Macatawa Bank Corp (MCBC) Q1 2024 Earnings: Misses Analyst Forecasts Amid Merger Developments
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 27 2024
0mins
Source: Yahoo Finance
- Net Income:
- Reported $9.8 million for Q1 2024, down from $12.0 million in Q1 2023, missing the estimated $10.20 million.
- Earnings Per Share (EPS):
- Achieved $0.29 per diluted share, below the estimated $0.30.
- Revenue:
- Net interest income was $20.7 million, showing a revenue decrease compared to previous periods.
- Merger Expenses:
- Incurred around $300,000 in merger-related expenses affecting earnings for the quarter.
- Asset Quality:
- Maintained strong asset quality with no provision for credit losses needed and nonperforming loans at 0.00% of total loans.
Analyst Views on WTFC
Wall Street analysts forecast WTFC stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for WTFC is 139.33 USD with a low forecast of 130.00 USD and a high forecast of 145.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
11 Analyst Rating
10 Buy
1 Hold
0 Sell
Strong Buy
Current: 146.400
Low
130.00
Averages
139.33
High
145.00
Current: 146.400
Low
130.00
Averages
139.33
High
145.00
About WTFC
Wintrust Financial Corporation is a financial holding company. It provides community-oriented, personal and commercial banking services to customers generally located in the Chicago metropolitan area, southern Wisconsin, northwest Indiana and west Michigan. Its segments include community banking, specialty finance and wealth management. Through its community banking segment, its banks provide community-oriented, personal and commercial banking services to customers located in its market area. Its customers include individuals, small to mid-sized businesses, local governmental units and institutional clients residing primarily in the banks' local service areas. Through its specialty finance segment, it offers financing of insurance premiums for businesses and individuals; accounts receivable financing, value-added, out-sourced administrative services; and other specialty finance businesses. Through its wealth management segment, it offers a full range of wealth management services.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
