Zacks Investment Research upgraded shares of Macatawa Bank (NASDAQ:MCBC) from a hold rating to a buy rating in a research report sent to investors on Thursday morning. Zacks Investment Research currently has $14.00 target price on the financial services provider’s stock.

According to Zacks, “Macatawa Bank Corporation is a bank holding company. The company provides a full range of commercial and consumer banking services primarily in the communities of Holland and Zeeland, Michigan, as well as the surrounding market area principally located in Ottawa County. The company’s services include checking and savings accounts, safe deposit boxes, travelers checks, money orders, trust services and commercial, mortgage and consumer loans. “

MCBC has been the topic of a number of other research reports. BidaskClub upgraded Macatawa Bank from a buy rating to a strong-buy rating in a research report on Thursday, June 21st. ValuEngine lowered Macatawa Bank from a buy rating to a hold rating in a report on Monday, July 30th. DA Davidson started coverage on Macatawa Bank in a report on Friday, June 29th. They issued a neutral rating and a $13.00 price objective on the stock. Finally, Hovde Group restated a hold rating and issued a $13.00 price objective on shares of Macatawa Bank in a report on Monday, July 30th. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Macatawa Bank presently has an average rating of Hold and an average price target of $13.33.

Shares of NASDAQ:MCBC opened at $12.43 on Thursday. Macatawa Bank has a 1 year low of $9.25 and a 1 year high of $12.92. The company has a market cap of $413.95 million, a PE ratio of 22.60, a price-to-earnings-growth ratio of 1.95 and a beta of 0.54. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.92 and a current ratio of 0.92.

Macatawa Bank (NASDAQ:MCBC) last announced its earnings results on Friday, July 27th. The financial services provider reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.02. Macatawa Bank had a return on equity of 12.57% and a net margin of 24.45%. The firm had revenue of $19.12 million for the quarter, compared to analyst estimates of $19.30 million. sell-side analysts expect that Macatawa Bank will post 0.78 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 29th. Stockholders of record on Tuesday, August 14th were issued a dividend of $0.06 per share. The ex-dividend date was Monday, August 13th. This represents a $0.24 annualized dividend and a dividend yield of 1.93%. Macatawa Bank’s dividend payout ratio is presently 43.64%.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Elizabeth Park Capital Advisors Ltd. raised its holdings in shares of Macatawa Bank by 38.9% during the 1st quarter. Elizabeth Park Capital Advisors Ltd. now owns 917,176 shares of the financial services provider’s stock worth $9,419,000 after acquiring an additional 256,810 shares during the period. MetLife Investment Advisors LLC acquired a new stake in shares of Macatawa Bank during the 4th quarter worth about $144,000. LSV Asset Management acquired a new stake in shares of Macatawa Bank during the 1st quarter worth about $111,000. Deutsche Bank AG increased its position in shares of Macatawa Bank by 27.0% during the 4th quarter. Deutsche Bank AG now owns 141,971 shares of the financial services provider’s stock worth $1,418,000 after purchasing an additional 30,180 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Macatawa Bank by 3.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,421,766 shares of the financial services provider’s stock worth $14,602,000 after purchasing an additional 53,776 shares during the last quarter. Institutional investors and hedge funds own 30.75% of the company’s stock.

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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