Manhattan Bridge Capital, Inc (NASDAQ:LOAN) Stock Short Interest Report for October

Manhattan Bridge Capital, Inc (NASDAQ:LOAN) was the recipient of a significant growth in short interest in October. As of October 15th, there was short interest totaling 56,608 shares, a growth of 342.6% from the September 30th total of 12,789 shares. Based on an average daily trading volume, of 63,589 shares, the short-interest ratio is presently 0.9 days. Currently, 0.7% of the company’s stock are sold short.

Manhattan Bridge Capital Trading Down 0.6%

Shares of Manhattan Bridge Capital stock opened at $3.46 on Wednesday. The business’s fifty day simple moving average is $3.82 and its 200 day simple moving average is $4.23. Manhattan Bridge Capital has a 12 month low of $3.31 and a 12 month high of $5.19.

Manhattan Bridge Capital (NASDAQ:LOAN) last posted its quarterly earnings data on Wednesday, October 21st. The credit services provider reported $0.11 earnings per share for the quarter, hitting the consensus estimate of $0.11. The business had revenue of $2.06 million during the quarter, compared to analysts’ expectations of $2.05 million. On average, sell-side analysts predict that Manhattan Bridge Capital will post 0.42 earnings per share for the current year.

Manhattan Bridge Capital Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 15th. Stockholders of record on Thursday, December 31st will be paid a dividend of $0.1050 per share. This represents a $0.42 dividend on an annualized basis and a dividend yield of 12.1%. The ex-dividend date is Thursday, December 31st. This is a negative change from Manhattan Bridge Capital’s previous quarterly dividend of $0.11.

Analyst Ratings Changes

Several brokerages recently weighed in on LOAN. Weiss Ratings cut shares of Manhattan Bridge Capital from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday, October 8th. Zacks Research upgraded Manhattan Bridge Capital to a “hold” rating in a research note on Monday, October 5th. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Reduce”.

Insider Activity

In other Manhattan Bridge Capital news, CEO Assaf Ran bought 10,000 shares of the firm’s stock in a transaction dated Thursday, October 22nd. The stock was bought at an average cost of $3.47 per share, with a total value of $34,700.00. Following the completion of the transaction, the chief executive officer directly owned 1,245,000 shares in the company, valued at approximately $4,320,150. The trade was a 0.81% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. 24.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Manhattan Bridge Capital

Several institutional investors have recently added to or reduced their stakes in LOAN. RW Investment Management LLC purchased a new stake in Manhattan Bridge Capital during the second quarter worth about $59,000. Eclectic Associates Inc. ADV bought a new position in shares of Manhattan Bridge Capital during the 2nd quarter valued at approximately $190,000. BlackRock Inc. bought a new position in shares of Manhattan Bridge Capital during the 2nd quarter valued at approximately $198,000. Renaissance Technologies LLC increased its stake in shares of Manhattan Bridge Capital by 7.9% during the 1st quarter. Renaissance Technologies LLC now owns 196,018 shares of the credit services provider’s stock worth $872,000 after purchasing an additional 14,290 shares during the last quarter. Finally, Frazier Financial Advisors LLC increased its stake in shares of Manhattan Bridge Capital by 156.0% during the 1st quarter. Frazier Financial Advisors LLC now owns 203,866 shares of the credit services provider’s stock worth $907,000 after purchasing an additional 124,229 shares during the last quarter. Institutional investors own 21.84% of the company’s stock.

About Manhattan Bridge Capital

Manhattan Bridge Capital, Inc (NASDAQ:LOAN) is a self-managed real estate investment trust that originates, services and manages loans secured by first mortgages on real property. The company primarily provides short-term, interest-only financing to real estate investors and owners who may require capital for property acquisitions, renovations, construction or other development-related needs.

Its loan portfolio is focused mainly on residential and commercial properties in the New York metropolitan area, including New York City and Long Island.