Macatawa Bank Corp. (MCBC) Sets New 1-Year High at $7.86
Macatawa Bank Corp. (NASDAQ:MCBC) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $7.86 and last traded at $7.80, with a volume of 19,805 shares changing hands. The stock had previously closed at $7.76.
A number of research analysts have issued reports on MCBC shares. Keefe, Bruyette & Woods lifted their price objective 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 objective for the company.
The firm’s 50 day moving average price is $7.37 and its 200 day moving average price is $6.74. The firm has a market capitalization of $261.88 million and a P/E ratio of 18.83.
Macatawa Bank Corp. (NASDAQ:MCBC) last issued its quarterly earnings data on Thursday, July 21st. The financial services provider reported $0.11 EPS for the quarter, meeting analysts’ consensus estimates of $0.11. Equities research analysts predict that Macatawa Bank Corp. will post $0.44 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 30th. Shareholders of record on Monday, August 15th will be issued a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 1.55%. The ex-dividend date is Thursday, August 11th.
A hedge fund recently raised its stake in Macatawa Bank Corp. stock. Dimensional Fund Advisors LP boosted its position in shares of Macatawa Bank Corp. (NASDAQ:MCBC) by 1.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm 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 approximately 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.