Macatawa Bank Corp. (MCBC) to Release Earnings on Thursday
Macatawa Bank Corp. (NASDAQ:MCBC) is scheduled to be announcing its earnings results on Thursday, October 20th. Analysts expect the company to announce earnings of $0.12 per share for the quarter.
Macatawa Bank Corp. (NASDAQ:MCBC) last issued its earnings results on Thursday, July 21st. The financial services provider reported $0.11 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.11. Macatawa Bank Corp. had a return on equity of 9.09% and a net margin of 20.22%. On average, analysts expect Macatawa Bank Corp. to post $0 EPS for the current fiscal year and $0 EPS for the next fiscal year.
Shares of Macatawa Bank Corp. (NASDAQ:MCBC) opened at 7.94 on Tuesday. The stock has a 50 day moving average price of $7.97 and a 200 day moving average price of $7.39. The firm has a market capitalization of $269.34 million, a P/E ratio of 19.37 and a beta of 0.94. Macatawa Bank Corp. has a 52 week low of $5.02 and a 52 week high of $8.21.
Separately, Keefe, Bruyette & Woods boosted their price target on shares of Macatawa Bank Corp. from $7.00 to $7.50 and gave the stock a “market perform” rating in a research note on Monday, August 1st.
A number of hedge funds have recently bought and sold shares of MCBC. Summit Securities Group LLC acquired a new stake in Macatawa Bank Corp. during the second quarter valued at $100,000. BlackRock Advisors LLC increased its position in shares of Macatawa Bank Corp. by 111.3% in the second quarter. BlackRock Advisors LLC now owns 13,800 shares of the financial services provider’s stock valued at $102,000 after buying an additional 7,269 shares during the period. Raymond James & Associates purchased a new position in shares of Macatawa Bank Corp. during the second quarter valued at approximately $107,000. American International Group Inc. purchased a new position in shares of Macatawa Bank Corp. during the second quarter valued at approximately $113,000. Finally, Nationwide Fund Advisors increased its position in shares of Macatawa Bank Corp. by 528.4% in the second quarter. Nationwide Fund Advisors now owns 19,242 shares of the financial services provider’s stock valued at $143,000 after buying an additional 16,180 shares during the period. 24.43% of the stock is owned by institutional investors and hedge funds.
Macatawa Bank Corp. Company Profile
Macatawa Bank Corporation is a bank holding company. The Company owns Macatawa Bank (the Bank). The Company focuses on commercial banking. It also offers automated teller machines (ATMs), Internet banking, telephone banking and debit cards. It offers personal trust services, which include financial planning, investment management services, trust and estate administration, and custodial services.
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