SG Americas Securities LLC Increases Stake in Macatawa Bank Co. (NASDAQ:MCBC)

SG Americas Securities LLC grew its position in shares of Macatawa Bank Co. (NASDAQ:MCBC) by 25.9% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 14,535 shares of the financial services provider’s stock after buying an additional 2,993 shares during the quarter. SG Americas Securities LLC’s holdings in Macatawa Bank were worth $164,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its position in Macatawa Bank by 1.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,481,442 shares of the financial services provider’s stock worth $13,348,000 after buying an additional 19,674 shares during the last quarter. Vanguard Group Inc. raised its position in Macatawa Bank by 10.3% during the 1st quarter. Vanguard Group Inc. now owns 1,428,079 shares of the financial services provider’s stock worth $12,867,000 after buying an additional 133,747 shares during the last quarter. Alliancebernstein L.P. raised its position in Macatawa Bank by 7.8% during the 2nd quarter. Alliancebernstein L.P. now owns 1,389,881 shares of the financial services provider’s stock worth $12,898,000 after buying an additional 100,763 shares during the last quarter. rhino investment partners Inc raised its position in Macatawa Bank by 3.5% during the 4th quarter. rhino investment partners Inc now owns 1,122,166 shares of the financial services provider’s stock worth $12,377,000 after buying an additional 37,680 shares during the last quarter. Finally, State Street Corp raised its position in Macatawa Bank by 10.4% during the 1st quarter. State Street Corp now owns 557,649 shares of the financial services provider’s stock worth $5,699,000 after buying an additional 52,714 shares during the last quarter. Hedge funds and other institutional investors own 42.49% of the company’s stock.

Analysts Set New Price Targets

Separately, Hovde Group raised shares of Macatawa Bank from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $11.00 to $12.50 in a research note on Wednesday, December 20th.

Macatawa Bank Stock Performance

NASDAQ:MCBC opened at $9.93 on Tuesday. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.10. Macatawa Bank Co. has a fifty-two week low of $8.31 and a fifty-two week high of $11.91. The stock has a market cap of $341.19 million, a PE ratio of 7.88 and a beta of 0.67. The firm’s fifty day simple moving average is $9.78 and its 200-day simple moving average is $9.98.

Macatawa Bank (NASDAQ:MCBC) last posted its quarterly earnings results on Thursday, January 25th. The financial services provider reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.04). Macatawa Bank had a return on equity of 15.99% and a net margin of 32.68%. The company had revenue of $26.13 million for the quarter, compared to analyst estimates of $26.90 million. Analysts expect that Macatawa Bank Co. will post 1.26 earnings per share for the current fiscal year.

Macatawa Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 28th. Investors of record on Tuesday, February 13th were paid a $0.09 dividend. The ex-dividend date of this dividend was Monday, February 12th. This represents a $0.36 dividend on an annualized basis and a yield of 3.63%. Macatawa Bank’s payout ratio is 28.57%.

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.