Medallion Financial (NASDAQ:MFIN) Stock Crosses Above 200-Day Moving Average – Here’s Why

Medallion Financial Corp. (NASDAQ:MFIN)’s stock price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $10.02 and traded as high as $12.02. Medallion Financial shares last traded at $11.98, with a volume of 199,178 shares changing hands.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Zacks Research raised shares of Medallion Financial from a “strong sell” rating to a “hold” rating in a report on Tuesday, June 30th. Weiss Ratings raised Medallion Financial from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, July 2nd. Piper Sandler started coverage on Medallion Financial in a research report on Friday, June 12th. They set a “neutral” rating and a $10.50 target price for the company. Finally, Raymond James Financial began coverage on Medallion Financial in a research report on Thursday, July 9th. They set a “market perform” rating for the company. Four research analysts have rated the stock with a Hold rating, According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $10.50.

Medallion Financial Trading Up 0.8%

The firm has a market capitalization of $275.06 million, a P/E ratio of 9.01 and a beta of 0.81. The company has a quick ratio of 1.21, a current ratio of 1.22 and a debt-to-equity ratio of 0.57. The firm’s 50-day simple moving average is $11.10 and its 200-day simple moving average is $10.02.

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

Medallion Financial Announces Dividend

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

Institutional Trading of Medallion Financial

Several institutional investors have recently added to or reduced their stakes in MFIN. BlackRock Inc. purchased a new stake in Medallion Financial during the 2nd quarter valued at about $12,450,000. Tieton Capital Management LLC purchased a new stake in shares of Medallion Financial during the second quarter worth about $10,297,000. Sei Investments Co. grew its stake in shares of Medallion Financial by 124.0% in the first quarter. Sei Investments Co. now owns 490,972 shares of the credit services provider’s stock worth $4,203,000 after purchasing an additional 271,789 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Medallion Financial in the second quarter worth about $2,057,000. Finally, De Lisle Partners LLP purchased a new position in Medallion Financial during the 2nd quarter valued at about $2,027,000. 40.56% of the stock is currently owned by hedge funds and other institutional investors.

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.