Macatawa Bank (NASDAQ:MCBC) Receives New Coverage from Analysts at StockNews.com

Stock analysts at StockNews.com initiated coverage on shares of Macatawa Bank (NASDAQ:MCBC) in a report issued on Saturday. 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 raised their price target for the stock from $12.00 to $15.00 in a research report on Monday, April 29th.

Macatawa Bank Price Performance

Shares of MCBC opened at $14.60 on Friday. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.07. Macatawa Bank has a 1 year low of $8.31 and a 1 year high of $14.63. The stock has a market cap of $501.66 million, a P/E ratio of 12.17 and a beta of 0.52. The stock’s 50-day moving average price is $14.15 and its two-hundred day moving average price is $11.75.

Macatawa Bank (NASDAQ:MCBC) last issued its earnings results on Thursday, April 25th. The financial services provider reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). Macatawa Bank had a return on equity of 14.73% and a net margin of 30.56%. The company had revenue of $25.39 million for the quarter, compared to the consensus estimate of $26.10 million. On average, equities analysts predict that Macatawa Bank will post 1.19 earnings per share for the current year.

Institutional Investors Weigh In On Macatawa Bank

A number of hedge funds and other institutional investors have recently bought and sold shares of MCBC. Empowered Funds LLC grew its stake in Macatawa Bank by 6.7% in the first quarter. Empowered Funds LLC now owns 11,178 shares of the financial services provider’s stock valued at $109,000 after purchasing an additional 700 shares in the last quarter. Quadrature Capital Ltd acquired a new position in Macatawa Bank in the 3rd quarter valued at $111,000. Voisard Asset Management Group Inc. acquired a new position in Macatawa Bank in the 4th quarter valued at $112,000. Drive Wealth Management LLC raised its holdings in shares of Macatawa Bank by 7.2% during the 1st quarter. Drive Wealth Management LLC now owns 12,609 shares of the financial services provider’s stock worth $123,000 after buying an additional 850 shares in the last quarter. Finally, Panagora Asset Management Inc. acquired a new position in shares of Macatawa Bank during the 4th quarter worth $135,000. Institutional investors and hedge funds 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.