Macatawa Bank (NASDAQ:MCBC) Research Coverage Started at StockNews.com

Analysts at StockNews.com initiated coverage on shares of Macatawa Bank (NASDAQ:MCBCGet Free Report) in a note issued to investors on Wednesday. The brokerage set a “sell” rating on the financial services provider’s stock.

Separately, Keefe, Bruyette & Woods raised Macatawa Bank from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $12.00 to $15.00 in a report on Monday, April 29th.

View Our Latest Report on MCBC

Macatawa Bank Trading Down 0.9 %

Shares of MCBC opened at $13.84 on Wednesday. Macatawa Bank has a fifty-two week low of $8.31 and a fifty-two week high of $14.59. The business has a 50-day moving average of $12.92 and a 200 day moving average of $11.27. The firm has a market cap of $475.54 million, a P/E ratio of 11.53 and a beta of 0.52. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.74 and a current ratio of 0.74.

Macatawa Bank (NASDAQ:MCBCGet Free Report) last posted its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.01). Macatawa Bank had a net margin of 30.56% and a return on equity of 14.73%. The business had revenue of $25.39 million during the quarter, compared to the consensus estimate of $26.10 million. As a group, research analysts forecast that Macatawa Bank will post 1.19 EPS for the current year.

Hedge Funds Weigh In On Macatawa Bank

A number of institutional investors have recently made changes to their positions in the stock. Acadian Asset Management LLC grew its position in 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 valued at $4,065,000 after acquiring an additional 19,035 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its stake in Macatawa Bank by 9.9% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 129,177 shares of the financial services provider’s stock worth $1,265,000 after purchasing an additional 11,618 shares during the last quarter. Los Angeles Capital Management LLC boosted its position in Macatawa Bank by 3.1% during the first quarter. Los Angeles Capital Management LLC now owns 122,816 shares of the financial services provider’s stock valued at $1,202,000 after buying an additional 3,740 shares during the period. ClariVest Asset Management LLC purchased a new position in shares of Macatawa Bank in the first quarter worth about $793,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Macatawa Bank by 284.5% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 73,024 shares of the financial services provider’s stock valued at $654,000 after acquiring an additional 54,031 shares during the period. Institutional investors own 42.49% of the company’s stock.

Macatawa Bank Company Profile

(Get Free Report)

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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