M3F Inc. decreased its position in shares of Mackinac Financial Co. (NASDAQ:MFNC) by 22.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 145,003 shares of the financial services provider’s stock after selling 42,835 shares during the quarter. Mackinac Financial comprises approximately 2.0% of M3F Inc.’s investment portfolio, making the stock its 22nd biggest holding. M3F Inc.’s holdings in Mackinac Financial were worth $2,282,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company boosted its stake in Mackinac Financial by 0.4% during the 1st quarter. The Manufacturers Life Insurance Company now owns 489,206 shares of the financial services provider’s stock worth $7,700,000 after acquiring an additional 2,033 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Mackinac Financial by 3.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 446,172 shares of the financial services provider’s stock worth $7,022,000 after acquiring an additional 15,412 shares during the last quarter. Clarkston Capital Partners LLC boosted its stake in Mackinac Financial by 2.6% during the 1st quarter. Clarkston Capital Partners LLC now owns 207,989 shares of the financial services provider’s stock worth $3,274,000 after acquiring an additional 5,172 shares during the last quarter. Clover Partners L.P. boosted its stake in Mackinac Financial by 1.6% during the 4th quarter. Clover Partners L.P. now owns 131,076 shares of the financial services provider’s stock worth $1,789,000 after acquiring an additional 2,062 shares during the last quarter. Finally, Rehmann Capital Advisory Group bought a new position in Mackinac Financial during the 4th quarter worth approximately $792,000. 46.69% of the stock is currently owned by institutional investors and hedge funds.
Mackinac Financial stock traded down $0.09 during midday trading on Wednesday, hitting $16.07. 290 shares of the stock were exchanged, compared to its average volume of 14,486. Mackinac Financial Co. has a 52 week low of $12.60 and a 52 week high of $17.58. The firm has a market capitalization of $167.34 million, a price-to-earnings ratio of 13.10 and a beta of 0.67. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.01 and a quick ratio of 1.01.
Mackinac Financial (NASDAQ:MFNC) last released its quarterly earnings data on Wednesday, May 1st. The financial services provider reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.31 by ($0.01). Mackinac Financial had a return on equity of 8.08% and a net margin of 15.40%. The firm had revenue of $14.35 million for the quarter, compared to the consensus estimate of $14.40 million. As a group, analysts predict that Mackinac Financial Co. will post 1.33 EPS for the current fiscal year.
Separately, Zacks Investment Research raised shares of Mackinac Financial from a “hold” rating to a “buy” rating and set a $17.00 price objective on the stock in a research note on Thursday, May 9th.
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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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