Mackinac Financial (MFNC) Downgraded to “Sell” at Zacks Investment Research

Share on StockTwits

Zacks Investment Research cut shares of Mackinac Financial (NASDAQ:MFNC) from a hold rating to a sell rating in a report published on Tuesday morning.

According to Zacks, “NORTH COUNTRY’s mission is to serve their trading area with quality financial services and products. “

Other research analysts have also recently issued research reports about the stock. TheStreet cut shares of Mackinac Financial from a b rating to a c+ rating in a report on Friday, August 3rd. Piper Jaffray Companies restated a buy rating and issued a $19.00 target price on shares of Mackinac Financial in a report on Wednesday, August 8th. One research analyst has rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the company. Mackinac Financial presently has a consensus rating of Hold and a consensus target price of $19.00.

NASDAQ MFNC traded down $0.06 on Tuesday, reaching $15.44. 33 shares of the company’s stock traded hands, compared to its average volume of 7,899. Mackinac Financial has a 12 month low of $14.50 and a 12 month 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. The stock has a market capitalization of $166.58 million, a P/E ratio of 12.87 and a beta of 0.56.

Mackinac Financial (NASDAQ:MFNC) last issued its quarterly earnings results on Wednesday, October 31st. The financial services provider reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.02. Mackinac Financial had a net margin of 9.09% and a return on equity of 8.77%. The business had revenue of $14.51 million for the quarter, compared to analysts’ expectations of $14.30 million. As a group, equities analysts expect that Mackinac Financial will post 1.14 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Monday, October 8th. Stockholders of record on Thursday, September 27th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 3.11%. The ex-dividend date of this dividend was Wednesday, September 26th. Mackinac Financial’s dividend payout ratio is 40.00%.

Institutional investors have recently modified their holdings of the company. M3F Inc. bought a new position in shares of Mackinac Financial in the second quarter worth approximately $3,556,000. Gendell Jeffrey L grew its holdings in shares of Mackinac Financial by 70.3% in the second quarter. Gendell Jeffrey L now owns 263,772 shares of the financial services provider’s stock worth $4,373,000 after purchasing an additional 108,860 shares during the last quarter. ELCO Management Co. LLC bought a new position in shares of Mackinac Financial in the second quarter worth approximately $340,000. Renaissance Technologies LLC bought a new position in shares of Mackinac Financial in the second quarter worth approximately $698,000. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Mackinac Financial by 15.5% in the second quarter. Dimensional Fund Advisors LP now owns 416,291 shares of the financial services provider’s stock worth $6,902,000 after purchasing an additional 55,832 shares during the last quarter. Hedge funds and other institutional investors own 43.68% of the company’s stock.

About Mackinac Financial

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.

See Also: Technical Analysis of Stocks, How Can It Help

Get a free copy of the Zacks research report on Mackinac Financial (MFNC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Mackinac Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mackinac Financial and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply