Shares of Macatawa Bank Corp. (NASDAQ:MCBC) hit a new 52-week high during trading on Wednesday . The stock traded as high as $7.86 and last traded at $7.80, with a volume of 19,805 shares traded. The stock had previously closed at $7.76.

MCBC has been the subject of several research reports. Hovde Group initiated coverage on Macatawa Bank Corp. in a research report on Wednesday, May 25th. They set a “market perform” rating and a $7.75 price target for the company. Keefe, Bruyette & Woods boosted their price target on Macatawa Bank Corp. from $7.00 to $7.50 and gave the stock a “market perform” rating in a research report on Monday, August 1st.

The stock has a market capitalization of $269.68 million and a PE ratio of 19.39. The company has a 50 day moving average of $7.43 and a 200 day moving average of $6.75.

Macatawa Bank Corp. (NASDAQ:MCBC) last released its quarterly earnings results on Thursday, July 21st. The financial services provider reported $0.11 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.11. On average, equities analysts predict that Macatawa Bank Corp. will post $0.44 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 30th. Investors of record on Monday, August 15th will be paid a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 1.54%. The ex-dividend date is Thursday, August 11th.

A hedge fund recently raised its stake in Macatawa Bank Corp. stock. Dimensional Fund Advisors LP increased its stake in shares of Macatawa Bank Corp. (NASDAQ:MCBC) by 1.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,282,485 shares of the financial services provider’s stock after buying an additional 13,906 shares during the period. Dimensional Fund Advisors LP owned 3.78% of Macatawa Bank Corp. worth $7,759,000 at the end of the most recent reporting period.

Macatawa Bank Corporation is a bank holding company. The Company owns Macatawa Bank (the Bank). The Company focuses on commercial banking. It also offers automated teller machines (ATMs), Internet banking, telephone banking and debit cards. It offers personal trust services, which include financial planning, investment management services, trust and estate administration, and custodial services.

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