StockNews.com cut shares of Macatawa Bank (NASDAQ:MCBC – Free Report) from a hold rating to a sell rating in a report released on Wednesday morning.
Separately, Hovde Group raised Macatawa Bank from a market perform rating to an outperform rating and upped their target price for the stock from $11.00 to $12.50 in a research report on Wednesday, December 20th.
Check Out Our Latest Research Report on Macatawa Bank
Macatawa Bank Stock Performance
Macatawa Bank (NASDAQ:MCBC – Get Free Report) last issued its earnings results on Thursday, January 25th. The financial services provider reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.04). Macatawa Bank had a net margin of 32.68% and a return on equity of 15.99%. The company had revenue of $26.13 million for the quarter, compared to analyst estimates of $26.90 million. Research analysts expect that Macatawa Bank will post 1.26 EPS for the current fiscal year.
Institutional Trading of Macatawa Bank
Several large investors have recently added to or reduced their stakes in MCBC. Los Angeles Capital Management LLC raised its holdings in shares of Macatawa Bank by 3.1% during the 1st quarter. Los Angeles Capital Management LLC now owns 122,816 shares of the financial services provider’s stock valued at $1,202,000 after purchasing an additional 3,740 shares in the last quarter. Vanguard Group Inc. increased its position in Macatawa Bank by 14.6% during the fourth quarter. Vanguard Group Inc. now owns 1,615,788 shares of the financial services provider’s stock worth $18,226,000 after buying an additional 205,435 shares during the last quarter. Voisard Asset Management Group Inc. bought a new position in Macatawa Bank during the fourth quarter valued at about $112,000. Barclays PLC lifted its position in shares of Macatawa Bank by 81.2% in the fourth quarter. Barclays PLC now owns 73,858 shares of the financial services provider’s stock worth $833,000 after buying an additional 33,099 shares during the last quarter. Finally, Bridgeway Capital Management LLC bought a new stake in shares of Macatawa Bank during the 4th quarter worth about $118,000. 42.49% of the stock is owned by institutional investors.
About Macatawa Bank
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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