Macatawa Bank Co. Declares 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 2.53%. The ex-dividend date is Friday, May 10th.

Macatawa Bank has increased its dividend by an average of 1.0% per year over the last three years and has increased its dividend every year for the last 1 years. Macatawa Bank has a dividend payout ratio of 28.1% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Macatawa Bank to earn $1.30 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 27.7%.

Macatawa Bank Stock Down 0.6 %

MCBC stock traded down $0.09 during trading on Friday, hitting $14.24. 121,151 shares of the stock traded hands, compared to its average volume of 292,867. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.73 and a quick ratio of 0.73. The stock has a market cap of $489.29 million, a price-to-earnings ratio of 11.87 and a beta of 0.67. Macatawa Bank has a 1 year low of $8.31 and a 1 year high of $14.45. The firm’s 50 day moving average is $10.50 and its two-hundred day moving average is $10.29.

Macatawa Bank (NASDAQ:MCBC) last announced its quarterly earnings results on Thursday, January 25th. The financial services provider reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.04). The business had revenue of $26.13 million for the quarter, compared to the consensus estimate of $26.90 million. Macatawa Bank had a net margin of 30.56% and a return on equity of 14.99%. On average, sell-side analysts anticipate that Macatawa Bank will post 1.26 EPS for the current year.

Analysts Set New Price Targets

Separately, StockNews.com began coverage on shares of Macatawa Bank in a research note on Friday. They set a “sell” rating on the stock.

About Macatawa Bank

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.