Shares of Macatawa Bank Corp. (NASDAQ:MCBC) have been assigned a consensus broker rating score of 3.00 (Hold) from the two analysts that cover the company, Zacks Investment Research reports. Two investment analysts have rated the stock with a hold recommendation.
Brokers have set a 12 month consensus price objective of $7.63 for the company, according to Zacks. Zacks has also given Macatawa Bank Corp. an industry rank of 150 out of 265 based on the ratings given to its competitors.
Separately, Keefe, Bruyette & Woods raised their target price on shares of Macatawa Bank Corp. from $7.00 to $7.50 and gave the company a “market perform” rating in a research note on Monday, August 1st.
Shares of Macatawa Bank Corp. (NASDAQ:MCBC) opened at 7.99 on Thursday. The company has a market cap of $271.04 million, a PE ratio of 19.49 and a beta of 0.99. The firm’s 50-day moving average is $7.93 and its 200-day moving average is $7.24. Macatawa Bank Corp. has a one year low of $5.02 and a one year high of $8.21.
Macatawa Bank Corp. (NASDAQ:MCBC) last announced its earnings results on Thursday, July 21st. The financial services provider reported $0.11 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.11. Macatawa Bank Corp. had a net margin of 20.22% and a return on equity of 9.09%. On average, equities analysts anticipate that Macatawa Bank Corp. will post $0.44 EPS for the current year.
Several large investors have recently made changes to their positions in the stock. Alliancebernstein L.P. increased its stake in shares of Macatawa Bank Corp. by 0.4% in the second quarter. Alliancebernstein L.P. now owns 414,581 shares of the financial services provider’s stock valued at $3,076,000 after buying an additional 1,800 shares during the period. Catalyst Capital Advisors LLC purchased a new stake in shares of Macatawa Bank Corp. during the second quarter valued at $148,000. BlackRock Institutional Trust Company N.A. increased its stake in shares of Macatawa Bank Corp. by 2,497.7% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 199,350 shares of the financial services provider’s stock valued at $1,479,000 after buying an additional 191,676 shares during the period. BlackRock Fund Advisors increased its stake in shares of Macatawa Bank Corp. by 871.6% in the second quarter. BlackRock Fund Advisors now owns 684,731 shares of the financial services provider’s stock valued at $5,081,000 after buying an additional 614,256 shares during the period. Finally, BlackRock Investment Management LLC increased its stake in shares of Macatawa Bank Corp. by 2,336.9% in the second quarter. BlackRock Investment Management LLC now owns 104,298 shares of the financial services provider’s stock valued at $774,000 after buying an additional 100,018 shares during the period. 24.43% of the stock is owned by institutional investors.
Macatawa Bank Corp. Company Profile
Macatawa Bank Corporation is a bank holding company. The Company owns Macatawa Bank (the Bank). The Company focuses on commercial banking. It also offers automated teller machines (ATMs), Internet banking, telephone banking and debit cards. It offers personal trust services, which include financial planning, investment management services, trust and estate administration, and custodial services.
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