Brokerages Set Macatawa Bank Co. (MCBC) Target Price at $19.00

Shares of Macatawa Bank Co. (NASDAQ:MCBC) have been assigned an average rating of “Buy” from the six ratings firms that are presently covering the stock, MarketBeat.com reports. Four analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $19.00.

A number of brokerages have recently weighed in on MCBC. Raymond James raised their price objective on shares of Macatawa Bank from $33.00 to $36.00 and gave the stock a “strong-buy” rating in a research note on Friday, September 7th. DA Davidson began coverage on shares of Macatawa Bank in a research note on Friday, June 29th. They set a “neutral” rating and a $13.00 price objective for the company. BidaskClub cut shares of Macatawa Bank from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 13th. Hovde Group reissued a “hold” rating and set a $13.00 price objective on shares of Macatawa Bank in a research note on Monday, July 30th. Finally, ValuEngine cut shares of Macatawa Bank from a “buy” rating to a “hold” rating in a research note on Monday, July 30th.

Several institutional investors and hedge funds have recently modified their holdings of the company. Northern Trust Corp increased its stake in shares of Macatawa Bank by 4.5% during the 2nd quarter. Northern Trust Corp now owns 294,507 shares of the financial services provider’s stock worth $3,574,000 after purchasing an additional 12,765 shares in the last quarter. California Public Employees Retirement System increased its stake in shares of Macatawa Bank by 4.9% during the 2nd quarter. California Public Employees Retirement System now owns 121,203 shares of the financial services provider’s stock worth $1,471,000 after purchasing an additional 5,651 shares in the last quarter. Macquarie Group Ltd. purchased a new position in shares of Macatawa Bank during the 2nd quarter worth approximately $216,000. Dimensional Fund Advisors LP increased its stake in shares of Macatawa Bank by 4.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,491,388 shares of the financial services provider’s stock worth $18,106,000 after purchasing an additional 69,622 shares in the last quarter. Finally, BlackRock Inc. increased its stake in shares of Macatawa Bank by 8.0% during the 2nd quarter. BlackRock Inc. now owns 1,384,852 shares of the financial services provider’s stock worth $16,812,000 after purchasing an additional 102,374 shares in the last quarter. 30.74% of the stock is owned by institutional investors and hedge funds.

Macatawa Bank stock remained flat at $$11.37 during mid-day trading on Tuesday. 44,058 shares of the company’s stock were exchanged, compared to its average volume of 34,391. Macatawa Bank has a 12 month low of $9.52 and a 12 month high of $12.92. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.92 and a current ratio of 0.92. The stock has a market capitalization of $398.31 million, a PE ratio of 20.67, a PEG ratio of 1.88 and a beta of 0.35.

Macatawa Bank (NASDAQ:MCBC) last issued its earnings results on Friday, July 27th. The financial services provider reported $0.20 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.02. Macatawa Bank had a net margin of 24.45% and a return on equity of 12.57%. The company had revenue of $19.12 million during the quarter, compared to analysts’ expectations of $19.30 million. On average, research analysts predict that Macatawa Bank will post 0.78 earnings per share for the current fiscal year.

Macatawa Bank Company Profile

Macatawa Bank Corporation operates as the bank holding company for Macatawa Bank that provides 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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