Zacks Investment Research lowered shares of Mackinac Financial (NASDAQ:MFNC) from a buy rating to a hold rating in a research report released 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 Zumiez from a hold rating to a sell rating in a report on Tuesday, July 2nd.

MFNC stock opened at $15.71 on Tuesday. Mackinac Financial has a twelve month low of $12.60 and a twelve month high of $17.48. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.30. The company has a market cap of $169.60 million, a price-to-earnings ratio of 13.05 and a beta of 0.62. The company’s 50 day moving average is $15.78.

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

The firm also recently announced a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Friday, June 28th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.06%. The ex-dividend date was Thursday, June 27th. Mackinac Financial’s payout ratio is 39.34%.

Several institutional investors have recently bought and sold shares of the business. Naples Global Advisors LLC increased its holdings in shares of Mackinac Financial by 10.5% in the 2nd quarter. Naples Global Advisors LLC now owns 21,015 shares of the financial services provider’s stock worth $332,000 after purchasing an additional 2,000 shares in the last quarter. Clarkston Capital Partners LLC increased its holdings in shares of Mackinac Financial by 2.6% in the 1st quarter. Clarkston Capital Partners LLC now owns 207,989 shares of the financial services provider’s stock worth $3,274,000 after purchasing an additional 5,172 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Mackinac Financial by 1.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 430,760 shares of the financial services provider’s stock worth $5,879,000 after purchasing an additional 5,693 shares in the last quarter. Tibra Equities Europe Ltd bought a new stake in shares of Mackinac Financial in the 1st quarter worth $321,000. Finally, Walthausen & Co. LLC bought a new stake in shares of Mackinac Financial in the 1st quarter worth $470,000. 46.69% of the stock is owned by institutional investors and hedge funds.

About Mackinac Financial

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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