Shares of Mackinac Financial Co. (NASDAQ:MFNC) have received an average broker rating score of 1.00 (Strong Buy) from the two brokers that cover the company, Zacks Investment Research reports. Two analysts have rated the stock with a strong buy recommendation.
Brokers have set a twelve-month consensus target price of $19.00 for the company and are expecting that the company will post $0.30 EPS for the current quarter, according to Zacks. Zacks has also given Mackinac Financial an industry rank of 153 out of 255 based on the ratings given to related companies.
MFNC has been the topic of several recent research reports. Zacks Investment Research cut Mackinac Financial from a “hold” rating to a “sell” rating in a report on Wednesday, August 22nd. Piper Jaffray Companies reiterated a “buy” rating and issued a $19.00 price objective on shares of Mackinac Financial in a report on Wednesday, August 8th. Finally, TheStreet cut Mackinac Financial from a “b” rating to a “c+” rating in a report on Friday, August 3rd.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Creative Planning acquired a new position in Mackinac Financial in the second quarter valued at approximately $238,000. Courier Capital LLC acquired a new position in Mackinac Financial in the second quarter valued at approximately $308,000. BlackRock Inc. lifted its holdings in Mackinac Financial by 1,095.0% in the second quarter. BlackRock Inc. now owns 19,395 shares of the financial services provider’s stock valued at $322,000 after acquiring an additional 17,772 shares during the last quarter. ELCO Management Co. LLC acquired a new position in Mackinac Financial in the second quarter valued at approximately $340,000. Finally, Minerva Advisors LLC acquired a new position in Mackinac Financial in the second quarter valued at approximately $505,000. Hedge funds and other institutional investors own 43.68% of the company’s stock.
Shares of Mackinac Financial stock traded down $0.02 on Monday, hitting $15.53. 2,150 shares of the company were exchanged, compared to its average volume of 14,968. The stock has a market cap of $166.58 million, a P/E ratio of 13.06 and a beta of 0.56. Mackinac Financial has a 1-year low of $14.50 and a 1-year high of $17.58. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.05 and a quick ratio of 1.05.
Mackinac Financial (NASDAQ:MFNC) last issued its earnings results on Wednesday, October 31st. The financial services provider reported $0.31 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.29 by $0.02. The business had revenue of $14.51 million for the quarter, compared to analysts’ expectations of $14.30 million. Mackinac Financial had a return on equity of 8.77% and a net margin of 9.09%. As a group, research analysts expect that Mackinac Financial will post 1.1 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 8th. Investors of record on Thursday, September 27th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 3.09%. The ex-dividend date of this dividend was Wednesday, September 26th. Mackinac Financial’s dividend payout ratio is presently 40.00%.
Mackinac Financial Company Profile
Mackinac Financial Corporation operates as the bank holding company for mBank that provides commercial and retail banking products and services in the United States. The company accepts interest bearing and non-interest bearing accounts, such as commercial and retail checking accounts, negotiable order of withdrawal accounts, money market accounts, individual retirement accounts, regular interest-bearing statement savings accounts, certificates of deposit, time deposits, and interest bearing transaction accounts.
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