Mackinac Financial Co. (NASDAQ:MFNC) announced a quarterly dividend on Tuesday, June 18th, NASDAQ reports. Stockholders of record on Friday, June 28th will be given a dividend of 0.12 per share by the financial services provider on Friday, July 12th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.02%. The ex-dividend date is Thursday, June 27th.
Mackinac Financial has increased its dividend payment by an average of 13.9% per year over the last three years and has increased its dividend annually for the last 5 consecutive years. Mackinac Financial has a payout ratio of 43.6% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Mackinac Financial to earn $1.46 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 32.9%.
Shares of NASDAQ MFNC traded up $0.05 during mid-day trading on Wednesday, reaching $15.90. 1,446 shares of the company’s stock were exchanged, compared to its average volume of 16,447. Mackinac Financial has a 52 week low of $12.60 and a 52 week high of $17.58. The stock has a 50-day moving average price of $15.77. The firm has a market cap of $169.38 million, a price-to-earnings ratio of 13.03 and a beta of 0.67. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.30.
Separately, Zacks Investment Research cut Mackinac Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, April 10th.
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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