Janney starts Macatawa Bank with a Buy on ‘sound profitability’

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.”