Macatawa Bank Corporation (NASDAQ:MCBC) Raises Dividend to $0.05 Per Share

Macatawa Bank Corporation (NASDAQ:MCBC) announced a quarterly dividend on Monday, July 31st, NASDAQ reports. Investors of record on Tuesday, August 15th will be paid a dividend of 0.05 per share by the financial services provider on Wednesday, August 30th. This represents a $0.20 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date of this dividend is Friday, August 11th. This is an increase from Macatawa Bank Corporation’s previous quarterly dividend of $0.04.

Shares of Macatawa Bank Corporation (NASDAQ:MCBC) opened at 9.40 on Friday. Macatawa Bank Corporation has a one year low of $7.62 and a one year high of $10.67. The company’s 50-day moving average is $9.41 and its 200-day moving average is $9.67. The company has a market cap of $319.02 million, a price-to-earnings ratio of 17.77 and a beta of 1.10.

Macatawa Bank Corporation (NASDAQ:MCBC) last issued its quarterly earnings results on Thursday, July 27th. The financial services provider reported $0.14 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.13 by $0.01. The business had revenue of $17.18 million for the quarter. Macatawa Bank Corporation had a net margin of 24.52% and a return on equity of 10.86%. On average, equities analysts predict that Macatawa Bank Corporation will post $0.56 EPS for the current year.

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Several analysts have recently issued reports on MCBC shares. Keefe, Bruyette & Woods reissued a “hold” rating and set a $10.00 price target on shares of Macatawa Bank Corporation in a research report on Friday, July 14th. BidaskClub raised shares of Macatawa Bank Corporation from a “sell” rating to a “hold” rating in a report on Thursday, July 6th.

In related news, insider Matthew D. Hoeksema purchased 5,031 shares of the company’s stock in a transaction on Tuesday, August 8th. The shares were bought at an average cost of $9.50 per share, for a total transaction of $47,794.50. Following the completion of the purchase, the insider now directly owns 25,601 shares of the company’s stock, valued at approximately $243,209.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 8.70% of the company’s stock.

Macatawa Bank Corporation Company Profile

Macatawa Bank Corporation is a bank holding company. The Company, through its subsidiary, Macatawa Bank (the Bank), offers a range of commercial and personal banking services, including checking, savings and certificates of deposit accounts, cash management, safe deposit boxes, trust services and commercial, mortgage and consumer loans.

Dividend History for Macatawa Bank Corporation (NASDAQ:MCBC)

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