Medallion Financial (NASDAQ:MFIN) Shares Cross Above 200 Day Moving Average – What’s Next?

Medallion Financial Corp. (NASDAQ:MFIN)’s share price crossed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $10.10 and traded as high as $12.08. Medallion Financial shares last traded at $12.05, with a volume of 62,308 shares.

Wall Street Analysts Forecast Growth

MFIN has been the subject of a number of research analyst reports. Raymond James Financial initiated coverage on Medallion Financial in a research note on Thursday, July 9th. They issued a “market perform” rating for the company. Piper Sandler initiated coverage on Medallion Financial in a research report on Friday, June 12th. They set a “neutral” rating and a $10.50 price target on the stock. Weiss Ratings upgraded Medallion Financial from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, July 2nd. Finally, Zacks Research upgraded Medallion Financial from a “hold” rating to a “strong-buy” rating in a research report on Monday. One analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $10.50.

Medallion Financial Stock Performance

The stock’s 50 day moving average is $11.37 and its two-hundred day moving average is $10.12. The stock has a market capitalization of $274.26 million, a price-to-earnings ratio of 8.98 and a beta of 0.81. The company has a current ratio of 1.22, a quick ratio of 1.21 and a debt-to-equity ratio of 0.57.

Medallion Financial (NASDAQ:MFIN) last released its quarterly earnings results on Wednesday, July 29th. The credit services provider reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.02. The firm had revenue of $84.38 million for the quarter, compared to the consensus estimate of $58.98 million. Medallion Financial had a return on equity of 7.11% and a net margin of 9.25%. Analysts expect that Medallion Financial Corp. will post 1.15 earnings per share for the current fiscal year.

Medallion Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 31st. Shareholders of record on Monday, August 17th were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Monday, August 17th. This represents a $0.56 dividend on an annualized basis and a yield of 4.7%. Medallion Financial’s dividend payout ratio is 42.11%.

Institutional Trading of Medallion Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Stephens Inc. AR acquired a new stake in shares of Medallion Financial in the first quarter valued at about $96,000. Vise Technologies Inc. bought a new position in Medallion Financial in the second quarter valued at approximately $110,000. Allworth Financial LP acquired a new position in shares of Medallion Financial during the 2nd quarter worth approximately $164,000. PDT Partners LLC acquired a new position in shares of Medallion Financial during the 2nd quarter worth approximately $185,000. Finally, Bank of America Corp DE bought a new stake in shares of Medallion Financial during the 2nd quarter worth approximately $190,000. 40.56% of the stock is currently owned by institutional investors and hedge funds.

Medallion Financial Company Profile

Medallion Financial Corporation is a specialty finance company that provides financing to individuals and businesses, with a historical focus on loans secured by taxicab medallions and related taxi assets. Through its lending subsidiaries, the company has supported taxi operators and medallion owners in major U.S. metropolitan areas.

In addition to taxi-medallion lending, Medallion Financial has expanded into other consumer and commercial finance activities. Its businesses have included recreational lending for products such as boats and recreational vehicles, as well as financing for home improvements and other consumer purposes.