Macatawa Bank (NASDAQ:MCBC) Announces Earnings Results, Beats Estimates By $0.02 EPS

Macatawa Bank (NASDAQ:MCBCGet Rating) announced its earnings results on Thursday. The financial services provider reported $0.18 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.02, MarketWatch Earnings reports. Macatawa Bank had a return on equity of 11.64% and a net margin of 35.24%.

MCBC opened at $8.75 on Friday. Macatawa Bank has a 52 week low of $7.37 and a 52 week high of $10.00. The business has a fifty day simple moving average of $9.04 and a 200-day simple moving average of $8.91. The firm has a market cap of $299.78 million, a P/E ratio of 10.94 and a beta of 0.74. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.33.

In related news, Director Thomas P. Rosenbach acquired 7,000 shares of Macatawa Bank stock in a transaction dated Wednesday, March 9th. The shares were acquired at an average cost of $9.08 per share, for a total transaction of $63,560.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 8.40% of the stock is currently owned by company insiders.

A number of institutional investors have recently bought and sold shares of the business. Barclays PLC raised its stake in Macatawa Bank by 34.1% in the fourth quarter. Barclays PLC now owns 83,223 shares of the financial services provider’s stock valued at $735,000 after buying an additional 21,152 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in Macatawa Bank by 21.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 172,604 shares of the financial services provider’s stock valued at $1,522,000 after buying an additional 30,136 shares in the last quarter. Parametric Portfolio Associates LLC increased its position in shares of Macatawa Bank by 7.2% during the fourth quarter. Parametric Portfolio Associates LLC now owns 442,584 shares of the financial services provider’s stock worth $3,904,000 after purchasing an additional 29,654 shares in the last quarter. Metropolitan Life Insurance Co NY acquired a new stake in shares of Macatawa Bank during the fourth quarter worth about $61,000. Finally, MetLife Investment Management LLC acquired a new stake in shares of Macatawa Bank during the fourth quarter worth about $83,000. Institutional investors own 36.14% of the company’s stock.

Separately, StockNews.com started coverage on Macatawa Bank in a report on Thursday, March 31st. They issued a “hold” rating for the company.

Macatawa Bank Company Profile (Get Rating)

Macatawa Bank Corporation operates as the bank holding company for Macatawa Bank that provides 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.

Further Reading

Earnings History for Macatawa Bank (NASDAQ:MCBC)

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