Cwm LLC Sells 2,432 Shares of Macatawa Bank Co. (NASDAQ:MCBC)

Cwm LLC lessened its holdings in Macatawa Bank Co. (NASDAQ:MCBC) by 26.7% during the 4th quarter, Holdings Channel reports. The firm owned 6,676 shares of the financial services provider’s stock after selling 2,432 shares during the period. Cwm LLC’s holdings in Macatawa Bank were worth $75,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of MCBC. Sapient Capital LLC bought a new stake in shares of Macatawa Bank in the 4th quarter valued at $234,000. Drive Wealth Management LLC bought a new stake in shares of Macatawa Bank in the fourth quarter valued at about $133,000. Norris Perne & French LLP MI lifted its holdings in shares of Macatawa Bank by 36.1% in the fourth quarter. Norris Perne & French LLP MI now owns 17,008 shares of the financial services provider’s stock valued at $192,000 after purchasing an additional 4,508 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in shares of Macatawa Bank by 307.9% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 117,559 shares of the financial services provider’s stock worth $1,326,000 after buying an additional 88,741 shares during the period. Finally, SG Americas Securities LLC grew its holdings in shares of Macatawa Bank by 25.9% during the fourth quarter. SG Americas Securities LLC now owns 14,535 shares of the financial services provider’s stock worth $164,000 after buying an additional 2,993 shares in the last quarter. Institutional investors and hedge funds own 42.49% of the company’s stock.

Analyst Upgrades and Downgrades

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

Macatawa Bank Stock Performance

Shares of NASDAQ MCBC opened at $14.31 on Wednesday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.74 and a current ratio of 0.74. The stock has a 50 day moving average price of $11.11 and a 200 day moving average price of $10.57. The stock has a market capitalization of $491.69 million, a PE ratio of 11.93 and a beta of 0.52. Macatawa Bank Co. has a 52 week low of $8.31 and a 52 week high of $14.53.

Macatawa Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 30th. Investors of record on Monday, May 13th will be paid a $0.09 dividend. The ex-dividend date of this dividend is Friday, May 10th. This represents a $0.36 annualized dividend and a dividend yield of 2.52%. Macatawa Bank’s dividend payout ratio is presently 30.00%.

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.