Macatawa Bank (MCBC) Cut to “Buy” at BidaskClub

Macatawa Bank (NASDAQ:MCBC) was downgraded by research analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a note issued to investors on Wednesday.

Separately, ValuEngine upgraded Macatawa Bank from a “hold” rating to a “buy” rating in a research report on Wednesday, June 6th.

Shares of Macatawa Bank opened at $12.09 on Wednesday, Marketbeat.com reports. The company has a market cap of $420.80 million, a price-to-earnings ratio of 21.33 and a beta of 0.59. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.70. Macatawa Bank has a 12-month low of $8.87 and a 12-month high of $12.65.

Macatawa Bank (NASDAQ:MCBC) last issued its quarterly earnings results on Thursday, April 26th. The financial services provider reported $0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.16 by $0.01. The company had revenue of $18.31 million for the quarter. Macatawa Bank had a return on equity of 11.61% and a net margin of 22.79%.

A number of hedge funds have recently modified their holdings of the business. Dimensional Fund Advisors LP boosted its position in Macatawa Bank by 3.9% during the first quarter. Dimensional Fund Advisors LP now owns 1,421,766 shares of the financial services provider’s stock worth $14,602,000 after purchasing an additional 53,776 shares in the last quarter. BlackRock Inc. boosted its position in Macatawa Bank by 2.2% during the fourth quarter. BlackRock Inc. now owns 1,325,196 shares of the financial services provider’s stock worth $13,252,000 after purchasing an additional 29,016 shares in the last quarter. Renaissance Technologies LLC boosted its position in Macatawa Bank by 12.0% during the fourth quarter. Renaissance Technologies LLC now owns 1,055,900 shares of the financial services provider’s stock worth $10,559,000 after purchasing an additional 112,949 shares in the last quarter. Elizabeth Park Capital Advisors Ltd. boosted its position in Macatawa Bank by 38.9% during the first quarter. Elizabeth Park Capital Advisors Ltd. now owns 917,176 shares of the financial services provider’s stock worth $9,419,000 after purchasing an additional 256,810 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Macatawa Bank by 4.2% during the fourth quarter. Bank of New York Mellon Corp now owns 185,537 shares of the financial services provider’s stock worth $1,855,000 after purchasing an additional 7,513 shares in the last quarter. Institutional investors own 30.37% 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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