Zacks: Brokerages Set $19.00 Price Target for Mackinac Financial Co. (MFNC)

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Shares of Mackinac Financial Co. (NASDAQ:MFNC) have received an average broker rating score of 1.00 (Strong Buy) from the two brokers that provide coverage for the company, Zacks Investment Research reports. Two equities research analysts have rated the stock with a strong buy rating.

Analysts have set a 1-year consensus target price of $19.00 for the company and are anticipating that the company will post $0.28 EPS for the current quarter, according to Zacks. Zacks has also given Mackinac Financial an industry rank of 84 out of 255 based on the ratings given to its competitors.

Several brokerages have commented on MFNC. Zacks Investment Research upgraded shares of Mackinac Financial from a “sell” rating to a “hold” rating in a report on Thursday, September 20th. TheStreet cut shares of Mackinac Financial from a “b” rating to a “c+” rating in a report on Friday, August 3rd. Finally, Piper Jaffray Companies began coverage on shares of Mackinac Financial in a report on Wednesday, June 20th. They issued an “overweight” rating and a $20.00 target price for the company.

Shares of NASDAQ:MFNC traded up $0.06 during trading hours on Friday, hitting $15.99. 2,649 shares of the company’s stock traded hands, compared to its average volume of 15,789. Mackinac Financial has a 52 week low of $14.50 and a 52 week high of $17.58. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The firm has a market cap of $173.55 million, a price-to-earnings ratio of 13.33 and a beta of 0.53.

Mackinac Financial (NASDAQ:MFNC) last announced its earnings results on Thursday, August 2nd. The financial services provider reported $0.25 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.05). Mackinac Financial had a return on equity of 7.97% and a net margin of 7.88%. The firm had revenue of $11.68 million during the quarter, compared to analyst estimates of $11.00 million. On average, research analysts forecast that Mackinac Financial will post 1.1 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, October 8th. Shareholders of record on Thursday, September 27th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 3.00%. The ex-dividend date of this dividend is Wednesday, September 26th. Mackinac Financial’s payout ratio is 40.00%.

Hedge funds and other institutional investors have recently bought and sold shares of the company. M3F Inc. purchased a new stake in shares of Mackinac Financial in the second quarter worth approximately $3,556,000. Gendell Jeffrey L lifted its position in shares of Mackinac Financial by 41.4% in the first quarter. Gendell Jeffrey L now owns 154,912 shares of the financial services provider’s stock worth $2,517,000 after purchasing an additional 45,346 shares in the last quarter. ELCO Management Co. LLC purchased a new stake in shares of Mackinac Financial in the second quarter worth approximately $340,000. Courier Capital LLC purchased a new stake in shares of Mackinac Financial in the second quarter worth approximately $308,000. Finally, Clarkston Capital Partners LLC lifted its position in shares of Mackinac Financial by 2.2% in the second quarter. Clarkston Capital Partners LLC now owns 202,817 shares of the financial services provider’s stock worth $3,363,000 after purchasing an additional 4,277 shares in the last quarter. 43.68% of the stock is owned by institutional investors and hedge funds.

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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