Macatawa Bank Corp. (MCBC) Sees Unusually-High Trading Volume
Macatawa Bank Corp. (NASDAQ:MCBC) shares saw unusually-strong trading volume on Friday . Approximately 77,427 shares changed hands during trading, an increase of 34% from the previous session’s volume of 57,712 shares.The stock last traded at $7.89 and had previously closed at $7.80.
Several equities analysts have commented on MCBC shares. Keefe, Bruyette & Woods increased their price target on Macatawa Bank Corp. from $7.00 to $7.50 and gave the company a “market perform” rating in a report on Monday, August 1st. Hovde Group started coverage on Macatawa Bank Corp. in a report on Wednesday, May 25th. They set a “market perform” rating and a $7.75 price target on the stock.
The stock has a 50 day moving average of $7.46 and a 200 day moving average of $6.77. The company has a market cap of $266.97 million and a price-to-earnings ratio of 19.20.
Macatawa Bank Corp. (NASDAQ:MCBC) last issued its quarterly earnings data on Thursday, July 21st. The financial services provider reported $0.11 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.11. Analysts expect that Macatawa Bank Corp. will post $0.44 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 30th. Investors of record on Monday, August 15th will be given a $0.03 dividend. The ex-dividend date is Thursday, August 11th. This represents a $0.12 annualized dividend and a dividend yield of 1.52%.
A hedge fund recently raised its stake in Macatawa Bank Corp. stock. Dimensional Fund Advisors LP raised 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 Securities and Exchange Commission (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 about 3.78% of Macatawa Bank Corp. worth $7,759,000 as of its most recent filing with the SEC.
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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