Macatawa Bank Corp. (MCBC) Shares Gap Up to $7.72
Macatawa Bank Corp. (NASDAQ:MCBC) shares gapped up prior to trading on Thursday . The stock had previously closed at $7.71, but opened at $7.72. Macatawa Bank Corp. shares last traded at $7.94, with a volume of 14,298 shares trading hands.
A number of research analysts have commented on the company. Keefe, Bruyette & Woods increased their price objective on Macatawa Bank Corp. from $7.00 to $7.50 and gave the company a “market perform” rating in a research report on Monday, August 1st. Hovde Group assumed coverage on Macatawa Bank Corp. in a research report on Wednesday, May 25th. They issued a “market perform” rating and a $7.75 price objective on the stock.
The company has a market cap of $270.36 million and a price-to-earnings ratio of 19.44. The stock has a 50-day moving average of $7.61 and a 200-day moving average of $6.91.
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 for the quarter, meeting analysts’ consensus estimates of $0.11. Equities research analysts anticipate that Macatawa Bank Corp. will post $0.44 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 30th. Stockholders of record on Monday, August 15th will be given a $0.03 dividend. The ex-dividend date of this dividend is Thursday, August 11th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 1.51%.
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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