Renaissance Technologies LLC Acquires 132,700 Shares of Macatawa Bank Co. (MCBC)

Renaissance Technologies LLC raised its stake in shares of Macatawa Bank Co. (NASDAQ:MCBC) by 18.2% during the fourth quarter, Holdings Channel reports. The institutional investor owned 861,700 shares of the financial services provider’s stock after buying an additional 132,700 shares during the period. Renaissance Technologies LLC owned approximately 2.54% of Macatawa Bank worth $8,970,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in MCBC. O Shaughnessy Asset Management LLC boosted its stake in shares of Macatawa Bank by 6.4% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 260,259 shares of the financial services provider’s stock valued at $2,709,000 after buying an additional 15,599 shares in the last quarter. State Street Corp boosted its stake in shares of Macatawa Bank by 14.1% in the fourth quarter. State Street Corp now owns 363,517 shares of the financial services provider’s stock valued at $3,783,000 after buying an additional 44,857 shares in the last quarter. Russell Investments Group Ltd. acquired a new stake in shares of Macatawa Bank during the fourth quarter valued at about $309,000. Finally, First Trust Advisors LP boosted its stake in shares of Macatawa Bank by 5.3% in the third quarter. First Trust Advisors LP now owns 14,198 shares of the financial services provider’s stock valued at $113,000 after buying an additional 716 shares in the last quarter. Hedge funds and other institutional investors own 26.83% of the company’s stock.

Institutional Ownership by Quarter for Macatawa Bank (NASDAQ:MCBC)

Shares of Macatawa Bank Co. (NASDAQ:MCBC) opened at 9.69 on Friday. The stock’s 50 day moving average is $10.00 and its 200 day moving average is $9.27. The stock has a market capitalization of $328.88 million, a PE ratio of 20.62 and a beta of 1.13. Macatawa Bank Co. has a 12 month low of $6.16 and a 12 month high of $10.67.

Macatawa Bank (NASDAQ:MCBC) last released its quarterly earnings results on Thursday, January 26th. The financial services provider reported $0.12 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.13 by $0.01. Macatawa Bank had a net margin of 22.29% and a return on equity of 10.06%. Analysts anticipate that Macatawa Bank Co. will post $0.53 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Tuesday, February 28th. Investors of record on Monday, February 13th were given a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a yield of 1.65%. The ex-dividend date of this dividend was Thursday, February 9th. This is a positive change from Macatawa Bank’s previous quarterly dividend of $0.03. Macatawa Bank’s dividend payout ratio (DPR) is currently 34.04%.

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Macatawa Bank Company Profile

Macatawa Bank Corporation is a bank holding company. The Company owns Macatawa Bank (the Bank). The Company focuses on commercial banking. It also offers automated teller machines (ATMs), Internet banking, telephone banking and debit cards. It offers personal trust services, which include financial planning, investment management services, trust and estate administration, and custodial services.

5 Day Chart for NASDAQ:MCBC

Want to see what other hedge funds are holding MCBC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Macatawa Bank Co. (NASDAQ:MCBC).

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