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

Macatawa Bank

26/04/2024 01:27

* Macatawa Bank Corp  MCBC.OQ  reported quarterly adjusted
earnings of 29 cents​​ per share for the quarter ended in March,
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 30 cents per share.  30 cents per
share.
    * Revenue fell 6.5% to $25.39 million from a year ago;
analysts
expected $26.34 million. 
    * Macatawa Bank Corp's reported EPS for the quarter was 29
cents​.
    * The company reported quarterly net income of $9.79
million.
    * Macatawa Bank Corp shares had risen by 46.1% this
quarter and
gained 26.8% so far this year.

FORECAST CHANGES
    * The mean earnings estimate of analysts had fallen by
about 0.1%
in the last three months.​ 
    * In the last 30 days, one analyst negatively revised an
earnings
estimate

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 $12.50 
This summary was machine generated from LSEG data April 26 at
12:27 a.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
 Mar. 31 2024      0.30           0.29           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