Macatawa Bank (NASDAQ:MCBC) Stock Rating Lowered by StockNews.com

Macatawa Bank (NASDAQ:MCBC) was downgraded by analysts at StockNews.com from a “hold” rating to a “sell” rating in a research report issued on Wednesday.

Separately, Hovde Group upgraded Macatawa Bank from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $11.00 to $12.50 in a report on Wednesday, December 20th.

Macatawa Bank Price Performance

MCBC opened at $13.85 on Wednesday. Macatawa Bank has a twelve month low of $8.31 and a twelve month high of $14.00. The firm has a market cap of $475.89 million, a price-to-earnings ratio of 10.99 and a beta of 0.67. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.10. The company has a fifty day simple moving average of $10.01 and a 200 day simple moving average of $10.07.

Macatawa Bank (NASDAQ:MCBC) last posted its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.04). Macatawa Bank had a net margin of 32.68% and a return on equity of 15.99%. The firm had revenue of $26.13 million during the quarter, compared to analysts’ expectations of $26.90 million. Equities research analysts expect that Macatawa Bank will post 1.26 EPS for the current fiscal year.

Institutional Investors Weigh In On Macatawa Bank

Several hedge funds and other institutional investors have recently modified their holdings of MCBC. Comerica Bank acquired a new position in Macatawa Bank in the third quarter worth about $28,000. Lazard Asset Management LLC acquired a new position in shares of Macatawa Bank in the 2nd quarter worth approximately $28,000. FMR LLC increased its holdings in shares of Macatawa Bank by 332.4% in the 2nd quarter. FMR LLC now owns 3,593 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 2,762 shares during the last quarter. US Bancorp DE acquired a new stake in shares of Macatawa Bank during the 4th quarter valued at approximately $55,000. Finally, Citigroup Inc. lifted its stake in Macatawa Bank by 3,477.1% during the second quarter. Citigroup Inc. now owns 8,120 shares of the financial services provider’s stock worth $75,000 after purchasing an additional 7,893 shares during the last quarter. 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.