StockNews.com assumed coverage on shares of Macatawa Bank (NASDAQ:MCBC – Free Report) in a research note released on Monday. The brokerage issued a sell rating on the financial services provider’s stock.
Separately, Keefe, Bruyette & Woods raised Macatawa Bank from a market perform rating to an outperform rating and boosted their price target for the stock from $12.00 to $15.00 in a research report on Monday, April 29th.
Check Out Our Latest Research Report on Macatawa Bank
Macatawa Bank Trading Up 0.1 %
Macatawa Bank (NASDAQ:MCBC – Get Free Report) last announced its earnings results on Thursday, April 25th. The financial services provider reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). Macatawa Bank had a net margin of 30.56% and a return on equity of 14.73%. The firm had revenue of $25.39 million during the quarter, compared to analyst estimates of $26.10 million. Sell-side analysts anticipate that Macatawa Bank will post 1.19 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Macatawa Bank
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC raised its holdings in shares of Macatawa Bank by 4.8% during the 1st quarter. Acadian Asset Management LLC now owns 415,312 shares of the financial services provider’s stock worth $4,065,000 after buying an additional 19,035 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its holdings in shares of Macatawa Bank by 9.9% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 129,177 shares of the financial services provider’s stock worth $1,265,000 after buying an additional 11,618 shares in the last quarter. Los Angeles Capital Management LLC raised its holdings in shares of Macatawa Bank by 3.1% during the 1st quarter. Los Angeles Capital Management LLC now owns 122,816 shares of the financial services provider’s stock worth $1,202,000 after buying an additional 3,740 shares in the last quarter. ClariVest Asset Management LLC acquired a new position in shares of Macatawa Bank during the 1st quarter worth $793,000. Finally, BNP Paribas Financial Markets increased its holdings in Macatawa Bank by 46.5% in the 1st quarter. BNP Paribas Financial Markets now owns 46,044 shares of the financial services provider’s stock worth $451,000 after purchasing an additional 14,612 shares in the last quarter. 42.49% of the stock is owned by institutional investors and hedge funds.
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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