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

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 yield of 2.53%. The ex-dividend date is Friday, May 10th.

Macatawa Bank has increased 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. Equities 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 Performance

NASDAQ MCBC traded down $0.09 during trading hours on Friday, reaching $14.24. The stock had a trading volume of 121,151 shares, compared to its average volume of 292,867. The stock has a fifty day moving average of $10.50 and a 200 day moving average of $10.29. The stock has a market cap of $489.29 million, a P/E ratio of 11.87 and a beta of 0.67. Macatawa Bank has a 52-week low of $8.31 and a 52-week 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 quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.28 EPS for the quarter, missing the consensus estimate of $0.32 by ($0.04). Macatawa Bank had a return on equity of 14.99% and a net margin of 30.56%. The company had revenue of $26.13 million during the quarter, compared to analysts’ expectations of $26.90 million. Sell-side analysts predict that Macatawa Bank will post 1.26 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

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.