Shares of Macatawa Bank Co. (NASDAQ:MCBC) have earned an average recommendation of “Buy” from the six brokerages that are currently covering the stock, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation, two have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $19.00.
A number of equities analysts have commented on MCBC shares. BidaskClub raised Macatawa Bank from a “hold” rating to a “buy” rating in a research note on Wednesday, October 24th. Zacks Investment Research upgraded Macatawa Bank from a “hold” rating to a “buy” rating and set a $14.00 target price for the company in a research report on Thursday, August 30th. Hovde Group restated a “hold” rating and set a $13.00 target price on shares of Macatawa Bank in a research report on Monday, July 30th. ValuEngine downgraded Macatawa Bank from a “buy” rating to a “hold” rating in a research report on Monday, July 30th. Finally, Raymond James boosted their target price on Macatawa Bank from $33.00 to $36.00 and gave the stock a “strong-buy” rating in a research report on Friday, September 7th.
Macatawa Bank stock traded down $0.17 on Friday, reaching $10.68. The company’s stock had a trading volume of 713 shares, compared to its average volume of 43,889. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.93 and a current ratio of 0.93. The firm has a market cap of $374.50 million, a P/E ratio of 19.45, a P/E/G ratio of 1.76 and a beta of 0.35. Macatawa Bank has a twelve month low of $9.52 and a twelve month high of $12.92.
Macatawa Bank (NASDAQ:MCBC) last posted its quarterly earnings data on Thursday, October 25th. The financial services provider reported $0.20 EPS for the quarter, hitting analysts’ consensus estimates of $0.20. The company had revenue of $19.66 million for the quarter, compared to analyst estimates of $19.50 million. Macatawa Bank had a return on equity of 13.50% and a net margin of 25.87%. On average, equities research analysts predict that Macatawa Bank will post 0.78 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 28th. Stockholders of record on Tuesday, November 13th will be given a dividend of $0.07 per share. The ex-dividend date of this dividend is Friday, November 9th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 2.62%. This is an increase from Macatawa Bank’s previous quarterly dividend of $0.06. Macatawa Bank’s payout ratio is presently 43.64%.
Several hedge funds have recently added to or reduced their stakes in the company. California Public Employees Retirement System raised its position in shares of 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 worth $1,471,000 after acquiring an additional 5,651 shares during the last quarter. LSV Asset Management raised its position in shares of Macatawa Bank by 104.6% during the second quarter. LSV Asset Management now owns 22,122 shares of the financial services provider’s stock worth $268,000 after acquiring an additional 11,308 shares during the last quarter. Northern Trust Corp raised its position in shares of Macatawa Bank by 4.5% during the second quarter. Northern Trust Corp now owns 294,507 shares of the financial services provider’s stock worth $3,574,000 after acquiring an additional 12,765 shares during the last quarter. Acadian Asset Management LLC increased its holdings in Macatawa Bank by 11.2% in 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. Finally, Schwab Charles Investment Management Inc. increased its holdings in Macatawa Bank by 44.4% in the second 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 during the last quarter. Institutional investors own 30.74% 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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