UPDATE: Keefe, Bruyette & Woods Upgrades Macatawa Bank on Healthier Balance Sheet

In a report published Monday, Keefe, Bruyette & Woods analyst Christopher McGratty upgraded the rating on

from Underperform to Market Perform, and raised the price target from $4.50 to $5.00. In the report, Keefe, Bruyette & Woods noted, “Following the quarter, we are upgrading the shares of MCBC to Market Perform (from UP), as we feel the company has made meaningful strides in improving both its capital position and credit profile following a productive 2013. In fact, since May 2011, the company 's TCE ratio is up over 500bps to 9.1%, while NPAs are down approximately -30%, including a 50% reduction in OREO. Adjusting estimates slightly and raising our PT to $5.” Macatawa Bank closed on Friday at $4.84.