Macatawa Bank Co. (NASDAQ:MCBC – Get Free Report) shares saw unusually-strong trading volume on Tuesday . Approximately 288,278 shares traded hands during mid-day trading, an increase of 124% from the previous session’s volume of 128,668 shares.The stock last traded at $14.79 and had previously closed at $14.77.
Analyst Ratings Changes
Several research firms recently weighed in on MCBC. Keefe, Bruyette & Woods raised Macatawa Bank from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $12.00 to $15.00 in a research note on Monday, April 29th. StockNews.com assumed coverage on Macatawa Bank in a research report on Monday. They issued a “sell” rating for the company.
Get Our Latest Stock Report on MCBC
Macatawa Bank Price Performance
Macatawa Bank (NASDAQ:MCBC – Get Free Report) last released its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). The company had revenue of $25.39 million during the quarter, compared to analyst estimates of $26.10 million. Macatawa Bank had a return on equity of 14.73% and a net margin of 30.56%. As a group, equities research analysts expect that Macatawa Bank Co. will post 1.19 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Macatawa Bank
Hedge funds and other institutional investors have recently modified their holdings of the company. SG Americas Securities LLC boosted its position in Macatawa Bank by 25.9% during the fourth quarter. SG Americas Securities LLC now owns 14,535 shares of the financial services provider’s stock worth $164,000 after acquiring an additional 2,993 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its stake in Macatawa Bank by 307.9% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 117,559 shares of the financial services provider’s stock valued at $1,326,000 after purchasing an additional 88,741 shares during the last quarter. Norris Perne & French LLP MI lifted its position in Macatawa Bank by 36.1% during the fourth quarter. Norris Perne & French LLP MI now owns 17,008 shares of the financial services provider’s stock worth $192,000 after buying an additional 4,508 shares during the period. Drive Wealth Management LLC purchased a new stake in Macatawa Bank in the 4th quarter valued at about $133,000. Finally, Sapient Capital LLC acquired a new position in shares of Macatawa Bank during the 4th quarter valued at about $234,000. 42.49% of the stock is currently owned by hedge funds and other institutional investors.
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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