Dimensional Fund Advisors LP recently announced the acquisition of new stake in Macatawa Bank Corporation (NASDAQ:MCBC). The institutional investor has increased its shareholding in the Financial company by 0.71% to 1.53 million shares with purchase of 10701.0 shares. This fresh investment now brings its stake to 4.45% valued currently at $16.82 million. In addition, Rhino Investment Partners, Inc. raised its holdings by 77476.0 to 1.08 million shares. And AllianceBernstein LP has lifted its position by 27.72% or 0.14 million shares – to 0.63 million shares.
With over 85928.0 Macatawa Bank Corporation (MCBC) shares trading Tuesday and a closing price of $10.38 on the day, the dollar volume was approximately $0.89 million. The shares have shown a positive half year performance of 12.95% and its price on 01/24/23 lost nearly -0.95%. Currently, there are 34.25M common shares owned by the public and among those 25.99M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 2 analysts who have offered their price forecasts for MCBC have a consensus price objective of $10.75. The analysts have set the share’s price value over the next 12 months at a high of $11.00 and a low of $10.50. The average price target is 3.44% above its recent price level and an upside to the estimated low will see the stock gain 1.14% over that period. But an upside of 5.64% will see the stock hit the forecast high price target while median target price for the stock is $10.75.
Insiders at the company have transacted a total of 28 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 19 of these insider trades were purchases, accounting for 67,302 shares. Insider sales of the common stock occurred on 9 occasions, with total insider shares sold totaling 7,127 shares.
The top 3 mutual fund holders in Macatawa Bank Corporation are Vanguard Total Stock Market Index, iShares Russell 2000 ETF, and DFA US Targeted Value Portfolio. Vanguard Total Stock Market Index owns 0.93 million shares of the company’s stock, all valued at over $10.21 million. iShares Russell 2000 ETF sold 6832.0 shares to see its total holdings shrink to 0.65 million shares valued at over $7.19 million and representing 1.90% of the shares outstanding. DFA US Targeted Value Portfolio bought 5458.0 shares to bring its total holdings to over 0.37 million shares at a value of $4.14 million. DFA US Targeted Value Portfolio now owns shares totaling to 1.10% of the shares outstanding.
Shares of Macatawa Bank Corporation (NASDAQ: MCBC) opened at $10.40, down -$0.08 from a prior closing price of $10.48. However, the script later moved the day high at 10.44, down -0.95%. The company’s stock has a 5-day price change of -4.24% and 6.03% over the past three months. MCBC shares are trading -5.89% year to date (YTD), with the 12-month market performance up to 13.57% higher. It has a 12-month low price of $8.38 and touched a high of $11.84 over the same period. MCBC has an average intraday trading volume of 68.82K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -4.15%, -4.95%, and 6.53% respectively.
Institutional ownership of Macatawa Bank Corporation (NASDAQ: MCBC) shares accounts for 41.30% of the company’s 34.25M shares outstanding. Mutual fund holders own 23.87%, while other institutional holders and individual stakeholders account for 29.64% and 16.63% respectively.
It has a market capitalization of $356.14M and a beta (3y monthly) value of 0.67. The stock’s trailing 12-month PE ratio is 12.33, while the earnings-per-share (ttm) stands at $0.84. The company has a PEG of 1.54 and the debt-to-equity ratio at 0.00. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.80% over the week and 1.93% over the month.
Analysts forecast that Macatawa Bank Corporation (MCBC) will achieve an EPS of $0.24 for the current quarter, $0.22 for the next quarter and $0.96 for 2023. The lowest estimate earnings-per-share for the quarter is $0.23 while analysts give the company a high EPS estimate of $0.25. Comparatively, EPS for the current quarter was $0.18 a year ago. Earnings per share for the fiscal year are expected to decrease by -4.00%, and 29.49% over the next financial year. EPS should shrink at an annualized rate of 8.00% over the next five years, compared to 12.50% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 2 brokerage firm advisors rate Macatawa Bank Corporation (MCBC) as a “Hold” at a consensus score of 3.00. Specifically, 0 Wall Street analysts polled rate the stock as a buy, while 2 of the 2 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the MCBC, a number of firms have released research notes about the stock. Hovde Group stated their Market Perform rating for the stock in a research note on May 25, 2016, with the firm’s price target at $7.75. Keefe Bruyette coverage for the Macatawa Bank Corporation (MCBC) stock in a research note released on October 15, 2008 offered a Mkt Perform rating with a price target of $6. RBC Capital Mkts was of a view on July 16, 2008 that the stock is Underperform, while RBC Capital Mkts gave the stock Underperform rating on April 23, 2008, issuing a price target of $8- $9. RBC Capital Mkts on their part issued Underperform rating on January 16, 2008.
