Brokerages Anticipate Mackinac Financial Co. (NASDAQ:MFNC) to Post $0.33 Earnings Per Share

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

Analysts have set a one year consensus price target of $19.00 for the company and are forecasting that the company will post $0.33 earnings per share for the current quarter, according to Zacks. Zacks has also assigned Mackinac Financial an industry rank of 167 out of 256 based on the ratings given to related companies.

Separately, Zacks Investment Research upgraded Mackinac Financial from a “hold” rating to a “strong-buy” rating and set a $18.00 target price on the stock in a research note on Tuesday, February 12th.

Several large investors have recently modified their holdings of the company. The Manufacturers Life Insurance Company boosted its stake in Mackinac Financial by 0.4% during the first quarter. The Manufacturers Life Insurance Company now owns 489,206 shares of the financial services provider’s stock worth $7,700,000 after buying an additional 2,033 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Mackinac Financial by 3.6% in the first quarter. Dimensional Fund Advisors LP now owns 446,172 shares of the financial services provider’s stock valued at $7,022,000 after purchasing an additional 15,412 shares during the period. Vanguard Group Inc raised its position in Mackinac Financial by 0.6% in the third quarter. Vanguard Group Inc now owns 385,028 shares of the financial services provider’s stock valued at $6,237,000 after purchasing an additional 2,353 shares during the period. Clarkston Capital Partners LLC raised its position in Mackinac Financial by 2.6% in the first quarter. Clarkston Capital Partners LLC now owns 207,989 shares of the financial services provider’s stock valued at $3,274,000 after purchasing an additional 5,172 shares during the period. Finally, Clover Partners L.P. raised its position in Mackinac Financial by 1.6% in the fourth quarter. Clover Partners L.P. now owns 131,076 shares of the financial services provider’s stock valued at $1,789,000 after purchasing an additional 2,062 shares during the period. 46.69% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NASDAQ:MFNC traded down $0.15 during midday trading on Wednesday, reaching $16.01. 394 shares of the company were exchanged, compared to its average volume of 14,486. Mackinac Financial has a fifty-two week low of $12.60 and a fifty-two week high of $17.58. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.30. The firm has a market cap of $167.34 million, a price-to-earnings ratio of 13.12 and a beta of 0.67.

Mackinac Financial (NASDAQ:MFNC) last released its earnings results on Wednesday, May 1st. The financial services provider reported $0.30 earnings per share for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.01). The business had revenue of $14.35 million during the quarter, compared to the consensus estimate of $14.40 million. Mackinac Financial had a net margin of 15.40% and a return on equity of 8.08%. Research analysts expect that Mackinac Financial will post 1.33 earnings per share for the current fiscal year.

Mackinac Financial Company Profile

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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