Macatawa Bank (NASDAQ:MCBC) Downgraded by BidaskClub

BidaskClub cut shares of Macatawa Bank (NASDAQ:MCBC) from a buy rating to a hold rating in a research note issued to investors on Tuesday, BidAskClub reports.

Separately, Zacks Investment Research raised shares of Macatawa Bank from a sell rating to a hold rating and set a $12.00 target price on the stock in a report on Wednesday, October 30th.

Shares of Macatawa Bank stock opened at $11.11 on Tuesday. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.48. Macatawa Bank has a twelve month low of $9.32 and a twelve month high of $11.42. The stock has a market capitalization of $379.10 million, a price-to-earnings ratio of 14.24 and a beta of 0.49. The company has a 50-day simple moving average of $10.93 and a two-hundred day simple moving average of $10.40.

Macatawa Bank (NASDAQ:MCBC) last posted its earnings results on Thursday, October 24th. The financial services provider reported $0.24 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.03. Macatawa Bank had a net margin of 32.46% and a return on equity of 15.31%. The firm had revenue of $21.05 million for the quarter.

Several hedge funds and other institutional investors have recently modified their holdings of MCBC. Bank of Montreal Can lifted its position in shares of 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 worth $25,000 after purchasing an additional 2,129 shares during the period. Tower Research Capital LLC TRC acquired a new position in shares of Macatawa Bank during the 3rd quarter valued at $35,000. Metropolitan Life Insurance Co NY raised its holdings in Macatawa Bank by 18.3% during the third quarter. Metropolitan Life Insurance Co NY now owns 9,354 shares of the financial services provider’s stock worth $97,000 after buying an additional 1,448 shares during the last quarter. Campbell & CO Investment Adviser LLC acquired a new position in Macatawa Bank during the third quarter worth $117,000. Finally, Zebra Capital Management LLC raised its holdings in Macatawa Bank by 8.9% during the second quarter. Zebra Capital Management LLC now owns 12,997 shares of the financial services provider’s stock worth $133,000 after buying an additional 1,059 shares during the last quarter. Hedge funds and other institutional investors own 32.57% of the company’s stock.

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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