Macatawa Bank (NASDAQ:MCBC – Get Free Report) was downgraded by equities research analysts at StockNews.com from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.
Separately, Hovde Group raised shares of Macatawa Bank from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $11.00 to $12.50 in a report on Wednesday, December 20th.
Check Out Our Latest Stock Analysis on Macatawa Bank
Macatawa Bank Stock Up 0.1 %
Macatawa Bank (NASDAQ:MCBC – Get Free Report) last released its quarterly earnings results on Thursday, January 25th. The financial services provider reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.04). Macatawa Bank had a return on equity of 15.99% and a net margin of 32.68%. The company had revenue of $26.13 million for the quarter, compared to analyst estimates of $26.90 million. Research analysts predict that Macatawa Bank will post 1.26 earnings per share for the current year.
Hedge Funds Weigh In On Macatawa Bank
A number of hedge funds have recently added to or reduced their stakes in MCBC. Comerica Bank acquired a new position in shares of Macatawa Bank during the third quarter valued at $28,000. Lazard Asset Management LLC acquired a new position in shares of Macatawa Bank during the second quarter valued at $28,000. FMR LLC boosted its holdings in shares of Macatawa Bank by 332.4% during the second quarter. FMR LLC now owns 3,593 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 2,762 shares during the period. US Bancorp DE acquired a new position in shares of Macatawa Bank during the fourth quarter valued at $55,000. Finally, Citigroup Inc. boosted its holdings in shares of Macatawa Bank by 3,477.1% during the second quarter. Citigroup Inc. now owns 8,120 shares of the financial services provider’s stock valued at $75,000 after acquiring an additional 7,893 shares during the period. Institutional investors and hedge funds own 42.49% of the company’s stock.
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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