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 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 payment by an average of 1.0% annually over the last three years and has raised its dividend annually for the last 1 consecutive years. Macatawa Bank has a payout ratio of 28.1% meaning its dividend is sufficiently covered by earnings. 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 %

MCBC traded down $0.09 during trading on Friday, reaching $14.24. The company had a trading volume of 121,151 shares, compared to its average volume of 292,867. The firm’s 50-day simple moving average is $10.50 and its 200 day simple moving average is $10.29. The company has a market cap of $489.29 million, a price-to-earnings ratio of 11.87 and a beta of 0.67. Macatawa Bank has a 12-month low of $8.31 and a 12-month high of $14.45. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.73 and a current ratio of 0.73.

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

Analyst Ratings Changes

Separately, StockNews.com started coverage on Macatawa Bank in a research note on Friday. They set a “sell” rating on the stock.

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.