Shares of Macatawa Bank Co. (NASDAQ:MCBC – Get Free Report) reached a new 52-week high on Tuesday . The stock traded as high as $14.97 and last traded at $14.95, with a volume of 63181 shares traded. The stock had previously closed at $14.85.
Analysts Set New Price Targets
Several research analysts have weighed in on the company. StockNews.com assumed coverage on Macatawa Bank in a research report on Tuesday. They set a “sell” rating on the stock. Keefe, Bruyette & Woods upgraded Macatawa Bank from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $12.00 to $15.00 in a research report on Monday, April 29th.
Read Our Latest Analysis on MCBC
Macatawa Bank Trading Up 0.6 %
Macatawa Bank (NASDAQ:MCBC – Get Free Report) last posted its earnings results on Thursday, April 25th. The financial services provider reported $0.29 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.01). The firm had revenue of $25.39 million during the quarter, compared to the consensus estimate of $26.10 million. Macatawa Bank had a net margin of 30.56% and a return on equity of 14.73%. As a group, equities analysts anticipate that Macatawa Bank Co. will post 1.19 EPS for the current year.
Hedge Funds Weigh In On Macatawa Bank
Large investors have recently bought and sold shares of the company. ClariVest Asset Management LLC bought a new position in Macatawa Bank in the first quarter valued at about $793,000. Sapient Capital LLC bought a new position in shares of Macatawa Bank during the fourth quarter worth about $234,000. Raymond James Financial Services Advisors Inc. raised its position in shares of Macatawa Bank by 307.9% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 117,559 shares of the financial services provider’s stock worth $1,326,000 after acquiring an additional 88,741 shares during the last quarter. Los Angeles Capital Management LLC raised its position in shares of Macatawa Bank by 3.1% during the first quarter. Los Angeles Capital Management LLC now owns 122,816 shares of the financial services provider’s stock worth $1,202,000 after acquiring an additional 3,740 shares during the last quarter. Finally, Norris Perne & French LLP MI raised its position in shares of Macatawa Bank by 36.1% during the fourth quarter. Norris Perne & French LLP MI now owns 17,008 shares of the financial services provider’s stock worth $192,000 after acquiring an additional 4,508 shares during the last quarter. 42.49% of the stock is currently owned by institutional investors.
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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