Mackinac Financial Co. Plans Quarterly Dividend of $0.12 (MFNC)
Mackinac Financial Co. (NASDAQ:MFNC) declared a quarterly dividend on Tuesday, September 18th, Wall Street Journal reports. Investors of record on Thursday, September 27th will be given a dividend of 0.12 per share by the financial services provider on Monday, October 8th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.94%. The ex-dividend date is Wednesday, September 26th.
Mackinac Financial has raised its dividend by an average of 32.0% annually over the last three years and has raised its dividend every year for the last 4 years. Mackinac Financial has a dividend payout ratio of 43.6% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Mackinac Financial to earn $1.32 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 36.4%.
Shares of MFNC stock opened at $16.30 on Tuesday. The company has a market capitalization of $175.05 million, a price-to-earnings ratio of 13.73 and a beta of 0.50. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.62. Mackinac Financial has a fifty-two week low of $14.40 and a fifty-two week high of $17.58.
MFNC has been the subject of a number of research analyst reports. Zacks Investment Research downgraded Mackinac Financial from a “hold” rating to a “sell” rating in a report on Wednesday, August 22nd. Piper Jaffray Companies reiterated a “buy” rating and issued a $19.00 target price on shares of Mackinac Financial in a report on Wednesday, August 8th. Finally, TheStreet downgraded Mackinac Financial from a “b” rating to a “c+” rating in a report on Friday, August 3rd. Two equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $19.00.
About Mackinac Financial
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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