StockNews.com downgraded shares of Macatawa Bank (NASDAQ:MCBC – Free Report) from a hold rating to a sell rating in a report published on Wednesday.
Separately, Hovde Group upgraded shares of Macatawa Bank from a market perform rating to an outperform rating and boosted their target price for the stock from $11.00 to $12.50 in a report on Wednesday, December 20th.
Get Our Latest Stock Report on MCBC
Macatawa Bank Stock Up 2.0 %
Macatawa Bank (NASDAQ:MCBC – Get Free Report) last released its earnings results on Thursday, January 25th. The financial services provider reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.04). Macatawa Bank had a return on equity of 15.99% and a net margin of 32.68%. The business had revenue of $26.13 million during the quarter, compared to the consensus estimate of $26.90 million. On average, analysts forecast that Macatawa Bank will post 1.26 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Institutional investors have recently made changes to their positions in the company. Sapient Capital LLC purchased a new position in shares of Macatawa Bank in the fourth quarter worth approximately $234,000. Raymond James Financial Services Advisors Inc. increased its position in shares of 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 worth $1,326,000 after acquiring an additional 88,741 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Macatawa Bank by 26.2% in the third quarter. Bank of New York Mellon Corp now owns 335,408 shares of the financial services provider’s stock worth $3,005,000 after acquiring an additional 69,609 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Macatawa Bank by 284.5% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 73,024 shares of the financial services provider’s stock worth $654,000 after acquiring an additional 54,031 shares in the last quarter. Finally, Quadrature Capital Ltd purchased a new position in shares of Macatawa Bank in the third quarter worth approximately $111,000. 42.49% of the stock is owned by hedge funds and other institutional investors.
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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