California State Teachers Retirement System Sells 1,686 Shares of Macatawa Bank Co. (NASDAQ:MCBC)

California State Teachers Retirement System lessened its position in Macatawa Bank Co. (NASDAQ:MCBC) by 38.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,647 shares of the financial services provider’s stock after selling 1,686 shares during the quarter. California State Teachers Retirement System’s holdings in Macatawa Bank were worth $26,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in MCBC. ClariVest Asset Management LLC purchased a new position in shares of Macatawa Bank in the 1st quarter worth about $793,000. Sapient Capital LLC purchased a new stake in Macatawa Bank in the fourth quarter worth approximately $234,000. Johnson Investment Counsel Inc. bought a new position in Macatawa Bank during the fourth quarter valued at approximately $216,000. Acadian Asset Management LLC raised its stake in shares of Macatawa Bank by 4.8% during the first quarter. Acadian Asset Management LLC now owns 415,312 shares of the financial services provider’s stock worth $4,065,000 after acquiring an additional 19,035 shares in the last quarter. Finally, Los Angeles Capital Management LLC lifted its holdings in shares of Macatawa Bank by 17.4% in the 4th quarter. Los Angeles Capital Management LLC now owns 119,076 shares of the financial services provider’s stock worth $1,343,000 after acquiring an additional 17,644 shares during the last quarter. Institutional investors own 42.49% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on MCBC. Keefe, Bruyette & Woods raised shares of Macatawa Bank from a “market perform” rating to an “outperform” rating and increased their target price for the company from $12.00 to $15.00 in a report on Monday, April 29th. StockNews.com began coverage on Macatawa Bank in a research note on Friday, August 16th. They set a “sell” rating on the stock.

Macatawa Bank Price Performance

Shares of NASDAQ MCBC opened at $14.82 on Wednesday. The firm’s fifty day moving average is $14.59 and its 200 day moving average is $12.73. Macatawa Bank Co. has a 52 week low of $8.31 and a 52 week high of $15.16. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.07. The company has a market cap of $509.22 million, a price-to-earnings ratio of 12.35 and a beta of 0.54.

Macatawa Bank Profile

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.