Medallion Financial (NASDAQ:MFIN) Announces Quarterly Earnings Results

Medallion Financial (NASDAQ:MFIN) issued its quarterly earnings data on Wednesday. The credit services provider reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.04, Zacks reports. The business had revenue of $58.06 million during the quarter, compared to analysts’ expectations of $58.98 million. Medallion Financial had a net margin of 10.35% and a return on equity of 7.73%.

Medallion Financial Price Performance

Shares of Medallion Financial stock traded up $0.12 during midday trading on Thursday, hitting $10.05. 830 shares of the company traded hands, compared to its average volume of 64,441. The firm’s fifty day moving average price is $9.82 and its 200-day moving average price is $9.67. The stock has a market cap of $232.26 million, a price-to-earnings ratio of 6.75 and a beta of 0.78. Medallion Financial has a 12 month low of $7.85 and a 12 month high of $11.00. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.20 and a current ratio of 1.21.

Medallion Financial Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. Weiss Ratings raised shares of Medallion Financial from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, July 2nd. Zacks Research upgraded shares of Medallion Financial from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 30th. Piper Sandler started coverage on Medallion Financial in a research note on Friday, June 12th. They issued a “neutral” rating and a $10.50 price target for the company. Finally, Raymond James Financial assumed coverage on Medallion Financial in a research report on Thursday, July 9th. They set a “market perform” rating on the stock. One research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $11.25.

Hedge Funds Weigh In On Medallion Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Two Sigma Investments LP grew its stake in shares of Medallion Financial by 43.1% during the third quarter. Two Sigma Investments LP now owns 86,634 shares of the credit services provider’s stock worth $875,000 after buying an additional 26,091 shares during the last quarter. Mariner LLC bought a new position in shares of Medallion Financial in the 4th quarter valued at $739,000. Squarepoint Ops LLC lifted its stake in shares of Medallion Financial by 39.9% in the 3rd quarter. Squarepoint Ops LLC now owns 57,630 shares of the credit services provider’s stock valued at $582,000 after acquiring an additional 16,429 shares during the last quarter. Empowered Funds LLC lifted its stake in shares of Medallion Financial by 11.7% in the 4th quarter. Empowered Funds LLC now owns 51,180 shares of the credit services provider’s stock valued at $527,000 after acquiring an additional 5,374 shares during the last quarter. Finally, Millennium Management LLC boosted its holdings in shares of Medallion Financial by 24.5% during the 3rd quarter. Millennium Management LLC now owns 43,528 shares of the credit services provider’s stock valued at $440,000 after acquiring an additional 8,565 shares in the last quarter. Institutional investors own 40.56% of the company’s stock.

About Medallion Financial

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.