Macatawa Bank (NASDAQ:MCBC) had its target price hoisted by Raymond James from $33.00 to $36.00 in a research note issued to investors on Friday. Raymond James currently has a strong-buy rating on the financial services provider’s stock.
Other analysts have also issued reports about the company. BidaskClub raised Macatawa Bank from a hold rating to a buy rating in a report on Friday. Hovde Group reissued a hold rating and issued a $13.00 price objective on shares of Macatawa Bank in a report on Monday, July 30th. ValuEngine raised Macatawa Bank from a hold rating to a buy rating in a report on Wednesday, June 6th. DA Davidson began coverage on Macatawa Bank in a report on Friday, June 29th. They issued a neutral rating and a $13.00 price objective on the stock. Finally, Zacks Investment Research raised Macatawa Bank from a hold rating to a buy rating and set a $14.00 price objective on the stock in a report on Thursday, August 30th. Three research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Macatawa Bank presently has a consensus rating of Buy and a consensus price target of $19.00.
Macatawa Bank stock traded up $0.04 during midday trading on Friday, hitting $12.46. 24,319 shares of the company were exchanged, compared to its average volume of 22,258. The firm has a market cap of $422.46 million, a price-to-earnings ratio of 22.65, a price-to-earnings-growth ratio of 1.99 and a beta of 0.42. Macatawa Bank has a fifty-two week low of $9.25 and a fifty-two week high of $12.92. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.59.
Macatawa Bank (NASDAQ:MCBC) last posted its earnings results on Friday, July 27th. The financial services provider reported $0.20 EPS for the quarter, topping the consensus estimate of $0.18 by $0.02. The firm had revenue of $19.12 million for the quarter, compared to analyst estimates of $19.30 million. Macatawa Bank had a return on equity of 12.57% and a net margin of 24.45%. equities analysts expect that Macatawa Bank will post 0.78 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 29th. Shareholders of record on Tuesday, August 14th were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 1.93%. The ex-dividend date of this dividend was Monday, August 13th. Macatawa Bank’s payout ratio is currently 43.64%.
Several large investors have recently modified their holdings of MCBC. Elizabeth Park Capital Advisors Ltd. boosted its stake in shares of Macatawa Bank by 38.9% in the first quarter. Elizabeth Park Capital Advisors Ltd. now owns 917,176 shares of the financial services provider’s stock worth $9,419,000 after acquiring an additional 256,810 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Macatawa Bank by 8.0% in the second quarter. BlackRock Inc. now owns 1,384,852 shares of the financial services provider’s stock worth $16,812,000 after acquiring an additional 102,374 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Macatawa Bank by 4.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,491,388 shares of the financial services provider’s stock worth $18,106,000 after acquiring an additional 69,622 shares during the last quarter. Acadian Asset Management LLC boosted its stake in shares of Macatawa Bank by 74.6% in the second quarter. Acadian Asset Management LLC now owns 122,674 shares of the financial services provider’s stock worth $1,489,000 after acquiring an additional 52,417 shares during the last quarter. Finally, American Century Companies Inc. boosted its stake in shares of Macatawa Bank by 253.1% in the second quarter. American Century Companies Inc. now owns 64,018 shares of the financial services provider’s stock worth $777,000 after acquiring an additional 45,888 shares during the last quarter. 30.75% of the stock is currently owned by hedge funds and other institutional investors.
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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