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

Macatawa Bank Co. (NASDAQ:MCBC) 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 is Friday, May 10th.

Macatawa Bank has raised its dividend payment by an average of 1.0% per year over the last three years and has increased its dividend annually for the last 1 consecutive years. Macatawa Bank has a payout ratio of 28.1% indicating that 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 midday 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 company has a debt-to-equity ratio of 0.10, a current ratio of 0.73 and a quick ratio of 0.73. The stock’s fifty day moving average price is $10.50 and its 200-day moving average price is $10.29. The stock has a market capitalization of $489.29 million, a P/E ratio of 11.87 and a beta of 0.67. Macatawa Bank has a one year low of $8.31 and a one year high of $14.45.

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 the consensus estimate of $26.90 million. Equities research analysts expect 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 shares of 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.