Macatawa Bank Co. Announces Quarterly Dividend of $0.09 (NASDAQ:MCBC)

Macatawa Bank Co. (NASDAQ:MCBC) declared a quarterly dividend on Thursday, April 25th, Zacks reports. Stockholders of record on Monday, May 13th will be given a dividend of 0.09 per share by the financial services provider on Thursday, May 30th. This represents a $0.36 annualized dividend and a dividend yield of 2.48%. The ex-dividend date is Friday, May 10th.

Macatawa Bank has increased its dividend by an average of 1.0% annually over the last three years and has raised its dividend every year for the last 1 years. Macatawa Bank has a payout ratio of 29.3% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Macatawa Bank to earn $1.25 per share next year, which means the company should continue to be able to cover its $0.36 annual dividend with an expected future payout ratio of 28.8%.

Macatawa Bank Trading Up 1.3 %

Macatawa Bank stock opened at $14.49 on Thursday. Macatawa Bank has a one year low of $8.31 and a one year high of $14.53. The business’s fifty day moving average is $11.20 and its 200 day moving average is $10.60. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.74 and a quick ratio of 0.74. The stock has a market capitalization of $497.91 million, a PE ratio of 12.08 and a beta of 0.52.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. StockNews.com initiated coverage on shares of Macatawa Bank in a research note on Saturday, May 4th. They issued a “sell” rating for the company. Keefe, Bruyette & Woods raised shares of Macatawa Bank from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $12.00 to $15.00 in a research report on Monday, April 29th.

Macatawa Bank Company Profile

Macatawa Bank Corporation operates as the bank holding company for Macatawa Bank that engages in the provision of commercial and consumer banking and trust services. The company accepts various deposits, such as checking accounts, savings accounts, time deposits, regular and money market savings accounts, certificates of deposit, and demand deposits.