Mackinac Financial (MFNC) Downgraded by Zacks Investment Research
Zacks Investment Research downgraded shares of Mackinac Financial (NASDAQ:MFNC) from a hold rating to a sell rating in a report released on Tuesday.
According to Zacks, “NORTH COUNTRY’s mission is to serve their trading area with quality financial services and products. “
MFNC has been the topic of several other reports. Piper Jaffray Companies reaffirmed a buy rating and set a $19.00 price objective on shares of Mackinac Financial in a research report on Wednesday, August 8th. TheStreet cut Mackinac Financial from a b rating to a c+ rating in a research report on Friday, August 3rd. One analyst has rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus price target of $19.00.
Mackinac Financial (NASDAQ:MFNC) last released its quarterly earnings data on Wednesday, October 31st. The financial services provider reported $0.31 EPS for the quarter, beating the consensus estimate of $0.29 by $0.02. Mackinac Financial had a return on equity of 8.77% and a net margin of 9.09%. The company had revenue of $14.51 million for the quarter, compared to analysts’ expectations of $14.30 million. As a group, sell-side analysts expect that Mackinac Financial will post 1.14 EPS for the current fiscal year.
In related 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 transaction of $31,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 24.65% of the company’s stock.
A number of large investors have recently made changes to their positions in MFNC. EJF Capital LLC purchased a new position in Mackinac Financial in the second quarter worth about $8,090,000. M3F Inc. purchased a new position in Mackinac Financial in the second quarter worth about $3,556,000. Gendell Jeffrey L boosted its position 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 during the last quarter. Clover Partners L.P. boosted its position 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 during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in 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. 43.68% of the stock is currently owned by institutional investors and hedge funds.
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.
Read More: What Is An Exchange-Traded Fund (ETF)?
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.