Zacks: Mackinac Financial Co. (NASDAQ:MFNC) Receives Consensus Recommendation of “Strong Buy” from Analysts

Mackinac Financial Co. (NASDAQ:MFNC) has received a consensus broker rating score of 1.00 (Strong Buy) from the one analysts that cover the stock, Zacks Investment Research reports. One investment analyst has rated the stock with a strong buy recommendation.

Brokers have set a 1 year consensus price objective of $19.00 for the company and are forecasting that the company will post $0.35 earnings per share for the current quarter, according to Zacks. Zacks has also given Mackinac Financial an industry rank of 164 out of 256 based on the ratings given to related companies.

A number of equities research analysts have commented on the stock. Zacks Investment Research raised shares of Mackinac Financial from a “hold” rating to a “buy” rating and set a $16.00 target price for the company in a research report on Thursday. ValuEngine downgraded shares of Mackinac Financial from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd.

NASDAQ:MFNC traded up $0.14 during trading hours on Monday, reaching $14.26. The company had a trading volume of 10,428 shares, compared to its average volume of 12,815. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.01 and a current ratio of 1.01. Mackinac Financial has a 52 week low of $12.60 and a 52 week high of $17.29. The stock has a market cap of $153.15 million, a price-to-earnings ratio of 11.69 and a beta of 0.60. The company’s 50 day simple moving average is $15.57.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Friday, June 28th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.37%. The ex-dividend date was Thursday, June 27th. Mackinac Financial’s payout ratio is 39.34%.

A number of institutional investors have recently modified their holdings of MFNC. Charles Schwab Investment Management Inc. bought a new position in shares of Mackinac Financial during the second quarter valued at about $350,000. Acadian Asset Management LLC grew its stake in shares of Mackinac Financial by 188.3% in the second quarter. Acadian Asset Management LLC now owns 11,313 shares of the financial services provider’s stock worth $179,000 after purchasing an additional 7,389 shares during the last quarter. Strs Ohio bought a new stake in shares of Mackinac Financial in the second quarter worth about $39,000. Clarkston Capital Partners LLC grew its stake in shares of Mackinac Financial by 1.0% in the second quarter. Clarkston Capital Partners LLC now owns 210,008 shares of the financial services provider’s stock worth $3,318,000 after purchasing an additional 2,019 shares during the last quarter. Finally, Naples Global Advisors LLC grew its stake in shares of Mackinac Financial by 10.5% in the second quarter. Naples Global Advisors LLC now owns 21,015 shares of the financial services provider’s stock worth $332,000 after purchasing an additional 2,000 shares during the last quarter. 46.75% of the stock is owned by institutional investors.

About Mackinac Financial

Mackinac Financial Corporation provides banking solutions. It offers demand deposits and interest and non-interest bearing time and savings deposits. It's deposits include jumbo deposits and retail time deposits. The company provides commercial and industrial loans, consumer loans, commercial real estate loans, and other loans and leases.

Further Reading: Return On Assets

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