Shares of Macatawa Bank Co. (NASDAQ:MCBC) have earned an average broker rating score of 3.00 (Hold) from the one brokers that provide coverage for the company, Zacks Investment Research reports. One research analyst has rated the stock with a hold recommendation.
Analysts have set a 1 year consensus price target of $13.00 for the company and are anticipating that the company will post $0.21 earnings per share for the current quarter, according to Zacks. Zacks has also assigned Macatawa Bank an industry rank of 87 out of 255 based on the ratings given to related companies.
Several equities research analysts have recently issued reports on the company. BidaskClub lowered Macatawa Bank from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 13th. ValuEngine raised Macatawa Bank from a “hold” rating to a “buy” rating in a research note on Wednesday, June 6th. Hovde Group reaffirmed a “hold” rating and issued a $13.00 price objective on shares of Macatawa Bank in a research note on Monday, July 30th. Finally, DA Davidson assumed coverage on Macatawa Bank in a research note on Friday, June 29th. They issued a “neutral” rating and a $13.00 price objective for the company.
Macatawa Bank stock traded up $0.09 during midday trading on Monday, reaching $12.40. 627 shares of the stock traded hands, compared to its average volume of 34,352. Macatawa Bank has a 12 month low of $9.21 and a 12 month high of $12.92. The firm has a market cap of $421.10 million, a PE ratio of 22.55, a PEG ratio of 1.98 and a beta of 0.54. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.59.
Macatawa Bank (NASDAQ:MCBC) last announced its quarterly earnings results on Friday, July 27th. The financial services provider reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.02. Macatawa Bank had a return on equity of 12.57% and a net margin of 24.45%. The company had revenue of $19.12 million during the quarter, compared to analyst estimates of $19.30 million. equities research analysts forecast that Macatawa Bank will post 0.78 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 29th. Stockholders of record on Tuesday, August 14th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.94%. The ex-dividend date of this dividend is Monday, August 13th. Macatawa Bank’s payout ratio is 43.64%.
Several large investors have recently bought and sold shares of MCBC. LSV Asset Management bought a new stake in shares of Macatawa Bank in the 1st quarter valued at approximately $111,000. MetLife Investment Advisors LLC bought a new stake in shares of Macatawa Bank in the 4th quarter valued at approximately $144,000. Macquarie Group Ltd. bought a new stake in shares of Macatawa Bank in the 2nd quarter valued at approximately $216,000. Wedge Capital Management L L P NC bought a new stake in shares of Macatawa Bank in the 2nd quarter valued at approximately $395,000. Finally, Wells Fargo & Company MN lifted its stake in shares of Macatawa Bank by 33.7% in the 4th quarter. Wells Fargo & Company MN now owns 40,386 shares of the financial services provider’s stock valued at $404,000 after purchasing an additional 10,187 shares during the last quarter. 30.56% of the stock is owned by institutional investors and hedge funds.
Macatawa Bank Company Profile
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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