StockNews.com Initiates Coverage on Macatawa Bank (NASDAQ:MCBC)

Equities research analysts at StockNews.com initiated coverage on shares of Macatawa Bank (NASDAQ:MCBC) in a note issued to investors on Sunday. The firm set a “sell” rating on the financial services provider’s stock.

Separately, Keefe, Bruyette & Woods upgraded Macatawa Bank from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $12.00 to $15.00 in a research report on Monday, April 29th.

Macatawa Bank Stock Performance

Macatawa Bank stock opened at $14.60 on Friday. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.74 and a quick ratio of 0.74. Macatawa Bank has a 12 month low of $8.31 and a 12 month high of $14.72. The company has a market cap of $501.69 million, a price-to-earnings ratio of 12.17 and a beta of 0.54. The stock’s 50-day moving average is $14.19 and its 200-day moving average is $11.91.

Macatawa Bank (NASDAQ:MCBC) last issued its quarterly earnings data on Thursday, April 25th. The financial services provider reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). Macatawa Bank had a net margin of 30.56% and a return on equity of 14.73%. The business had revenue of $25.39 million for the quarter, compared to analyst estimates of $26.10 million. Equities analysts anticipate that Macatawa Bank will post 1.19 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Quadrature Capital Ltd acquired a new position in shares of Macatawa Bank in the third quarter valued at $111,000. SG Americas Securities LLC boosted its position in Macatawa Bank by 25.9% in the 4th quarter. SG Americas Securities LLC now owns 14,535 shares of the financial services provider’s stock valued at $164,000 after buying an additional 2,993 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its stake in shares of Macatawa Bank by 307.9% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 117,559 shares of the financial services provider’s stock valued at $1,326,000 after purchasing an additional 88,741 shares during the period. Norris Perne & French LLP MI lifted its stake in shares of Macatawa Bank by 36.1% in the 4th quarter. Norris Perne & French LLP MI now owns 17,008 shares of the financial services provider’s stock valued at $192,000 after purchasing an additional 4,508 shares during the period. Finally, Drive Wealth Management LLC acquired a new position in shares of Macatawa Bank in the 4th quarter valued at $133,000. Hedge funds and other institutional investors 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.