Macatawa Bank (NASDAQ:MCBC – Get Free Report) was downgraded by equities research analysts at StockNews.com from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday.
Separately, Hovde Group upgraded Macatawa Bank from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $11.00 to $12.50 in a report on Wednesday, December 20th.
Read Our Latest Analysis on MCBC
Macatawa Bank Price Performance
Macatawa Bank (NASDAQ:MCBC – Get Free Report) last announced its quarterly earnings results on Thursday, January 25th. The financial services provider reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.04). Macatawa Bank had a net margin of 32.68% and a return on equity of 15.99%. The company had revenue of $26.13 million during the quarter, compared to the consensus estimate of $26.90 million. Analysts forecast that Macatawa Bank will post 1.26 earnings per share for the current year.
Institutional Trading of Macatawa Bank
Several large investors have recently made changes to their positions in the business. Comerica Bank acquired a new position in shares of Macatawa Bank during the third quarter valued at $28,000. Lazard Asset Management LLC acquired a new position in Macatawa Bank in the second quarter valued at about $28,000. FMR LLC lifted its stake in Macatawa Bank by 332.4% in the second quarter. FMR LLC now owns 3,593 shares of the financial services provider’s stock valued at $31,000 after buying an additional 2,762 shares during the period. US Bancorp DE acquired a new position in Macatawa Bank in the fourth quarter valued at about $55,000. Finally, Citigroup Inc. lifted its stake in Macatawa Bank by 3,477.1% in the second quarter. Citigroup Inc. now owns 8,120 shares of the financial services provider’s stock valued at $75,000 after buying an additional 7,893 shares during the period. Institutional investors own 42.49% of the company’s stock.
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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