Mackinac Financial Corporation (NASDAQ:MFNC) will begin trading ex-dividend on December 24, 2020. The quarterly dividend payment of $ 0.14 per share is scheduled to be paid on January 11, 2021. The dividend yield based on the latest trading day closing price was 4.34 percent. Shareholders who purchased MFNC shares prior to the ex-dividend date are eligible for the cash dividend payment.
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Mackinac Financial Corporation recently reported third quarter financial results on October 29, 2020, after market close, the Manistique based company announced income for the third quarter of $ 0.32 per share, from the revenue of $ 15.77 million. The quarterly earnings decreased 8.57 percent while revenues improved 3.75 percent compared with the same quarter last year.
According to street consensus, MFNC was expected to report 3Q20 income of $ 0.23 per share from revenue of $ 14.99 million. The bottom line results beat street analysts by $ 0.09 or 39.13 percent, at the same time, top line results outshined analysts by $ 0.78 million or 5.20 percent.
Shares of Mackinac Financial Corporation traded up $ 0.10 or 0.78 percent on Tuesday, reaching $ 12.90 with volume of 9.60 thousand shares. Mackinac Financial Corporation has traded high as $ 12.97 and has cracked $ 12.80 on the downward trend
According to the previous trading day, closing price of $ 12.90, representing a 96.32 % increase from the 52 week low of $ 6.52 and a 27.89 % decrease over the 52 week high of $ 17.75.
The company has a market capital of $ 135.88 million and is part of the Financial Services sector and Banks – Regional – US industry.
Mackinac Financial Corporation operates as the bank holding company for mBank that provides commercial and retail banking products and services in the United States. It offers 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. The company provides loan products include provides commercial loans to entities within real estate operators of nonresidential buildings industry; consumer loan products comprising installment, mortgages, and home equity loans, as well as residential mortgage loans; and commercial and governmental lease financing.