Macatawa Bank Co. (NASDAQ:MCBC) Sees Large Decline in Short Interest

Macatawa Bank Co. (NASDAQ:MCBC) saw a large drop in short interest in March. As of March 31st, there was short interest totalling 75,800 shares, a drop of 43.8% from the March 15th total of 134,800 shares. Based on an average trading volume of 62,900 shares, the days-to-cover ratio is presently 1.2 days. Currently, 0.3% of the company’s stock are short sold.

Macatawa Bank Stock Performance

Shares of MCBC stock opened at $9.26 on Thursday. The company’s 50-day moving average is $9.82 and its 200 day moving average is $9.96. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.73 and a current ratio of 0.73. The company has a market capitalization of $318.17 million, a price-to-earnings ratio of 7.35 and a beta of 0.67. Macatawa Bank has a one year low of $8.31 and a one year high of $11.91.

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

Macatawa Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, February 28th. Stockholders of record on Tuesday, February 13th were issued a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 3.89%. The ex-dividend date was Monday, February 12th. Macatawa Bank’s payout ratio is presently 28.57%.

Institutional Trading of Macatawa Bank

A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of Macatawa Bank by 14.6% during the 4th quarter. Vanguard Group Inc. now owns 1,615,788 shares of the financial services provider’s stock valued at $18,226,000 after acquiring an additional 205,435 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Macatawa Bank by 0.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,559,969 shares of the financial services provider’s stock worth $17,597,000 after buying an additional 13,187 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in shares of Macatawa Bank by 7.8% in the second 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 boosted its holdings in shares of Macatawa Bank by 3.5% in the fourth 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 boosted its holdings in shares of Macatawa Bank by 10.4% in the first 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.

Wall Street Analyst Weigh In

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

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.