Macatawa Bank Corporation (MCBC) Announces Earnings Results
Macatawa Bank Corporation (NASDAQ:MCBC) announced its quarterly earnings data on Thursday. The financial services provider reported $0.14 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.14, Yahoo Finance reports. The firm had revenue of $17.44 million for the quarter. Macatawa Bank Corporation had a net margin of 24.52% and a return on equity of 10.86%.
Shares of Macatawa Bank Corporation (NASDAQ:MCBC) traded up 0.10% during midday trading on Friday, reaching $10.26. 49,498 shares of the company’s stock were exchanged. The firm has a 50 day moving average price of $10.12 and a 200 day moving average price of $9.66. Macatawa Bank Corporation has a 12 month low of $7.84 and a 12 month high of $10.67. The company has a market cap of $348.20 million, a P/E ratio of 19.40 and a beta of 1.15.
In related news, insider Matthew D. Hoeksema purchased 5,031 shares of the firm’s stock in a transaction dated Tuesday, August 8th. The shares were purchased at an average cost of $9.50 per share, for a total transaction of $47,794.50. Following the completion of the transaction, the insider now directly owns 25,601 shares in the company, valued at approximately $243,209.50. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 8.70% of the company’s stock.
A number of equities research analysts have issued reports on MCBC shares. BidaskClub upgraded shares of Macatawa Bank Corporation from a “sell” rating to a “hold” rating in a research note on Thursday, July 6th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $10.00 price objective on shares of Macatawa Bank Corporation in a research note on Friday, July 14th.
About Macatawa Bank Corporation
Macatawa Bank Corporation is a bank holding company. The Company, through its subsidiary, Macatawa Bank (the Bank), offers a range of commercial and personal banking services, including checking, savings and certificates of deposit accounts, cash management, safe deposit boxes, trust services and commercial, mortgage and consumer loans.
Receive News & Ratings for Macatawa Bank Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Macatawa Bank Corporation and related companies with MarketBeat.com's FREE daily email newsletter.