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

Macatawa Bank Co. (NASDAQ:MCBC) has received an average recommendation of “Hold” from the six analysts that are presently covering the stock, Marketbeat reports. Five equities research analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $20.67.

Several research firms have weighed in on MCBC. Zacks Investment Research raised Macatawa Bank from a “sell” rating to a “hold” rating in a research report on Tuesday, January 1st. ValuEngine raised Macatawa Bank from a “hold” rating to a “buy” rating in a research report on Wednesday, November 7th. Finally, BidaskClub raised Macatawa Bank from a “hold” rating to a “buy” rating in a research report on Wednesday, October 24th.

MCBC stock traded up $0.03 during midday trading on Monday, hitting $10.11. 22,300 shares of the stock were exchanged, compared to its average volume of 26,468. The stock has a market cap of $342.86 million, a PE ratio of 12.96, a P/E/G ratio of 1.56 and a beta of 0.55. Macatawa Bank has a fifty-two week low of $8.81 and a fifty-two week high of $12.92. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.93 and a current ratio of 0.93.

Macatawa Bank (NASDAQ:MCBC) last issued its quarterly earnings data on Thursday, January 24th. The financial services provider reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.01. The firm had revenue of $20.03 million during the quarter, compared to analysts’ expectations of $19.70 million. Macatawa Bank had a return on equity of 14.68% and a net margin of 30.48%. As a group, equities research analysts predict that Macatawa Bank will post 0.81 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, February 27th. Shareholders of record on Tuesday, February 12th will be given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 2.77%. The ex-dividend date of this dividend is Monday, February 11th. Macatawa Bank’s payout ratio is 35.90%.

A number of institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp increased its position in Macatawa Bank by 1.4% during the fourth quarter. Bank of New York Mellon Corp now owns 205,167 shares of the financial services provider’s stock worth $1,973,000 after buying an additional 2,802 shares in the last quarter. BlackRock Inc. increased its position in Macatawa Bank by 0.9% during the fourth quarter. BlackRock Inc. now owns 1,447,300 shares of the financial services provider’s stock worth $13,923,000 after buying an additional 13,437 shares in the last quarter. Acadian Asset Management LLC increased its position in Macatawa Bank by 19.2% during the fourth quarter. Acadian Asset Management LLC now owns 162,589 shares of the financial services provider’s stock worth $1,565,000 after buying an additional 26,169 shares in the last quarter. Rhumbline Advisers increased its position in Macatawa Bank by 42.9% during the fourth quarter. Rhumbline Advisers now owns 36,276 shares of the financial services provider’s stock worth $349,000 after buying an additional 10,892 shares in the last quarter. Finally, Vanguard Group Inc grew its position in shares of Macatawa Bank by 3.4% in the third quarter. Vanguard Group Inc now owns 1,120,677 shares of the financial services provider’s stock valued at $13,123,000 after purchasing an additional 37,253 shares during the period. 31.06% 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.

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