Macatawa Bank (NASDAQ:MCBC) Downgraded by StockNews.com

Macatawa Bank (NASDAQ:MCBC) was downgraded by investment analysts at StockNews.com from a “hold” rating to a “sell” rating in a research note issued on Wednesday.

Separately, Hovde Group raised Macatawa Bank from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $11.00 to $12.50 in a report on Wednesday, December 20th.

Macatawa Bank Trading Up 1.2 %

Shares of MCBC stock opened at $13.85 on Wednesday. The business’s 50 day moving average is $10.01 and its two-hundred day moving average is $10.07. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.10. Macatawa Bank has a 12 month low of $8.31 and a 12 month high of $14.00. The company has a market cap of $475.89 million, a PE ratio of 10.99 and a beta of 0.67.

Macatawa Bank (NASDAQ:MCBC) last posted its earnings results on Thursday, January 25th. The financial services provider reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.04). The firm had revenue of $26.13 million during the quarter, compared to analyst estimates of $26.90 million. Macatawa Bank had a net margin of 32.68% and a return on equity of 15.99%. Equities analysts predict that Macatawa Bank will post 1.26 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. American Century Companies Inc. raised its position in shares of Macatawa Bank by 28.0% during the first quarter. American Century Companies Inc. now owns 130,374 shares of the financial services provider’s stock worth $1,174,000 after acquiring an additional 28,548 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Macatawa Bank by 1.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,481,442 shares of the financial services provider’s stock valued at $13,348,000 after purchasing an additional 19,674 shares during the period. Vanguard Group Inc. boosted its stake in shares of Macatawa Bank by 10.3% in the 1st quarter. Vanguard Group Inc. now owns 1,428,079 shares of the financial services provider’s stock valued at $12,867,000 after purchasing an additional 133,747 shares during the last quarter. First Trust Advisors LP grew its holdings in Macatawa Bank by 10.0% during the 1st quarter. First Trust Advisors LP now owns 17,452 shares of the financial services provider’s stock worth $157,000 after acquiring an additional 1,586 shares during the period. Finally, Invesco Ltd. grew its stake in shares of Macatawa Bank by 6.4% during the first quarter. Invesco Ltd. now owns 37,770 shares of the financial services provider’s stock worth $341,000 after purchasing an additional 2,283 shares during the period. Institutional investors and hedge funds own 42.49% of the company’s stock.

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.