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

Macatawa Bank Co. (NASDAQ:MCBC) announced a quarterly dividend on Thursday, April 25th, Zacks reports. Shareholders of record on Monday, May 13th will be given 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 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% meaning its dividend is sufficiently covered by earnings. 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 Stock Down 0.6 %

Shares of NASDAQ MCBC traded down $0.09 during trading on Friday, hitting $14.24. 121,151 shares of the company traded hands, compared to its average volume of 292,867. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.73 and a current ratio of 0.73. The business’s fifty day moving average is $10.50 and its 200 day moving average is $10.29. The firm has a market capitalization of $489.29 million, a price-to-earnings ratio of 11.87 and a beta of 0.67. Macatawa Bank has a fifty-two week low of $8.31 and a fifty-two week high of $14.45.

Macatawa Bank (NASDAQ:MCBC) last posted its quarterly earnings results on Thursday, January 25th. The financial services provider reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.04). The firm had revenue of $26.13 million for the quarter, compared to analyst estimates of $26.90 million. Macatawa Bank had a return on equity of 14.99% and a net margin of 30.56%. Equities research analysts predict that Macatawa Bank will post 1.26 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, StockNews.com began coverage on Macatawa Bank in a report on Friday. They set a “sell” rating for the company.

Macatawa Bank Company Profile

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.