ValuEngine upgraded shares of Macatawa Bank (NASDAQ:MCBC) from a hold rating to a buy rating in a research report released on Wednesday morning.

Other analysts have also recently issued research reports about the company. BidaskClub cut Macatawa Bank from a buy rating to a hold rating in a research report on Wednesday, August 29th. Hovde Group reaffirmed a hold rating and issued a $13.00 price target on shares of Macatawa Bank in a research report on Monday, July 30th. Raymond James boosted their price target on Macatawa Bank from $33.00 to $36.00 and gave the stock a strong-buy rating in a research report on Friday, September 7th. Finally, Zacks Investment Research cut Macatawa Bank from a hold rating to a strong sell rating in a research report on Friday, November 2nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. The company has an average rating of Hold and a consensus target price of $19.00.

MCBC traded down $0.16 during trading on Wednesday, reaching $10.71. 19,794 shares of the stock traded hands, compared to its average volume of 40,413. The stock has a market cap of $368.04 million, a price-to-earnings ratio of 19.47, a PEG ratio of 1.78 and a beta of 0.53. Macatawa Bank has a fifty-two week low of $9.57 and a fifty-two week high of $12.92. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.60.

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

The business also recently declared 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. The ex-dividend date of this dividend is Friday, November 9th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 2.61%. This is a boost from Macatawa Bank’s previous quarterly dividend of $0.06. Macatawa Bank’s payout ratio is currently 43.64%.

Several large investors have recently made changes to their positions in MCBC. O Shaughnessy Asset Management LLC acquired a new stake in shares of Macatawa Bank in the third quarter worth about $183,000. Macquarie Group Ltd. bought a new position in shares of Macatawa Bank in the second quarter worth about $216,000. LSV Asset Management increased its stake in shares of Macatawa Bank by 104.6% in the second quarter. LSV Asset Management now owns 22,122 shares of the financial services provider’s stock worth $268,000 after purchasing an additional 11,308 shares during the period. Wedge Capital Management L L P NC bought a new position in shares of Macatawa Bank in the second quarter worth about $395,000. Finally, Russell Investments Group Ltd. increased its stake in shares of Macatawa Bank by 100.0% in the first quarter. Russell Investments Group Ltd. now owns 42,820 shares of the financial services provider’s stock worth $440,000 after purchasing an additional 21,410 shares during the period. 30.74% of the stock is owned by institutional investors.

About Macatawa Bank

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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