fifty day simple moving average of $14.15 and a 200 day simple moving average of $11.77. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.07. Macatawa Bank has a 1 year low of $8.31 and a 1 year high of $14.72. The firm has a market cap of $502.69 million, a price-to-earnings ratio of 12.19 and a beta of 0.54.

Macatawa Bank (NASDAQ:MCBC) last announced its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.29 earnings per share (EPS) 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 predict that Macatawa Bank will post 1.19 earnings per share for the current fiscal year.

Macatawa Bank Announces Dividend

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

Macatawa Bank Company Profile

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.