Mackinac Financial (NASDAQ:MFNC) Share Price Passes Below Fifty Day Moving Average of $15.78

Mackinac Financial Co. (NASDAQ:MFNC)’s stock price crossed below its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $15.78 and traded as low as $15.70. Mackinac Financial shares last traded at $15.91, with a volume of 9,486 shares trading hands.

Separately, Zacks Investment Research cut shares of Mackinac Financial from a “buy” rating to a “hold” rating in a report on Wednesday, April 10th.

The company’s fifty day moving average price is $15.79. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.01 and a quick ratio of 1.01. The firm has a market capitalization of $170.78 million, a price-to-earnings ratio of 13.14 and a beta of 0.67.

Mackinac Financial (NASDAQ:MFNC) last announced its earnings results on Wednesday, May 1st. The financial services provider reported $0.30 EPS for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.01). Mackinac Financial had a net margin of 15.40% and a return on equity of 8.08%. The business had revenue of $14.35 million during the quarter, compared to analysts’ expectations of $14.40 million. As a group, equities research analysts forecast that Mackinac Financial Co. will post 1.33 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be paid a dividend of $0.12 per share. The ex-dividend date is Thursday, June 27th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.04%. Mackinac Financial’s dividend payout ratio (DPR) is 39.34%.

Institutional investors have recently modified their holdings of the company. Tibra Equities Europe Ltd acquired a new position in shares of Mackinac Financial during the first quarter worth about $321,000. Walthausen & Co. LLC acquired a new position in shares of Mackinac Financial during the first quarter worth about $470,000. Shoals Capital Management LP acquired a new position in shares of Mackinac Financial during the fourth quarter worth about $546,000. Rehmann Capital Advisory Group acquired a new position in shares of Mackinac Financial during the fourth quarter worth about $792,000. Finally, Clover Partners L.P. increased its stake in shares of Mackinac Financial by 1.6% during the fourth quarter. Clover Partners L.P. now owns 131,076 shares of the financial services provider’s stock worth $1,789,000 after acquiring an additional 2,062 shares during the period. Institutional investors and hedge funds own 46.69% of the company’s stock.

About Mackinac Financial (NASDAQ:MFNC)

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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