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.
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