Zacks Investment Research lowered shares of Mackinac Financial (NASDAQ:MFNC) from a hold rating to a sell rating in a research note issued to investors on Tuesday.
According to Zacks, “NORTH COUNTRY’s mission is to serve their trading area with quality financial services and products. “
A number of other equities analysts also recently commented on MFNC. TheStreet downgraded Mackinac Financial from a b rating to a c+ rating in a report on Friday, August 3rd. 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. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the company’s stock. Mackinac Financial currently has an average rating of Hold and a consensus price target of $19.00.
Mackinac Financial (NASDAQ:MFNC) last announced its 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. The company had revenue of $14.51 million during the quarter, compared to the consensus estimate of $14.30 million. Mackinac Financial had a return on equity of 8.77% and a net margin of 9.09%. On average, research analysts anticipate that Mackinac Financial will post 1.14 earnings per share for the current year.
In other Mackinac Financial news, Director Dennis Bittner sold 2,000 shares of the stock in a transaction on Tuesday, November 6th. The stock was sold at an average price of $15.50, for a total value of $31,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 24.65% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Clover Partners L.P. raised its holdings in Mackinac Financial by 84.3% in the third quarter. Clover Partners L.P. now owns 129,014 shares of the financial services provider’s stock worth $2,090,000 after purchasing an additional 59,014 shares in the last quarter. Renaissance Technologies LLC bought a new position in Mackinac Financial in the second quarter worth $698,000. EJF Capital LLC bought a new position in Mackinac Financial in the second quarter worth $8,090,000. Gendell Jeffrey L raised its holdings in 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 in the last quarter. Finally, M3F Inc. bought a new position in Mackinac Financial in the second quarter worth $3,556,000. Institutional investors and hedge funds 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.
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