StockNews.com Initiates Coverage on Macatawa Bank (NASDAQ:MCBC)

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

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

View Our Latest Stock Analysis on Macatawa Bank

Macatawa Bank Stock Performance

MCBC opened at $14.32 on Friday. Macatawa Bank has a 52-week low of $8.31 and a 52-week high of $14.59. 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 $492.04 million, a P/E ratio of 11.93 and a beta of 0.52. The firm’s 50-day moving average price is $14.00 and its 200-day moving average price is $11.62.

Macatawa Bank (NASDAQ:MCBCGet Free Report) last posted its quarterly earnings data 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 company had revenue of $25.39 million for the quarter, compared to analyst estimates of $26.10 million. As a group, equities analysts anticipate that Macatawa Bank will post 1.19 EPS for the current fiscal year.

Institutional Investors Weigh In On Macatawa Bank

Several hedge funds have recently bought and sold shares of the stock. Acadian Asset Management LLC boosted its position in Macatawa Bank by 4.8% in the 1st quarter. Acadian Asset Management LLC now owns 415,312 shares of the financial services provider’s stock worth $4,065,000 after purchasing an additional 19,035 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its position in shares of Macatawa Bank by 9.9% during 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 buying an additional 11,618 shares in the last quarter. Los Angeles Capital Management LLC lifted its position in shares of Macatawa Bank by 3.1% during 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 buying an additional 3,740 shares in the last quarter. ClariVest Asset Management LLC purchased a new position in shares of Macatawa Bank during the 1st quarter valued at approximately $793,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of 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 buying an additional 54,031 shares in the last quarter. Hedge funds and other institutional investors own 42.49% of the company’s stock.

About Macatawa Bank

(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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