Macatawa Bank (MCBC) Downgraded by BidaskClub to Hold

BidaskClub downgraded shares of Macatawa Bank (NASDAQ:MCBC) from a buy rating to a hold rating in a report published on Friday.

A number of other equities research analysts also recently weighed in on the stock. ValuEngine downgraded shares of Macatawa Bank from a buy rating to a hold rating in a report on Thursday. Raymond James upped their price target on shares of Macatawa Bank from $33.00 to $36.00 and gave the company a strong-buy rating in a report on Friday, September 7th. Zacks Investment Research raised shares of Macatawa Bank from a hold rating to a buy rating and set a $14.00 price target for the company in a report on Thursday, August 30th. Finally, Hovde Group reissued a hold rating and issued a $13.00 price target on shares of Macatawa Bank in a report on Monday, July 30th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a strong buy rating to the company’s stock. Macatawa Bank presently has an average rating of Hold and a consensus price target of $19.00.

NASDAQ MCBC traded up $0.03 on Friday, reaching $10.75. The company’s stock had a trading volume of 32,150 shares, compared to its average volume of 41,464. Macatawa Bank has a twelve month low of $9.52 and a twelve month high of $12.92. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.60. The company has a market capitalization of $365.65 million, a price-to-earnings ratio of 15.36, a PEG ratio of 1.77 and a beta of 0.53.

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, meeting the Zacks’ consensus estimate of $0.20. Macatawa Bank had a net margin of 25.87% and a return on equity of 13.50%. The company had revenue of $19.66 million during the quarter, compared to the consensus estimate of $19.50 million. As a group, research analysts predict that Macatawa Bank will post 0.76 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 28th. Shareholders of record on Tuesday, November 13th will be issued a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 2.60%. The ex-dividend date is Friday, November 9th. This is an increase from Macatawa Bank’s previous quarterly dividend of $0.06. Macatawa Bank’s payout ratio is presently 43.64%.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP raised its holdings in Macatawa Bank by 4.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,491,388 shares of the financial services provider’s stock worth $18,106,000 after buying an additional 69,622 shares during the period. BlackRock Inc. raised its holdings in Macatawa Bank by 8.0% during the 2nd quarter. BlackRock Inc. now owns 1,384,852 shares of the financial services provider’s stock worth $16,812,000 after buying an additional 102,374 shares during the period. Elizabeth Park Capital Advisors Ltd. raised its holdings in Macatawa Bank by 3.3% during the 2nd quarter. Elizabeth Park Capital Advisors Ltd. now owns 947,838 shares of the financial services provider’s stock worth $11,507,000 after buying an additional 30,662 shares during the period. Northern Trust Corp raised its holdings in Macatawa Bank by 4.5% during the 2nd quarter. Northern Trust Corp now owns 294,507 shares of the financial services provider’s stock worth $3,574,000 after buying an additional 12,765 shares during the period. Finally, Acadian Asset Management LLC raised its holdings in Macatawa Bank by 11.2% during the 3rd quarter. Acadian Asset Management LLC now owns 136,420 shares of the financial services provider’s stock worth $1,597,000 after buying an additional 13,746 shares during the period. Hedge funds and other institutional investors own 30.74% of the company’s stock.

About Macatawa Bank

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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