The stock of Macatawa Bank Corporation (NASDAQ:MCBC) hit a new 52-week high and has $24.00 target or 197.00% above today’s $8.08 share price. The 8 months bullish chart indicates low risk for the $272.39 million company. The 1-year high was reported on Nov, 2 by Barchart.com. If the $24.00 price target is reached, the company will be worth $536.61M more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. The stock last traded at $8.08 per share. It is down 29.28% since March 31, 2016 and is uptrending. It has outperformed by 26.76% the S&P500.
According to Zacks Investment Research, “Macatawa Bank Corporation is a bank holding company. The company provides a full range of commercial and consumer banking services primarily in the communities of Holland and Zeeland, Michigan, as well as the surrounding market area principally located in Ottawa County. The company’s services include checking and savings accounts, safe deposit boxes, travelers checks, money orders, trust services and commercial, mortgage and consumer loans.”
Insitutional Activity: The institutional sentiment decreased to 1.32 in Q2 2016. Its down 0.91, from 2.23 in 2016Q1. The ratio dived, as 15 funds sold all Macatawa Bank Corporation shares owned while 13 reduced positions. 16 funds bought stakes while 21 increased positions. They now own 8.26 million shares or 23.51% more from 6.69 million shares in 2016Q1.
Lsv Asset last reported 0% of its portfolio in the stock. The California-based Blackrock Fund Advsrs has invested 0% in Macatawa Bank Corporation (NASDAQ:MCBC). First Advsrs Lp holds 0% or 13,482 shares in its portfolio. Tiaa Cref Mgmt Ltd Liability Com accumulated 80,617 shares or 0% of the stock. Northern Trust has invested 0% of its portfolio in Macatawa Bank Corporation (NASDAQ:MCBC). Price T Rowe Assoc Md has 0% invested in the company for 38,100 shares. Jpmorgan Chase Co last reported 834 shares in the company. Panagora Asset Management Inc owns 21,607 shares or 0% of their US portfolio. Stifel Finance has 0% invested in the company for 28,380 shares. Renaissance Techs Llc holds 753,800 shares or 0.01% of its portfolio. Comml Bank Of New York Mellon has 132,508 shares for 0% of their US portfolio. Mufg Americas accumulated 3,370 shares or 0% of the stock. Vanguard Group Inc has 963,818 shares for 0% of their US portfolio. Banc Funds Com has invested 0.34% of its portfolio in Macatawa Bank Corporation (NASDAQ:MCBC). Fifth Third Bank & Trust last reported 0% of its portfolio in the stock.
More notable recent Macatawa Bank Corporation (NASDAQ:MCBC) news were published by: Globenewswire.com which released: “Macatawa Bank Corporation Declares Dividend” on October 31, 2016, also Reuters.com with their article: “BRIEF-Macatawa Bank Corporation reports Q3 2016 results” published on October 27, 2016, Mlive.com published: “Former Macatawa Bank Corp. chairman sues to have his $20833-a-month severance …” on April 02, 2014. More interesting news about Macatawa Bank Corporation (NASDAQ:MCBC) were released by: Mlive.com and their article: “See which insiders bought more Macatawa Bank Corp. stock last week” published on February 12, 2015 as well as Mlive.com‘s news article titled: “‘We’ve fixed the bank,’ Macatawa Bank Corp. chairman tells shareholders” with publication date: May 06, 2014.
MCBC Company Profile
Macatawa Bank Corporation, incorporated on November 20, 1997, is a bank holding company. The Firm owns Macatawa Bank (the Bank). The Firm operates through commercial banking segment. Through its subsidiary, Macatawa Bank, the Company offers a range of commercial and personal banking services, including checking, savings and certificates of deposit accounts, cash management, safe deposit boxes, trust services and commercial, mortgage and consumer loans through over 30 branch offices, and a lending and operation service facility in Ottawa County, Kent County and northern Allegan County, Michigan. It also offers automated teller machines (ATMs), Internet banking, telephone banking and debit cards. The Bank provides various brokerage services, including discount brokerage through Infinex, personal financial planning and consultation regarding mutual funds. The Firm offers personal trust services, which include financial planning, investment management services, trust and estate administration, and custodial services. The personal trust assets under management totals approximately $363.8 million. The Company’s retirement plan services provide various types of qualified retirement plans, including profit sharing, 401(k) and pension plans. The Company’s retirement plan assets under management totals approximately $304.6 million.
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