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

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

Macatawa Bank has raised its dividend payment by an average of 1.0% per year over the last three years and has raised its dividend every year for the last 1 years. Macatawa Bank has a dividend payout ratio of 29.3% indicating that its dividend is sufficiently covered by earnings. Equities research 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 %

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

Analyst Upgrades and Downgrades

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

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.