Macatawa Bank Co. (MCBC) Receives $20.67 Average Price Target from Analysts

Macatawa Bank Co. (NASDAQ:MCBC) has earned a consensus rating of “Hold” from the six brokerages that are presently covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation, one has assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $20.67.

MCBC has been the subject of a number of recent analyst reports. BidaskClub raised Macatawa Bank from a “hold” rating to a “buy” rating in a research report on Wednesday, October 24th. ValuEngine downgraded Macatawa Bank from a “buy” rating to a “hold” rating in a research report on Thursday, November 1st. Hovde Group reaffirmed a “hold” rating and issued a $13.00 target price on shares of Macatawa Bank in a research report on Monday, July 30th. Raymond James lifted their target price on Macatawa Bank from $33.00 to $36.00 and gave the company a “strong-buy” rating in a research report on Friday, September 7th. Finally, Zacks Investment Research raised Macatawa Bank from a “hold” rating to a “buy” rating and set a $14.00 target price for the company in a research report on Thursday, August 30th.

Shares of NASDAQ:MCBC opened at $10.10 on Wednesday. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.93 and a quick ratio of 0.93. The stock has a market cap of $345.58 million, a P/E ratio of 18.36, a price-to-earnings-growth ratio of 1.67 and a beta of 0.53. Macatawa Bank has a 12-month low of $9.57 and a 12-month high of $12.92.

Macatawa Bank (NASDAQ:MCBC) last issued its quarterly earnings data on Thursday, October 25th. The financial services provider reported $0.20 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.20. The firm had revenue of $19.66 million during the quarter, compared to the consensus estimate of $19.50 million. Macatawa Bank had a return on equity of 13.50% and a net margin of 25.87%. On average, sell-side analysts forecast that Macatawa Bank will post 0.76 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 28th. Shareholders of record on Tuesday, November 13th will be given a $0.07 dividend. This is an increase from Macatawa Bank’s previous quarterly dividend of $0.06. This represents a $0.28 annualized dividend and a yield of 2.77%. The ex-dividend date of this dividend is Friday, November 9th. Macatawa Bank’s payout ratio is currently 50.91%.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. O Shaughnessy Asset Management LLC acquired a new position in Macatawa Bank in the 3rd quarter valued at about $183,000. Macquarie Group Ltd. acquired a new position in Macatawa Bank in the 2nd quarter valued at about $216,000. MetLife Investment Advisors LLC grew its position in Macatawa Bank by 50.5% in the 3rd quarter. MetLife Investment Advisors LLC now owns 21,700 shares of the financial services provider’s stock valued at $254,000 after acquiring an additional 7,284 shares in the last quarter. LSV Asset Management grew its position in Macatawa Bank by 104.6% in the 2nd quarter. LSV Asset Management now owns 22,122 shares of the financial services provider’s stock valued at $268,000 after acquiring an additional 11,308 shares in the last quarter. Finally, Wedge Capital Management L L P NC acquired a new position in Macatawa Bank in the 2nd quarter valued at about $395,000. 31.17% of the stock is owned by institutional investors.

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.

Recommended Story: Dividend

Receive News & Ratings for Macatawa Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Macatawa Bank and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply