Time to Buy Macatawa Bank Corporation (MCBC) After The Completion of This Bullish Multiple Top?

August 10, 2018 - By Duane Lopez

Macatawa Bank Corporation (NASDAQ:MCBC) Logo

Investors sentiment decreased to 1.12 in 2018 Q1. Its down 0.03, from 1.15 in 2017Q4. It turned negative, as 6 investors sold Macatawa Bank Corporation shares while 19 reduced holdings. 9 funds opened positions while 19 raised stakes. 9.46 million shares or 3.41% more from 9.14 million shares in 2017Q4 were reported.
Goldman Sachs stated it has 50,324 shares or 0% of all its holdings. Retail Bank Of America De holds 72,757 shares. Great West Life Assurance Can has invested 0% in Macatawa Bank Corporation (NASDAQ:MCBC). 6,588 are held by Metropolitan Life Insur Ny. Stifel Fincl stated it has 72,011 shares or 0% of all its holdings. Amer Interest Grp reported 16,605 shares. Ameritas Invest Prtn Inc has invested 0% in Macatawa Bank Corporation (NASDAQ:MCBC). Plante Moran Lc holds 0.11% in Macatawa Bank Corporation (NASDAQ:MCBC) or 19,760 shares. Huntington National Bank reported 0% of its portfolio in Macatawa Bank Corporation (NASDAQ:MCBC). Citigroup accumulated 6,173 shares or 0% of the stock. Norris Perne French Ltd Liability Partnership Mi has invested 0.02% in Macatawa Bank Corporation (NASDAQ:MCBC). Fifth Third Bancshares holds 0% or 3,000 shares. Chicago Equity Prtnrs Ltd Liability Co holds 0.02% in Macatawa Bank Corporation (NASDAQ:MCBC) or 52,905 shares. Millennium Management Ltd Liability Corporation has 0% invested in Macatawa Bank Corporation (NASDAQ:MCBC). Moreover, Meeder Asset Management has 0% invested in Macatawa Bank Corporation (NASDAQ:MCBC).

Since May 9, 2018, it had 1 insider purchase, and 0 sales for $22,859 activity.

The stock of Macatawa Bank Corporation (MCBC) shows a multiple tops pattern with $13.37 target or 8.00 % above today’s $12.38 share price. The 7 months chart pattern indicates low risk for the $421.10M company. It was reported on Aug, 10 by Finviz.com. If the $13.37 price target is reached, the company will be worth $33.69M more.
Multiple tops are chart patterns with decent performance in a bull market. The failure rate is higher but the average decline is reasonable. Back-tests of such patterns show that the break even failure rate is 10%, the average rise: 19%, the throwback rate: 61% and the percentage of stocks meeting their price targets: 40%.

The stock decreased 0.64% or $0.08 during the last trading session, reaching $12.38. About 31,248 shares traded. Macatawa Bank Corporation (NASDAQ:MCBC) has risen 28.03% since August 10, 2017 and is uptrending. It has outperformed by 15.46% the S&P500.

Analysts await Macatawa Bank Corporation (NASDAQ:MCBC) to report earnings on October, 25. They expect $0.21 EPS, up 50.00 % or $0.07 from last year’s $0.14 per share. MCBC’s profit will be $7.14 million for 14.74 P/E if the $0.21 EPS becomes a reality. After $0.20 actual EPS reported by Macatawa Bank Corporation for the previous quarter, Wall Street now forecasts 5.00 % EPS growth.

Another recent and important Macatawa Bank Corporation (NASDAQ:MCBC) news was published by Globenewswire.com which published an article titled: “Macatawa Bank Corporation Reports Second Quarter 2018 Results” on July 26, 2018.

Macatawa Bank Corporation operates as the bank holding firm for Macatawa Bank that provides commercial and consumer banking and trust services. The company has market cap of $421.10 million. The firm accepts various deposits, such as checking accounts, savings accounts, time deposits, regular and money market savings accounts, certificates of deposit, and demand deposits. It has a 21.53 P/E ratio. The Company’s loan products include commercial and industrial loans comprising loans to finance activities and equipment; commercial real estate loans, which consist of construction and development, and multi-family and other non-residential real estate loans; retail loans, such as residential mortgage loans; and consumer loans, including automobile loans, home equity lines of credit and installment loans, home improvement loans, deposit account loans, and other loans for household and personal purposes.

Macatawa Bank Corporation (NASDAQ:MCBC) Institutional Positions Chart

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