Macatawa Bank Corp. (NASDAQ:MCBC) shares hit a new 52-week high during mid-day trading on Friday . The company traded as high as $8.17 and last traded at $7.98, with a volume of 28,890 shares changing hands. The stock had previously closed at $7.95.

A number of research analysts have issued reports on MCBC shares. Keefe, Bruyette & Woods boosted their price target 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 initiated coverage on Macatawa Bank Corp. in a research note on Wednesday, May 25th. They set a “market perform” rating and a $7.75 target price for the company.

The firm has a 50-day moving average of $7.59 and a 200 day moving average of $6.89. The firm has a market capitalization of $268.66 million and a price-to-earnings ratio of 19.32.

Macatawa Bank Corp. (NASDAQ:MCBC) last issued its earnings results on Thursday, July 21st. The financial services provider reported $0.11 earnings per share for the quarter, hitting the consensus estimate of $0.11. On average, analysts anticipate that Macatawa Bank Corp. will post $0.44 earnings per share for the current year.

The firm also recently announced 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 annualized dividend and a dividend yield of 1.51%. The ex-dividend date of this dividend is 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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