Mackinac Financial (MFNC) Rating Increased to Hold at Zacks Investment Research
Mackinac Financial (NASDAQ:MFNC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday, September 20th.
According to Zacks, “NORTH COUNTRY’s mission is to serve their trading area with quality financial services and products. “
Other equities analysts have also recently issued research reports about the company. Piper Jaffray Companies reiterated a “buy” rating and set a $19.00 target price on shares of Mackinac Financial in a report on Wednesday, August 8th. TheStreet cut Mackinac Financial from a “b” rating to a “c+” rating in a report on Friday, August 3rd. Two investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $19.00.
Mackinac Financial (NASDAQ:MFNC) last released its earnings results on Thursday, August 2nd. The financial services provider reported $0.25 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.30 by ($0.05). The firm had revenue of $11.68 million for the quarter, compared to the consensus estimate of $11.00 million. Mackinac Financial had a return on equity of 7.97% and a net margin of 7.88%. Analysts predict that Mackinac Financial will post 1.1 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Clarkston Capital Partners LLC lifted its stake in Mackinac Financial by 2.2% in the 2nd quarter. Clarkston Capital Partners LLC now owns 202,817 shares of the financial services provider’s stock valued at $3,363,000 after purchasing an additional 4,277 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Mackinac Financial by 3.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 360,459 shares of the financial services provider’s stock valued at $5,825,000 after purchasing an additional 10,670 shares during the last quarter. Creative Planning acquired a new stake in Mackinac Financial in the 2nd quarter valued at about $238,000. BlackRock Inc. lifted its stake in Mackinac Financial by 1,095.0% in the 2nd quarter. BlackRock Inc. now owns 19,395 shares of the financial services provider’s stock valued at $322,000 after purchasing an additional 17,772 shares during the last quarter. Finally, Courier Capital LLC acquired a new stake in Mackinac Financial in the 2nd quarter valued at about $308,000. Institutional investors own 43.68% of the company’s stock.
Mackinac Financial Company Profile
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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