StockNews.com cut shares of Macatawa Bank (NASDAQ:MCBC – Free Report) from a hold rating to a sell rating in a report released on Wednesday.
Separately, Hovde Group upgraded shares of Macatawa Bank from a market perform rating to an outperform rating and lifted their price target for the company from $11.00 to $12.50 in a research note on Wednesday, December 20th.
Get Our Latest Stock Report on MCBC
Macatawa Bank Stock Performance
Macatawa Bank (NASDAQ:MCBC – Get Free Report) last posted its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.04). Macatawa Bank had a return on equity of 15.99% and a net margin of 32.68%. The firm had revenue of $26.13 million for the quarter, compared to the consensus estimate of $26.90 million. Equities analysts expect that Macatawa Bank will post 1.26 EPS for the current fiscal year.
Institutional Investors Weigh In On Macatawa Bank
A number of institutional investors and hedge funds have recently modified their holdings of MCBC. Comerica Bank acquired a new position in Macatawa Bank during the third quarter worth approximately $28,000. Lazard Asset Management LLC acquired a new stake in shares of Macatawa Bank in the second quarter valued at approximately $28,000. FMR LLC boosted its stake in shares of Macatawa Bank by 332.4% during the 2nd quarter. FMR LLC now owns 3,593 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 2,762 shares during the period. US Bancorp DE acquired a new position in shares of Macatawa Bank during the 4th quarter worth approximately $55,000. Finally, Citigroup Inc. raised its stake in Macatawa Bank by 3,477.1% in the 2nd quarter. Citigroup Inc. now owns 8,120 shares of the financial services provider’s stock valued at $75,000 after acquiring an additional 7,893 shares during the period. 42.49% of the stock is owned by institutional investors.
About Macatawa Bank
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.
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