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

Macatawa Bank Co. (NASDAQ:MCBC - Get Free Report) announced 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 dividend on an annualized basis and a dividend yield of 2.53%. The ex-dividend date of this dividend 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 payout ratio of 28.1% indicating that its dividend is sufficiently covered by earnings. Equities research 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 Trading Down 0.6 %

Shares of MCBC stock traded down $0.09 on Friday, reaching $14.24. 121,151 shares of the company's stock were exchanged, compared to its average volume of 292,867. Macatawa Bank has a 52 week low of $8.31 and a 52 week high of $14.45. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $489.29 million, a PE ratio of 11.87 and a beta of 0.67. The company's fifty day simple moving average is $10.50 and its 200 day simple moving average is $10.30.

Macatawa Bank (NASDAQ:MCBC - Get Free Report) last issued 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). Macatawa Bank had a return on equity of 14.99% and a net margin of 30.56%. The business had revenue of $26.13 million for the quarter, compared to the consensus estimate of $26.90 million. As a group, analysts forecast that Macatawa Bank will post 1.26 EPS for the current year.

Analysts Set New Price Targets

Separately, StockNews.com began coverage on Macatawa Bank in a research note on Friday. 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.