Macatawa Bank Corp. (MCBC) Sees Large Volume Increase
Macatawa Bank Corp. (NASDAQ:MCBC) shares saw an uptick in trading volume on Friday . 77,427 shares traded hands during mid-day 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 brokerages recently weighed in on MCBC. Keefe, Bruyette & Woods increased their price target on shares of Macatawa Bank Corp. from $7.00 to $7.50 and gave the stock a “market perform” rating in a report on Monday, August 1st. Hovde Group began coverage on shares of Macatawa Bank Corp. in a report on Wednesday, May 25th. They issued a “market perform” rating and a $7.75 price target on the stock.
The firm has a 50-day moving average of $7.46 and a 200 day moving average of $6.77. The firm has a market cap of $266.97 million and a P/E ratio of 19.20.
Macatawa Bank Corp. (NASDAQ:MCBC) last announced its quarterly earnings data on Thursday, July 21st. The financial services provider reported $0.11 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.11. Analysts expect that Macatawa Bank Corp. will post $0.44 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 30th. Stockholders of record on Monday, August 15th will be given a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date is Thursday, August 11th.
A hedge fund recently raised its stake in Macatawa Bank Corp. stock. Dimensional Fund Advisors LP increased its position in 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. 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 SEC filing.
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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