Mackinac Financial Co. (NASDAQ:MFNC) Director David Russ Steinhardt Acquires 3,994 Shares

Mackinac Financial Co. (NASDAQ:MFNC) Director David Russ Steinhardt purchased 3,994 shares of Mackinac Financial stock in a transaction on Tuesday, March 24th. The shares were acquired at an average price of $9.43 per share, for a total transaction of $37,663.42.

David Russ Steinhardt also recently made the following trade(s):

  • On Thursday, March 19th, David Russ Steinhardt purchased 10,000 shares of Mackinac Financial stock. The shares were acquired at an average cost of $10.00 per share, for a total transaction of $100,000.00.

NASDAQ MFNC traded down $0.05 during trading on Wednesday, hitting $9.43. 40,776 shares of the company’s stock traded hands, compared to its average volume of 18,532. The stock has a fifty day moving average of $13.59 and a two-hundred day moving average of $15.32. Mackinac Financial Co. has a 12-month low of $6.52 and a 12-month high of $17.75. The firm has a market cap of $101.25 million, a P/E ratio of 7.25 and a beta of 0.75. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.03 and a quick ratio of 1.03.

Mackinac Financial (NASDAQ:MFNC) last released its quarterly earnings data on Wednesday, January 29th. The financial services provider reported $0.31 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.34 by ($0.03). Mackinac Financial had a return on equity of 8.82% and a net margin of 19.69%. The company had revenue of $15.20 million during the quarter, compared to analysts’ expectations of $15.10 million. As a group, analysts expect that Mackinac Financial Co. will post 1.2 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently bought and sold shares of MFNC. Citigroup Inc. increased its stake in Mackinac Financial by 696.6% in the 4th quarter. Citigroup Inc. now owns 1,848 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 1,616 shares during the period. Barclays PLC boosted its stake in shares of Mackinac Financial by 100.5% during the fourth quarter. Barclays PLC now owns 9,393 shares of the financial services provider’s stock valued at $164,000 after purchasing an additional 4,709 shares during the period. Strs Ohio boosted its stake in shares of Mackinac Financial by 300.0% during the fourth quarter. Strs Ohio now owns 10,000 shares of the financial services provider’s stock valued at $174,000 after purchasing an additional 7,500 shares during the period. Millennium Management LLC bought a new position in shares of Mackinac Financial in the third quarter worth approximately $200,000. Finally, Panagora Asset Management Inc. bought a new position in shares of Mackinac Financial in the fourth quarter worth approximately $231,000. Institutional investors and hedge funds own 51.51% of the company’s stock.

A number of equities research analysts have recently weighed in on MFNC shares. Zacks Investment Research upgraded shares of Mackinac Financial from a “sell” rating to a “hold” rating in a report on Friday, February 21st. ValuEngine raised shares of Mackinac Financial from a “sell” rating to a “hold” rating in a report on Tuesday, January 21st. Finally, TheStreet lowered shares of Mackinac Financial from a “b-” rating to a “c” rating in a report on Thursday, March 19th.

Mackinac Financial Company Profile

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.

Featured Article: What is the price-to-earnings growth (PEG) ratio?

Receive News & Ratings for Mackinac Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mackinac Financial and related companies with MarketBeat.com's FREE daily email newsletter.