Macatawa Bank (NASDAQ:MCBC) is receiving new coverage from analysts at StockNews.com

Investment analysts at StockNews.com initiated coverage on the stock Macatawa Bank (NASDAQ:MCBC – Get a Free Report) in a report issued on Saturday. The brokerage set a “sell” rating on the financial services provider’s stock.

Separately, Keefe, Bruyette & Woods raised Macatawa Bank from a “market perform” rating to an “outperform” rating and upped their target price for the company from $12.00 to $15.00 in a research note on Monday, April 29.

Get the latest report on MCBC

Macatawa Bank price performance

MCBC opened at $14.82 on Friday. The stock has a market cap of $509.22 million, a PE ratio of 12.35 and a beta of 0.54. 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 has a 52-week low of $8.31 and a 52-week high of $15.16. The company’s fifty-day simple moving average is $14.67, and its 200-day simple moving average is $12.79.

Institutional inputs and outputs

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Creative Planning bought a new position in shares of Macatawa Bank in the second quarter valued at about $344,000. Millennium Management LLC raised its stake in Macatawa Bank by 570.3% during the second quarter. Millennium Management LLC now owns 397,350 shares of the financial services provider’s stock valued at $5,801,000 after buying an additional 338,074 shares in the last quarter. Sagefield Capital LP bought a new position in shares of Macatawa Bank in the second quarter valued at about $801,000. Bank of Montreal Can bought a new position in shares of Macatawa Bank in the second quarter valued at about $2,674,000. Finally, Magnetar Financial LLC bought a new position in shares of Macatawa Bank in the second quarter valued at about $6,325,000. 42.49% of shares are held by institutional investors.

About Macatawa Bank

(Get a free report)

Macatawa Bank Corporation operates as the bank holding company for Macatawa Bank, which is engaged in providing 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.

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