Price Action to Note: Could Macatawa Bank Corporation Go Down After Touching 52-Week High?

Price Action to Note: Could Macatawa Bank Corporation Go Down After Touching 52 Week High?

The stock of Macatawa Bank Corporation (NASDAQ:MCBC) hit a new 52-week high and has $25.06 target or 199.00% above today’s $8.38 share price. The 6 months bullish chart indicates low risk for the $284.26 million company. The 1-year high was reported on Nov, 7 by Barchart.com. If the $25.06 price target is reached, the company will be worth $565.68 million 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. About 33,017 shares traded hands. Macatawa Bank Corporation (NASDAQ:MCBC) has risen 25.19% since April 5, 2016 and is uptrending. It has outperformed by 23.24% 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 2016 Q2. 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.
The Michigan-based Aspen Mngmt has invested 0.06% in Macatawa Bank Corporation (NASDAQ:MCBC). Denver Inv Advisors Limited Liability Com has 0.01% invested in the company for 19,430 shares. Deutsche State Bank Ag has 0% invested in the company for 118,119 shares. Magee Thomson Invest Prns Ltd Limited Liability Company has 112 shares for 0% of their US portfolio. Blackrock Fund Advisors last reported 684,731 shares in the company. Moreover, Norris Perne And French Llp Mi has 0.08% invested in Macatawa Bank Corporation (NASDAQ:MCBC) for 47,896 shares. Dimensional Fund Advisors Limited Partnership holds 1.33M shares or 0.01% of its portfolio. Northern Tru Corp holds 0% of its portfolio in Macatawa Bank Corporation (NASDAQ:MCBC) for 270,623 shares. Renaissance Techs Ltd Liability Corporation reported 753,800 shares or 0.01% of all its holdings. Blackrock holds 8,341 shares or 0% of its portfolio. Moreover, Comml Bank Of America Corporation De has 0% invested in Macatawa Bank Corporation (NASDAQ:MCBC) for 24,686 shares. Moreover, Jpmorgan Chase Communication has 0% invested in Macatawa Bank Corporation (NASDAQ:MCBC) for 834 shares. Wells Fargo Mn accumulated 0% or 13,001 shares. Summit Secs Gp Ltd owns 13,445 shares or 0.05% of their US portfolio. American Gru owns 15,226 shares or 0% of their US portfolio.

More important recent Macatawa Bank Corporation (NASDAQ:MCBC) news were published by: Reuters.com which released: “BRIEF-Macatawa Bank Corporation reports Q3 2016 results” on October 27, 2016, also Mlive.com published article titled: “Former Macatawa Bank Corp. chairman sues to have his $20833-a-month severance …”, Mlive.com published: “‘We’ve fixed the bank,’ Macatawa Bank Corp. chairman tells shareholders” on May 06, 2014. More interesting news about Macatawa Bank Corporation (NASDAQ:MCBC) was released by: Mlive.com and their article: “Macatawa Bank Corp. Chairman Ben Smith steps down” with publication date: February 10, 2009.

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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