DA Davidson Analysts Raise Earnings Estimates for Macatawa Bank Co. (NASDAQ:MCBC)

Macatawa Bank Co. (NASDAQ:MCBC) – Research analysts at DA Davidson raised their Q3 2019 earnings per share estimates for Macatawa Bank in a note issued to investors on Wednesday, July 31st. DA Davidson analyst K. Reevey now expects that the financial services provider will earn $0.21 per share for the quarter, up from their previous estimate of $0.20. DA Davidson also issued estimates for Macatawa Bank’s FY2019 earnings at $0.87 EPS.

Several other equities research analysts have also issued reports on MCBC. ValuEngine raised Macatawa Bank from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. BidaskClub raised Macatawa Bank from a “strong sell” rating to a “sell” rating in a research report on Wednesday, July 31st. Finally, Zacks Investment Research lowered Macatawa Bank from a “hold” rating to a “strong sell” rating in a research report on Friday, August 2nd.

Shares of Macatawa Bank stock opened at $10.02 on Monday. Macatawa Bank has a 1 year low of $8.81 and a 1 year high of $12.63. The stock has a market cap of $341.33 million, a price-to-earnings ratio of 12.85 and a beta of 0.51. The company’s fifty day simple moving average is $10.12. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.49.

Macatawa Bank (NASDAQ:MCBC) last announced its earnings results on Thursday, July 25th. The financial services provider reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.03. Macatawa Bank had a return on equity of 15.18% and a net margin of 31.79%. The firm had revenue of $21.05 million during the quarter, compared to analyst estimates of $20.50 million.

Several institutional investors have recently made changes to their positions in the company. Wedge Capital Management L L P NC grew its stake in shares of Macatawa Bank by 21.6% during the 1st quarter. Wedge Capital Management L L P NC now owns 39,222 shares of the financial services provider’s stock worth $390,000 after acquiring an additional 6,963 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Macatawa Bank by 1.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,564,351 shares of the financial services provider’s stock worth $15,049,000 after acquiring an additional 26,220 shares during the period. Two Sigma Investments LP grew its stake in shares of Macatawa Bank by 106.4% during the 4th quarter. Two Sigma Investments LP now owns 30,242 shares of the financial services provider’s stock worth $291,000 after acquiring an additional 15,590 shares during the period. Geode Capital Management LLC grew its stake in shares of Macatawa Bank by 6.2% during the 4th quarter. Geode Capital Management LLC now owns 229,283 shares of the financial services provider’s stock worth $2,205,000 after acquiring an additional 13,448 shares during the period. Finally, Stifel Financial Corp grew its stake in shares of Macatawa Bank by 4.8% during the 4th quarter. Stifel Financial Corp now owns 74,070 shares of the financial services provider’s stock worth $709,000 after acquiring an additional 3,424 shares during the period. 31.44% of the stock is owned by hedge funds and other institutional investors.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 29th. Stockholders of record on Tuesday, August 13th will be given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 2.79%. The ex-dividend date of this dividend is Monday, August 12th. Macatawa Bank’s dividend payout ratio is presently 35.90%.

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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