Macatawa Bank (MCBC) Upgraded to Buy by ValuEngine

Macatawa Bank (NASDAQ:MCBC) was upgraded by stock analysts at ValuEngine from a “hold” rating to a “buy” rating in a report released on Wednesday.

MCBC has been the subject of several other reports. Hovde Group reissued a “hold” rating and set a $13.00 target price on shares of Macatawa Bank in a research note on Monday, July 30th. BidaskClub raised shares of Macatawa Bank from a “hold” rating to a “buy” rating in a research note on Wednesday, October 24th. Raymond James increased their target price on shares of Macatawa Bank from $33.00 to $36.00 and gave the company a “strong-buy” rating in a research note on Friday, September 7th. Finally, Zacks Investment Research raised shares of Macatawa Bank from a “hold” rating to a “buy” rating and set a $14.00 target price for the company in a research note on Thursday, August 30th. One analyst has rated the stock with a sell rating, three have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $19.00.

Shares of NASDAQ:MCBC opened at $10.94 on Wednesday. The company has a market capitalization of $367.02 million, a PE ratio of 15.41, a P/E/G ratio of 1.77 and a beta of 0.53. Macatawa Bank has a twelve month low of $9.57 and a twelve month high of $12.92. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.60.

Macatawa Bank (NASDAQ:MCBC) last issued its quarterly earnings results on Thursday, October 25th. The financial services provider reported $0.20 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.20. The company had revenue of $19.66 million during the quarter, compared to analyst estimates of $19.50 million. Macatawa Bank had a net margin of 25.87% and a return on equity of 13.50%. Equities analysts forecast that Macatawa Bank will post 0.76 earnings per share for the current year.

A number of hedge funds have recently added to or reduced their stakes in the stock. O Shaughnessy Asset Management LLC acquired a new stake in Macatawa Bank during the third quarter valued at approximately $183,000. Acadian Asset Management LLC lifted its stake in Macatawa Bank by 11.2% during the third quarter. Acadian Asset Management LLC now owns 136,420 shares of the financial services provider’s stock valued at $1,597,000 after purchasing an additional 13,746 shares during the last quarter. Northern Trust Corp lifted its stake in Macatawa Bank by 4.5% during the second quarter. Northern Trust Corp now owns 294,507 shares of the financial services provider’s stock valued at $3,574,000 after purchasing an additional 12,765 shares during the last quarter. California Public Employees Retirement System lifted its stake in Macatawa Bank by 4.9% during the second quarter. California Public Employees Retirement System now owns 121,203 shares of the financial services provider’s stock valued at $1,471,000 after purchasing an additional 5,651 shares during the last quarter. Finally, Macquarie Group Ltd. acquired a new stake in Macatawa Bank during the second quarter valued at approximately $216,000. 30.74% of the stock is owned by institutional investors and hedge funds.

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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To view ValuEngine’s full report, visit ValuEngine’s official website.

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