Mackinac Financial Co. (NASDAQ:MFNC) shares passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $10.09 and traded as low as $9.50. Mackinac Financial shares last traded at $9.90, with a volume of 14,234 shares traded.
Separately, Zacks Investment Research lowered shares of Mackinac Financial from a “buy” rating to a “hold” rating in a research note on Tuesday, June 16th.
The stock’s 50 day moving average is $9.76 and its two-hundred day moving average is $10.09. The company has a market capitalization of $104.29 million, a PE ratio of 7.80 and a beta of 0.80. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.70.
Mackinac Financial (NASDAQ:MFNC) last released its quarterly earnings data on Thursday, July 30th. The financial services provider reported $0.33 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.24 by $0.09. Mackinac Financial had a net margin of 18.80% and a return on equity of 8.46%. The company had revenue of $16.83 million during the quarter, compared to analyst estimates of $15.20 million. On average, sell-side analysts predict that Mackinac Financial Co. will post 1.25 EPS for the current fiscal year.
Institutional investors and hedge funds have recently bought and sold shares of the company. State Street Corp increased its holdings in shares of Mackinac Financial by 3.7% during the first quarter. State Street Corp now owns 147,674 shares of the financial services provider’s stock valued at $1,543,000 after acquiring an additional 5,315 shares in the last quarter. LSV Asset Management boosted its position in Mackinac Financial by 17.3% in the second quarter. LSV Asset Management now owns 26,837 shares of the financial services provider’s stock valued at $278,000 after buying an additional 3,950 shares during the last quarter. Rhumbline Advisers purchased a new stake in Mackinac Financial in the first quarter valued at approximately $150,000. Geode Capital Management LLC boosted its position in Mackinac Financial by 9.0% in the first quarter. Geode Capital Management LLC now owns 93,814 shares of the financial services provider’s stock valued at $980,000 after buying an additional 7,721 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its position in Mackinac Financial by 51.3% in the first quarter. JPMorgan Chase & Co. now owns 15,788 shares of the financial services provider’s stock valued at $165,000 after buying an additional 5,355 shares during the last quarter. Hedge funds and other institutional investors own 50.46% 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.
See Also: FinTech
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