Macatawa Bank (MCBC) Downgraded by BidaskClub

Macatawa Bank (NASDAQ:MCBC) was downgraded by BidaskClub from a “buy” rating to a “hold” rating in a note issued to investors on Friday.

A number of other equities research analysts have also issued reports on MCBC. ValuEngine upgraded shares of Macatawa Bank from a “hold” rating to a “buy” rating in a report on Wednesday, June 6th. DA Davidson initiated coverage on shares of Macatawa Bank in a report on Friday, June 29th. They set a “neutral” rating and a $13.00 target price on the stock. Hovde Group reiterated a “hold” rating and set a $13.00 target price on shares of Macatawa Bank in a report on Monday, July 30th. Zacks Investment Research upgraded shares of Macatawa Bank from a “hold” rating to a “buy” rating and set a $14.00 target price on the stock in a report on Thursday, August 30th. Finally, Raymond James increased their target price on shares of Macatawa Bank from $33.00 to $36.00 and gave the stock a “strong-buy” rating in a report on Friday, September 7th. Four investment analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $19.00.

Macatawa Bank stock opened at $12.15 on Friday. The company has a market cap of $414.64 million, a price-to-earnings ratio of 19.05, a price-to-earnings-growth ratio of 1.95 and a beta of 0.42. Macatawa Bank has a 52-week low of $9.52 and a 52-week high of $12.92. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.59.

Macatawa Bank (NASDAQ:MCBC) last released its earnings results on Friday, July 27th. The financial services provider reported $0.20 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.02. The company had revenue of $19.12 million for the quarter, compared to analyst estimates of $19.30 million. Macatawa Bank had a net margin of 24.45% and a return on equity of 12.57%. equities analysts expect that Macatawa Bank will post 0.78 earnings per share for the current fiscal year.

A number of institutional investors have recently added to or reduced their stakes in MCBC. LSV Asset Management acquired a new stake in shares of Macatawa Bank in the 1st quarter valued at $111,000. Macquarie Group Ltd. acquired a new stake in shares of Macatawa Bank in the 2nd quarter valued at $216,000. Wedge Capital Management L L P NC acquired a new stake in shares of Macatawa Bank in the 2nd quarter valued at $395,000. Russell Investments Group Ltd. raised its holdings in shares of Macatawa Bank by 100.0% in the 1st quarter. Russell Investments Group Ltd. now owns 42,820 shares of the financial services provider’s stock valued at $440,000 after purchasing an additional 21,410 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. raised its holdings in shares of Macatawa Bank by 44.4% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 57,040 shares of the financial services provider’s stock valued at $693,000 after purchasing an additional 17,540 shares in the last quarter. Institutional investors own 30.75% of the company’s stock.

Macatawa Bank Company Profile

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.

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