Macatawa Bank (NASDAQ:MCBC) Upgraded to Hold by BidaskClub

BidaskClub upgraded shares of Macatawa Bank (NASDAQ:MCBC) from a sell rating to a hold rating in a research report report published on Wednesday, BidAskClub reports.

Other equities research analysts have also issued reports about the company. Zacks Investment Research lowered Macatawa Bank from a hold rating to a sell rating in a research report on Wednesday, October 2nd. ValuEngine upgraded Macatawa Bank from a sell rating to a hold rating in a research report on Thursday, August 1st.

Shares of MCBC traded down $0.05 during mid-day trading on Wednesday, reaching $10.33. The company had a trading volume of 33,400 shares, compared to its average volume of 34,995. Macatawa Bank has a twelve month low of $8.81 and a twelve month high of $11.44. The company has a debt-to-equity ratio of 0.49, a current ratio of 0.94 and a quick ratio of 0.94. The company’s 50-day moving average is $10.33 and its 200-day moving average is $10.26. The company has a market capitalization of $355.30 million, a P/E ratio of 13.24 and a beta of 0.48.

Macatawa Bank (NASDAQ:MCBC) last issued its earnings results on Thursday, July 25th. The financial services provider reported $0.24 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.03. The business had revenue of $21.05 million during the quarter, compared to analysts’ expectations of $20.50 million. Macatawa Bank had a return on equity of 15.18% and a net margin of 31.79%. As a group, equities analysts expect that Macatawa Bank will post 0.87 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Zebra Capital Management LLC grew its position in Macatawa Bank by 8.9% during the 2nd quarter. Zebra Capital Management LLC now owns 12,997 shares of the financial services provider’s stock worth $133,000 after acquiring an additional 1,059 shares during the last quarter. Bank of Montreal Can boosted its position in Macatawa Bank by 719.3% in the 2nd quarter. Bank of Montreal Can now owns 2,425 shares of the financial services provider’s stock valued at $25,000 after buying an additional 2,129 shares during the last quarter. Parametric Portfolio Associates LLC boosted its position in Macatawa Bank by 17.3% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 15,131 shares of the financial services provider’s stock valued at $155,000 after buying an additional 2,228 shares during the last quarter. Rhumbline Advisers boosted its position in Macatawa Bank by 8.7% in the 3rd quarter. Rhumbline Advisers now owns 42,063 shares of the financial services provider’s stock valued at $437,000 after buying an additional 3,354 shares during the last quarter. Finally, Bank of America Corp DE boosted its position in Macatawa Bank by 6.9% in the 2nd quarter. Bank of America Corp DE now owns 81,381 shares of the financial services provider’s stock valued at $835,000 after buying an additional 5,250 shares during the last quarter. Institutional investors and hedge funds own 31.31% of the company’s stock.

About Macatawa Bank

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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