As previously reported, Janney Montgomery Scott initiated coverage of Macatawa Bank with a Buy rating and $11 fair value estimate. An extensive branch network in western Michigan, “stout capital levels,” and a low 55% loan/deposit ratio leave the bank “well positioned to deliver steady loan growth,” contends the analyst, who adds that the bank’s “sound profitability profile bodes well for multiple expansion.”
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on MCBC: