Macatawa Bank Co. (MCBC) to Issue Quarterly Dividend of $0.04

Macatawa Bank Co. (NASDAQ:MCBC) announced a quarterly dividend on Monday, May 1st. Shareholders of record on Monday, May 15th will be given a dividend of 0.04 per share by the financial services provider on Tuesday, May 30th. This represents a $0.16 annualized dividend and a yield of 1.74%. The ex-dividend date is Thursday, May 11th.

Macatawa Bank (NASDAQ:MCBC) traded down 1.60% during midday trading on Friday, reaching $9.21. 59,753 shares of the company’s stock traded hands. Macatawa Bank has a 52-week low of $6.53 and a 52-week high of $10.67. The firm has a market cap of $312.62 million, a PE ratio of 18.46 and a beta of 1.13. The firm’s 50-day moving average is $9.74 and its 200 day moving average is $9.78.

Dividend History for Macatawa Bank (NASDAQ:MCBC)

Several large investors have recently added to or reduced their stakes in MCBC. Goldman Sachs Group Inc. boosted its position in shares of Macatawa Bank by 36.1% in the first quarter. Goldman Sachs Group Inc. now owns 26,756 shares of the financial services provider’s stock valued at $264,000 after buying an additional 7,101 shares during the last quarter. Metropolitan Life Insurance Co. NY boosted its position in shares of Macatawa Bank by 14.0% in the first quarter. Metropolitan Life Insurance Co. NY now owns 20,515 shares of the financial services provider’s stock valued at $203,000 after buying an additional 2,519 shares during the last quarter. Morgan Stanley boosted its position in shares of Macatawa Bank by 3.4% in the first quarter. Morgan Stanley now owns 179,541 shares of the financial services provider’s stock valued at $1,774,000 after buying an additional 5,916 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Macatawa Bank by 9.4% in the first quarter. Geode Capital Management LLC now owns 188,366 shares of the financial services provider’s stock valued at $1,861,000 after buying an additional 16,223 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Macatawa Bank by 3.4% in the first quarter. Vanguard Group Inc. now owns 969,439 shares of the financial services provider’s stock valued at $9,578,000 after buying an additional 32,005 shares during the last quarter. 26.83% of the stock is owned by institutional investors and hedge funds.

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Separately, Keefe, Bruyette & Woods set a $10.00 target price on shares of Macatawa Bank and gave the stock a “hold” rating in a report on Monday, April 10th.

About Macatawa Bank

Macatawa Bank Corporation is a bank holding company. The Company, through its subsidiary, Macatawa Bank (the Bank), offers a range of commercial and personal banking services, including checking, savings and certificates of deposit accounts, cash management, safe deposit boxes, trust services and commercial, mortgage and consumer loans.

12 Month Chart for NASDAQ:MCBC

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