Insider Selling: Mackinac Financial Co. (MFNC) Director Sells 1,250 Shares of Stock
Mackinac Financial Co. (NASDAQ:MFNC) Director Dennis Bittner sold 1,250 shares of Mackinac Financial stock in a transaction dated Friday, September 7th. The shares were sold at an average price of $16.41, for a total value of $20,512.50. Following the completion of the sale, the director now owns 6,202 shares of the company’s stock, valued at $101,774.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.
Shares of Mackinac Financial stock opened at $16.43 on Wednesday. The stock has a market capitalization of $176.65 million, a price-to-earnings ratio of 13.69 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 Co. has a one year low of $14.22 and a one year high of $17.58.
Mackinac Financial (NASDAQ:MFNC) last announced its earnings results on Thursday, August 2nd. The financial services provider reported $0.25 EPS for the quarter, missing the Zacks’ consensus estimate of $0.30 by ($0.05). The firm had revenue of $11.68 million during the quarter, compared to the consensus estimate of $11.00 million. Mackinac Financial had a return on equity of 7.97% and a net margin of 7.88%. sell-side analysts anticipate that Mackinac Financial Co. will post 1.1 EPS for the current year.
A number of institutional investors have recently made changes to their positions in MFNC. Dimensional Fund Advisors LP raised its holdings in Mackinac Financial by 3.1% in the first quarter. Dimensional Fund Advisors LP now owns 360,459 shares of the financial services provider’s stock worth $5,825,000 after purchasing an additional 10,670 shares in the last quarter. Gendell Jeffrey L raised its holdings in Mackinac Financial by 41.4% in the first quarter. Gendell Jeffrey L now owns 154,912 shares of the financial services provider’s stock worth $2,517,000 after purchasing an additional 45,346 shares in the last quarter. ELCO Management Co. LLC bought a new position in Mackinac Financial in the second quarter worth about $340,000. Clarkston Capital Partners LLC raised its holdings in Mackinac Financial by 2.2% in the second quarter. Clarkston Capital Partners LLC now owns 202,817 shares of the financial services provider’s stock worth $3,363,000 after purchasing an additional 4,277 shares in the last quarter. Finally, Courier Capital LLC bought a new position in Mackinac Financial in the second quarter worth about $308,000. Institutional investors and hedge funds own 43.68% of the company’s stock.
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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