Macatawa Bank Corp. (MCBC) Shares Up 4.1%
Macatawa Bank Corp. (NASDAQ:MCBC) shot up 4.1% during trading on Thursday . The stock traded as high as $8.11 and last traded at $8.10, with a volume of 58,734 shares trading hands. The stock had previously closed at $7.78.
MCBC has been the subject of a number of analyst reports. Keefe, Bruyette & Woods lifted their price objective on Macatawa Bank Corp. from $7.00 to $7.50 and gave the stock a “market perform” rating in a research note on Monday, August 1st. Hovde Group initiated coverage on Macatawa Bank Corp. in a research note on Wednesday, May 25th. They set a “market perform” rating and a $7.75 price objective for the company.
The company has a 50 day moving average price of $7.69 and a 200 day moving average price of $6.97. The company has a market capitalization of $273.75 million and a price-to-earnings ratio of 19.68.
Macatawa Bank Corp. (NASDAQ:MCBC) last issued its quarterly earnings results on Thursday, July 21st. The financial services provider reported $0.11 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.11. Equities analysts anticipate that Macatawa Bank Corp. will post $0.44 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 30th. Shareholders of record on Monday, August 15th were paid a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 1.49%. The ex-dividend date was Thursday, August 11th.
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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