Macatawa Bank (NASDAQ:MCBC) Lowered to “Hold” at BidaskClub

BidaskClub lowered shares of Macatawa Bank (NASDAQ:MCBC) from a buy rating to a hold rating in a report released on Friday, November 2nd.

A number of other equities research analysts also recently commented on the stock. ValuEngine downgraded shares of Macatawa Bank from a buy rating to a hold rating in a report on Thursday, November 1st. Raymond James boosted their target price on shares of Macatawa Bank from $33.00 to $36.00 and gave the company a strong-buy rating in a report on Friday, September 7th. Zacks Investment Research upgraded shares of Macatawa Bank from a hold rating to a buy rating and set a $14.00 target price for the company in a report on Thursday, August 30th. Finally, Hovde Group restated a hold rating and issued a $13.00 target price on shares of Macatawa Bank in a report on Monday, July 30th. One analyst has rated the stock with a sell rating, three have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of Hold and an average target price of $19.00.

Shares of NASDAQ MCBC traded down $0.16 during midday trading on Friday, hitting $10.71. The company had a trading volume of 19,794 shares, compared to its average volume of 40,413. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.60. The stock has a market capitalization of $368.04 million, a price-to-earnings ratio of 19.47, a price-to-earnings-growth ratio of 1.78 and a beta of 0.53. Macatawa Bank has a twelve month low of $9.57 and a twelve month high of $12.92.

Macatawa Bank (NASDAQ:MCBC) last issued its quarterly earnings results on Thursday, October 25th. The financial services provider reported $0.20 EPS for the quarter, hitting analysts’ consensus estimates of $0.20. The business had revenue of $19.66 million during the quarter, compared to the consensus estimate of $19.50 million. Macatawa Bank had a net margin of 25.87% and a return on equity of 13.50%. Equities research analysts expect that Macatawa Bank will post 0.76 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 28th. Shareholders of record on Tuesday, November 13th will be issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 2.61%. This is a boost from Macatawa Bank’s previous quarterly dividend of $0.06. The ex-dividend date is Friday, November 9th. Macatawa Bank’s dividend payout ratio is 43.64%.

Large investors have recently modified their holdings of the business. O Shaughnessy Asset Management LLC acquired a new stake in shares of Macatawa Bank during the third quarter worth $183,000. Macquarie Group Ltd. bought a new position in shares of Macatawa Bank during the second quarter worth about $216,000. LSV Asset Management grew its position in shares of Macatawa Bank by 104.6% during the second quarter. LSV Asset Management now owns 22,122 shares of the financial services provider’s stock worth $268,000 after acquiring an additional 11,308 shares during the last quarter. Wedge Capital Management L L P NC bought a new position in shares of Macatawa Bank during the second quarter worth about $395,000. Finally, Russell Investments Group Ltd. grew its position in shares of Macatawa Bank by 100.0% during the first quarter. Russell Investments Group Ltd. now owns 42,820 shares of the financial services provider’s stock worth $440,000 after acquiring an additional 21,410 shares during the last quarter. 30.74% of the stock is currently owned by institutional investors.

About Macatawa Bank

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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