Macatawa Bank Corp reports results for the quarter ended in December - Earnings Summary

Macatawa Bank

25/01/2024 23:34

* Macatawa Bank Corp  MCBC.OQ  reported quarterly adjusted
earnings of 31 cents​​ per share for the quarter ended in
December, lower than the same quarter last year, when the
company reported EPS of 35 cents.  The mean expectation of
three analysts for the quarter was for earnings of 31 cents per
share. Wall Street expected results to range from 31 cents to 32
cents per share.
    * Revenue fell 6.4% to $26.13 million from a year ago;
analysts
expected $26.72 million. 
    * Macatawa Bank Corp's reported EPS for the quarter was 28
cents​.
    * The company reported quarterly net income of $9.5 million.
    * Macatawa Bank Corp shares had fallen by 0.5% this quarter.

FORECAST CHANGES
    * The mean earnings estimate of analysts had risen by
about 2.8%
in the last three months.​ 
    * In the last 30 days, there have been no earnings estimate
revisions by analysts covering the company.

RECOMMENDATIONS
    * The current average analyst rating on the shares is "buy"
and
the breakdown of recommendations is 2 "strong buy" or "buy," 1
"hold" and no "sell" or "strong sell." 
    * The average consensus recommendation for the banks peer
group is
also "buy"

Wall Street's median 12-month price target for Macatawa Bank
Corp is $12.00 
This summary was machine generated from LSEG data January 25 at
11:33 p.m. UTC. ​All figures in US dollars unless otherwise
stated. (For questions concerning the data in this report,
contact Estimates.Support@lseg.com. For any other questions or
feedback, contact RefinitivNewsSupport@thomsonreuters.com) QUARTER ENDING    ESTIMATE       ACTUAL         BEAT, MET,
                                                 MISSED
 Dec. 31 2023      0.31           0.31           Met
 Sep. 30 2023      0.31           0.33           Beat
 Jun. 30 2023      0.33           0.30           Missed
 Mar. 31 2023      0.33           0.35           Beat