Macatawa Bank Corp. (MCBC) Shares Up 4.1%
Shares of Macatawa Bank Corp. (NASDAQ:MCBC) shot up 4.1% during mid-day trading on Thursday . The stock traded as high as $8.11 and last traded at $8.10, with a volume of 58,734 shares changing hands. The stock had previously closed at $7.78.
Several research firms have issued reports on MCBC. Keefe, Bruyette & Woods lifted their price target on Macatawa Bank Corp. from $7.00 to $7.50 and gave the company a “market perform” rating in a research note on Monday, August 1st. Hovde Group began coverage on Macatawa Bank Corp. in a research note on Wednesday, May 25th. They issued a “market perform” rating and a $7.75 price target on the stock.
The stock’s 50 day moving average price is $7.67 and its 200-day moving average price is $6.97. The company has a market cap of $274.77 million and a price-to-earnings ratio of 19.76.
Macatawa Bank Corp. (NASDAQ:MCBC) last posted its quarterly earnings data on Thursday, July 21st. The financial services provider reported $0.11 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.11. On average, analysts expect that Macatawa Bank Corp. will post $0.44 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 30th. Investors of record on Monday, August 15th were issued a $0.03 dividend. The ex-dividend date was Thursday, August 11th. This represents a $0.12 dividend on an annualized basis and a yield of 1.48%.
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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