StockNews.com cut shares of Macatawa Bank (NASDAQ:MCBC – Free Report) from a hold rating to a sell rating in a research report sent to investors on Wednesday.
Separately, Hovde Group raised shares of Macatawa Bank from a market perform rating to an outperform rating and increased their price objective for the stock from $11.00 to $12.50 in a report on Wednesday, December 20th.
View Our Latest Stock Analysis on Macatawa Bank
Macatawa Bank Stock Up 2.0 %
Macatawa Bank (NASDAQ:MCBC – Get Free Report) last posted its earnings results on Thursday, January 25th. The financial services provider reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.04). Macatawa Bank had a return on equity of 15.99% and a net margin of 32.68%. The firm had revenue of $26.13 million during the quarter, compared to the consensus estimate of $26.90 million. Equities research analysts anticipate that Macatawa Bank will post 1.26 EPS for the current fiscal year.
Institutional Investors Weigh In On Macatawa Bank
A number of hedge funds have recently added to or reduced their stakes in MCBC. American Century Companies Inc. grew its holdings in Macatawa Bank by 28.0% during the 1st quarter. American Century Companies Inc. now owns 130,374 shares of the financial services provider’s stock worth $1,174,000 after acquiring an additional 28,548 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Macatawa Bank by 1.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,481,442 shares of the financial services provider’s stock valued at $13,348,000 after purchasing an additional 19,674 shares during the period. Vanguard Group Inc. lifted its position in Macatawa Bank by 10.3% during the 1st quarter. Vanguard Group Inc. now owns 1,428,079 shares of the financial services provider’s stock valued at $12,867,000 after purchasing an additional 133,747 shares during the period. First Trust Advisors LP lifted its position in Macatawa Bank by 10.0% during the 1st quarter. First Trust Advisors LP now owns 17,452 shares of the financial services provider’s stock valued at $157,000 after purchasing an additional 1,586 shares during the period. Finally, Invesco Ltd. lifted its position in Macatawa Bank by 6.4% during the 1st quarter. Invesco Ltd. now owns 37,770 shares of the financial services provider’s stock valued at $341,000 after purchasing an additional 2,283 shares during the period. Institutional investors own 42.49% of the company’s stock.
About Macatawa Bank
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.
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