Macatawa Bank (NASDAQ:MCBC) Stock Rating Upgraded by Keefe, Bruyette & Woods

Macatawa Bank (NASDAQ:MCBC) was upgraded by stock analysts at Keefe, Bruyette & Woods from a “market perform” rating to an “outperform” rating in a research report issued to clients and investors on Monday, Marketbeat Ratings reports. The brokerage presently has a $15.00 target price on the financial services provider’s stock, up from their prior target price of $12.00. Keefe, Bruyette & Woods’ target price points to a potential upside of 7.14% from the company’s current price.

Separately, StockNews.com initiated coverage on Macatawa Bank in a report on Friday, April 26th. They set a “sell” rating for the company.

Macatawa Bank Price Performance

Shares of NASDAQ:MCBC opened at $14.00 on Monday. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.07. Macatawa Bank has a twelve month low of $8.31 and a twelve month high of $14.45. The stock’s 50 day moving average is $10.66 and its 200-day moving average is $10.38. The firm has a market capitalization of $481.04 million, a price-to-earnings ratio of 11.67 and a beta of 0.67.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp grew its stake in Macatawa Bank by 26.2% in the 3rd quarter. Bank of New York Mellon Corp now owns 335,408 shares of the financial services provider’s stock valued at $3,005,000 after purchasing an additional 69,609 shares during the period. Raymond James Financial Services Advisors Inc. grew its stake in Macatawa Bank by 9.9% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 129,177 shares of the financial services provider’s stock valued at $1,265,000 after purchasing an additional 11,618 shares during the period. Los Angeles Capital Management LLC grew its stake in Macatawa Bank by 3.1% in the 1st quarter. Los Angeles Capital Management LLC now owns 122,816 shares of the financial services provider’s stock valued at $1,202,000 after purchasing an additional 3,740 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its stake in Macatawa Bank by 284.5% in 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 purchasing an additional 54,031 shares during the period. Finally, Bailard Inc. grew its stake in Macatawa Bank by 125.3% in the 3rd quarter. Bailard Inc. now owns 40,100 shares of the financial services provider’s stock valued at $359,000 after purchasing an additional 22,300 shares during the period. Institutional investors own 42.49% of the company’s stock.

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.