Medallion Financial (NASDAQ:MFIN) Announces Earnings Results

Medallion Financial (NASDAQ:MFIN) posted its earnings results on Wednesday. The credit services provider reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.04, Zacks reports. The firm had revenue of $58.06 million during the quarter, compared to analyst estimates of $58.98 million. Medallion Financial had a net margin of 9.25% and a return on equity of 7.12%.

Medallion Financial Stock Performance

MFIN traded down $0.05 during trading hours on Friday, hitting $10.05. The stock had a trading volume of 690 shares, compared to its average volume of 64,294. The company’s fifty day simple moving average is $9.83 and its 200 day simple moving average is $9.67. Medallion Financial has a 1 year low of $7.85 and a 1 year high of $11.00. The stock has a market cap of $232.19 million, a PE ratio of 7.55 and a beta of 0.78. The company has a quick ratio of 1.20, a current ratio of 1.21 and a debt-to-equity ratio of 0.42.

Medallion Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, August 31st. Stockholders of record on Monday, August 17th will be paid a dividend of $0.14 per share. The ex-dividend date is Monday, August 17th. This represents a $0.56 annualized dividend and a dividend yield of 5.6%. Medallion Financial’s dividend payout ratio is presently 37.84%.

Institutional Investors Weigh In On Medallion Financial

Institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets increased its stake in shares of Medallion Financial by 45.0% in the third quarter. BNP Paribas Financial Markets now owns 3,708 shares of the credit services provider’s stock worth $37,000 after purchasing an additional 1,150 shares in the last quarter. Kestra Advisory Services LLC purchased a new stake in shares of Medallion Financial during the 4th quarter valued at approximately $42,000. Tower Research Capital LLC TRC lifted its stake in shares of Medallion Financial by 533.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,280 shares of the credit services provider’s stock valued at $60,000 after buying an additional 5,288 shares in the last quarter. Osaic Holdings Inc. bought a new position in Medallion Financial in the 2nd quarter worth approximately $76,000. Finally, Vise Technologies Inc. bought a new position in Medallion Financial in the 4th quarter worth approximately $106,000. 40.56% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on MFIN. Zacks Research raised shares of Medallion Financial from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 30th. Piper Sandler began coverage on Medallion Financial in a research note on Friday, June 12th. They issued a “neutral” rating and a $10.50 target price on the stock. Weiss Ratings raised Medallion Financial from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, July 2nd. Finally, Raymond James Financial initiated coverage on Medallion Financial in a report on Thursday, July 9th. They set a “market perform” rating on the stock. Four analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Medallion Financial presently has an average rating of “Hold” and an average price target of $10.50.

Medallion Financial Company Profile

Medallion Financial Corporation is a specialty finance company that provides asset-based lending solutions to small and mid-sized businesses in the United States. The company’s core business activities include secured loans collateralized by business assets such as insurance premiums, commercial real estate, maritime assets and portfolio receivables. Through its insurance premium finance division, Medallion offers short-term loans that allow policyholders to spread insurance costs over multiple payments, while its portfolio financing arm provides funding against a borrower’s existing asset portfolios.

Founded in 1998 and headquartered in Minneapolis, Minnesota, Medallion Financial originally established itself in the taxi medallion lending market, extending loans secured by New York City cab medallions.