Mackinac Financial Co. (NASDAQ:MFNC) Sees Large Decline in Short Interest
Mackinac Financial Co. (NASDAQ:MFNC) was the recipient of a significant decline in short interest during the month of January. As of January 31st, there was short interest totalling 33,400 shares, a decline of 28.0% from the January 15th total of 46,400 shares. Approximately 0.4% of the shares of the company are sold short. Based on an average daily trading volume, of 14,900 shares, the days-to-cover ratio is presently 2.2 days.
MFNC has been the topic of a number of recent analyst reports. ValuEngine raised Mackinac Financial from a “sell” rating to a “hold” rating in a research report on Tuesday, January 21st. Zacks Investment Research downgraded Mackinac Financial from a “hold” rating to a “sell” rating in a research report on Wednesday, February 5th.
Large investors have recently modified their holdings of the company. Citigroup Inc. boosted its holdings in shares of Mackinac Financial by 696.6% during the fourth quarter. Citigroup Inc. now owns 1,848 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 1,616 shares during the period. Barclays PLC boosted its holdings in shares of Mackinac Financial by 100.5% during the fourth quarter. Barclays PLC now owns 9,393 shares of the financial services provider’s stock worth $164,000 after acquiring an additional 4,709 shares during the period. Strs Ohio boosted its holdings in shares of Mackinac Financial by 300.0% during the fourth quarter. Strs Ohio now owns 10,000 shares of the financial services provider’s stock worth $174,000 after acquiring an additional 7,500 shares during the period. Beese Fulmer Investment Management Inc. bought a new stake in shares of Mackinac Financial during the third quarter worth approximately $196,000. Finally, Millennium Management LLC bought a new stake in shares of Mackinac Financial during the third quarter worth approximately $200,000. Institutional investors own 50.58% of the company’s stock.
Mackinac Financial (NASDAQ:MFNC) last announced its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.03). Mackinac Financial had a return on equity of 8.88% and a net margin of 19.69%. The business had revenue of $15.20 million for the quarter, compared to analyst estimates of $15.10 million. On average, analysts forecast that Mackinac Financial will post 1.28 earnings per share for the current year.
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.
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