Panagora Asset Management Inc. Has $636,000 Holdings in Macatawa Bank Co. (NASDAQ:MCBC)

Panagora Asset Management Inc. trimmed its position in shares of Macatawa Bank Co. (NASDAQ:MCBC) by 9.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 43,531 shares of the financial services provider’s stock after selling 4,323 shares during the period. Panagora Asset Management Inc. owned 0.13% of Macatawa Bank worth $636,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in MCBC. ClariVest Asset Management LLC acquired a new position in shares of Macatawa Bank during the 1st quarter worth about $793,000. Los Angeles Capital Management LLC lifted its position in shares of Macatawa Bank by 3.1% in the first 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. Sapient Capital LLC acquired a new stake in shares of Macatawa Bank in the fourth quarter valued at approximately $234,000. Empowered Funds LLC boosted its stake in shares of Macatawa Bank by 6.7% during the 1st quarter. Empowered Funds LLC now owns 11,178 shares of the financial services provider’s stock worth $109,000 after acquiring an additional 700 shares during the period. Finally, BNP Paribas Financial Markets increased its holdings in shares of Macatawa Bank by 38.5% during the 4th quarter. BNP Paribas Financial Markets now owns 31,432 shares of the financial services provider’s stock worth $355,000 after acquiring an additional 8,739 shares during the last quarter. 42.49% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, StockNews.com initiated coverage on Macatawa Bank in a report on Sunday. They set a “sell” rating for the company.

Macatawa Bank Stock Performance

Shares of MCBC stock opened at $14.82 on Tuesday. Macatawa Bank Co. has a 12-month low of $8.31 and a 12-month high of $15.16. The company has a market capitalization of $509.22 million, a PE ratio of 12.35 and a beta of 0.54. The firm has a 50 day moving average price of $14.75 and a two-hundred day moving average price of $13.00. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.07.

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.