StockNews.com began coverage on shares of Macatawa Bank (NASDAQ:MCBC – Free Report) in a report released on Tuesday. 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 upped their target price for the company from $12.00 to $15.00 in a research note on Monday, April 29th.
Get Our Latest Stock Analysis on MCBC
Macatawa Bank Trading Up 0.5 %
Macatawa Bank (NASDAQ:MCBC – Get Free Report) last issued its quarterly earnings data on Thursday, April 25th. The financial services provider reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.01). Macatawa Bank had a return on equity of 14.73% and a net margin of 30.56%. The company had revenue of $25.39 million for the quarter, compared to the consensus estimate of $26.10 million. As a group, research analysts expect that Macatawa Bank will post 1.19 EPS for the current year.
Institutional Inflows and Outflows
A number of hedge funds have recently modified their holdings of the business. Empowered Funds LLC grew its stake in shares of Macatawa Bank by 6.7% during the first quarter. Empowered Funds LLC now owns 11,178 shares of the financial services provider’s stock valued at $109,000 after buying an additional 700 shares during the last quarter. Drive Wealth Management LLC increased its holdings in Macatawa Bank by 7.2% during the 1st quarter. Drive Wealth Management LLC now owns 12,609 shares of the financial services provider’s stock worth $123,000 after purchasing an additional 850 shares during the period. Bank of New York Mellon Corp increased its holdings in Macatawa Bank by 0.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 304,564 shares of the financial services provider’s stock worth $4,447,000 after purchasing an additional 852 shares during the period. SG Americas Securities LLC increased its holdings in Macatawa Bank by 25.9% during the 4th quarter. SG Americas Securities LLC now owns 14,535 shares of the financial services provider’s stock worth $164,000 after purchasing an additional 2,993 shares during the period. Finally, Los Angeles Capital Management LLC increased its holdings in 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 purchasing an additional 3,740 shares during the period. Institutional investors own 42.49% of the company’s stock.
Macatawa Bank Company Profile
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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