What Will Happen to Macatawa Bank Corporation (MCBC) Next? The Stock Formed a Several Months Descending Triangle Chart Pattern

October 2, 2018 - By Louis Casey

Macatawa Bank Corporation (NASDAQ:MCBC) Logo

Investors sentiment increased to 1.25 in 2018 Q2. Its up 0.13, from 1.12 in 2018Q1. It increased, as 4 investors sold Macatawa Bank Corporation shares while 20 reduced holdings. 11 funds opened positions while 19 raised stakes. 9.64 million shares or 1.92% more from 9.46 million shares in 2018Q1 were reported.
California Public Employees Retirement Sys owns 121,203 shares. 31,870 were reported by Millennium Mgmt Limited Liability Company. Parametric Portfolio Limited Liability Company holds 0% of its portfolio in Macatawa Bank Corporation (NASDAQ:MCBC) for 13,484 shares. Northern Tru, a Illinois-based fund reported 296,733 shares. Arcadia Mgmt Corporation Mi holds 0.01% of its portfolio in Macatawa Bank Corporation (NASDAQ:MCBC) for 2,000 shares. Fifth Third Natl Bank has invested 0% in Macatawa Bank Corporation (NASDAQ:MCBC). Great West Life Assurance Can has 0% invested in Macatawa Bank Corporation (NASDAQ:MCBC) for 204 shares. Wells Fargo And Mn stated it has 0% of its portfolio in Macatawa Bank Corporation (NASDAQ:MCBC). Banc Funds Llc owns 0.34% invested in Macatawa Bank Corporation (NASDAQ:MCBC) for 541,618 shares. State Bank Of America Corporation De has invested 0% in Macatawa Bank Corporation (NASDAQ:MCBC). Stifel Fincl Corp stated it has 0% of its portfolio in Macatawa Bank Corporation (NASDAQ:MCBC). Barclays Public Ltd Limited Liability Company invested in 0% or 1,906 shares. Stone Ridge Asset Management Ltd Limited Liability Company invested in 13,628 shares. Price T Rowe Assocs Md has invested 0% in Macatawa Bank Corporation (NASDAQ:MCBC). Rhumbline Advisers accumulated 25,484 shares.

Since May 9, 2018, it had 1 buy, and 0 selling transactions for $22,859 activity.

The stock of Macatawa Bank Corporation (MCBC) formed a descending triangle with $12.52 target or 9.00 % above today’s $11.49 share price. The 7 months triangle pattern indicates low risk for the $390.82M company. If the $12.52 price target is reached, the company will be worth $35.17M more.
The descending triangle is in our view more reliable than the ascending one. The descending triangle pattern has break even failure rate for up and down breakouts of 7% and 16%, respectively. The average rise and decline is 47% and 16%. The throwback or so called pullback rates are: 37% and 54%. The stocks meeting their targets is high for this type of breakout: 84% and 54% percent.

The stock decreased 1.88% or $0.22 during the last trading session, reaching $11.49. About 39,954 shares traded or 51.21% up from the average. Macatawa Bank Corporation (NASDAQ:MCBC) has risen 27.38% since October 2, 2017 and is uptrending. It has outperformed by 11.76% the S&P500.

Analysts await Macatawa Bank Corporation (NASDAQ:MCBC) to report earnings on October, 25. They expect $0.21 earnings per share, up 50.00 % or $0.07 from last year’s $0.14 per share. MCBC’s profit will be $7.14 million for 13.68 P/E if the $0.21 EPS becomes a reality. After $0.20 actual earnings per share reported by Macatawa Bank Corporation for the previous quarter, Wall Street now forecasts 5.00 % EPS growth.

Macatawa Bank Corporation (NASDAQ:MCBC) Ratings Coverage

Among 2 analysts covering Macatawa Bank (NASDAQ:MCBC), 1 have Buy rating, 0 Sell and 1 Hold. Therefore 50% are positive. Macatawa Bank had 2 analyst reports since June 29, 2018 according to SRatingsIntel. Raymond James maintained the stock with “Strong Buy” rating in Friday, September 7 report.

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 $390.82 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 19.98 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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