Mackinac Financial (NASDAQ:MFNC) Stock Rating Lowered by Zacks Investment Research

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Mackinac Financial (NASDAQ:MFNC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday, Zacks.com reports.

According to Zacks, “NORTH COUNTRY’s mission is to serve their trading area with quality financial services and products. “

Separately, ValuEngine lowered shares of Mackinac Financial from a “hold” rating to a “sell” rating in a research note on Tuesday, July 2nd.

Shares of NASDAQ:MFNC opened at $15.27 on Tuesday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.29. The company has a fifty day simple moving average of $14.96 and a 200 day simple moving average of $15.42. The firm has a market cap of $163.90 million, a PE ratio of 12.52 and a beta of 0.67. Mackinac Financial has a 12-month low of $12.60 and a 12-month high of $16.45.

Mackinac Financial (NASDAQ:MFNC) last issued its quarterly earnings results on Thursday, August 1st. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.01. The business had revenue of $14.91 million during the quarter, compared to analyst estimates of $15.00 million. Mackinac Financial had a net margin of 19.24% and a return on equity of 9.08%. As a group, equities research analysts forecast that Mackinac Financial will post 1.35 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in MFNC. Strs Ohio acquired a new position in shares of Mackinac Financial during the second quarter valued at $39,000. Acadian Asset Management LLC boosted its holdings in shares of Mackinac Financial by 188.3% during the second quarter. Acadian Asset Management LLC now owns 11,313 shares of the financial services provider’s stock valued at $179,000 after acquiring an additional 7,389 shares during the period. Naples Global Advisors LLC boosted its holdings in shares of Mackinac Financial by 10.5% during the second quarter. Naples Global Advisors LLC now owns 21,015 shares of the financial services provider’s stock valued at $332,000 after acquiring an additional 2,000 shares during the period. Northern Trust Corp boosted its holdings in shares of Mackinac Financial by 57.4% during the second quarter. Northern Trust Corp now owns 22,075 shares of the financial services provider’s stock valued at $349,000 after acquiring an additional 8,054 shares during the period. Finally, Charles Schwab Investment Management Inc. acquired a new position in shares of Mackinac Financial during the second quarter valued at $350,000. 49.43% of the stock is owned by institutional investors.

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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