StockNews.com assumed coverage on shares of Macatawa Bank (NASDAQ:MCBC – Free Report) in a research report released on Tuesday. The brokerage issued a sell rating on the financial services provider’s stock.
Separately, Keefe, Bruyette & Woods upgraded Macatawa Bank from a market perform rating to an outperform rating and upped their target price for the stock from $12.00 to $15.00 in a research note on Monday, April 29th.
Check Out Our Latest Stock Report on MCBC
Macatawa Bank Price Performance
Macatawa Bank (NASDAQ:MCBC – Get Free Report) last announced its earnings results on Thursday, April 25th. The financial services provider reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). The business had revenue of $25.39 million during the quarter, compared to the consensus estimate of $26.10 million. Macatawa Bank had a return on equity of 14.73% and a net margin of 30.56%. As a group, equities analysts anticipate that Macatawa Bank will post 1.19 EPS for the current fiscal year.
Hedge Funds Weigh In On Macatawa Bank
Institutional investors have recently modified their holdings of the company. Voisard Asset Management Group Inc. bought a new position in shares of Macatawa Bank during the 4th quarter valued at about $112,000. Empowered Funds LLC grew its position in Macatawa Bank by 6.7% during the 1st quarter. Empowered Funds LLC now owns 11,178 shares of the financial services provider’s stock worth $109,000 after acquiring an additional 700 shares during the last quarter. Drive Wealth Management LLC bought a new position in Macatawa Bank during the 4th quarter worth approximately $133,000. Panagora Asset Management Inc. bought a new position in Macatawa Bank during the 4th quarter worth approximately $135,000. Finally, SG Americas Securities LLC grew its position in Macatawa Bank by 25.9% during the 4th quarter. SG Americas Securities LLC now owns 14,535 shares of the financial services provider’s stock worth $164,000 after acquiring an additional 2,993 shares during the last quarter. 42.49% of the stock is currently owned by institutional investors.
Macatawa Bank Company Profile
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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