Keefe, Bruyette & Woods Downgrades Macatawa Bank Corporation (MCBC) to Underperform

May 5, 2011 7:47 AM EDT
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Price: $10.15 --0%

Rating Summary:
    0 Buy, 1 Hold, 0 Sell

Rating Trend: = Flat

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Keefe, Bruyette & Woods downgraded Macatawa Bank Corporation (NASDAQ: MCBC) from Market Perform to Underperform. PT $1.50.

KBW analyst says, "Although the company has produced positive GAAP earnings the past 4 quarters, core PTPP earnings were negative in 1Q11, NPAs remain elevated at 12.3% of loans & OREO and the current TCE ratio is modest at 2.3%. Following 1Q results, we are adjusting our earnings estimates and price target."

For more ratings news on Macatawa Bank Corporation click here and for the rating history of Macatawa Bank Corporation click here.

Shares of Macatawa Bank Corporation closed at $2.59 yesterday.

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