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

Macatawa Bank Co. (NASDAQ:MCBC) declared a quarterly dividend on Thursday, April 25th, Zacks reports. Shareholders 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 raised 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 dividend 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 Price Performance

MCBC traded down $0.09 on Friday, reaching $14.24. The stock had a trading volume of 121,151 shares, compared to its average volume of 292,867. Macatawa Bank has a fifty-two week low of $8.31 and a fifty-two week high of $14.45. The firm has a 50-day moving average of $10.50 and a 200-day moving average of $10.29. 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 company has a market capitalization of $489.29 million, a price-to-earnings ratio of 11.87 and a beta of 0.67.

Macatawa Bank (NASDAQ:MCBC) last issued its 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 firm had revenue of $26.13 million during the quarter, compared to analyst estimates of $26.90 million. As a group, sell-side analysts anticipate that Macatawa Bank will post 1.26 EPS for the current year.

Analyst Ratings Changes

Separately, StockNews.com started coverage on Macatawa Bank in a report on Friday. They issued 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.