Macatawa Bank Co. (MCBC) To Go Ex-Dividend on May 10th

Macatawa Bank Co. (NASDAQ:MCBC) declared a quarterly dividend on Thursday, April 25th, Zacks reports. Investors 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 annualized dividend and a yield of 2.52%. 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 increased its dividend annually for the last 1 consecutive years. Macatawa Bank has a payout ratio of 29.3% meaning its dividend is sufficiently covered by earnings. 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 Down 0.4 %

NASDAQ MCBC opened at $14.31 on Wednesday. Macatawa Bank has a 52 week low of $8.31 and a 52 week high of $14.53. The company has a market cap of $491.69 million, a price-to-earnings ratio of 11.93 and a beta of 0.52. The business has a 50 day moving average price of $11.11 and a 200-day moving average price of $10.57. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.07.

Analysts Set New Price Targets

Several research firms recently weighed in on MCBC. StockNews.com assumed coverage on shares of Macatawa Bank in a research report on Saturday. They set a “sell” rating for the company. Keefe, Bruyette & Woods upgraded shares of Macatawa Bank from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $12.00 to $15.00 in a research note on Monday, April 29th.

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.