Medallion Financial (NASDAQ:MFIN) Announces Quarterly Earnings Results, Beats Estimates By $0.04 EPS

Medallion Financial (NASDAQ:MFIN) issued its earnings results on Wednesday. The credit services provider reported $0.31 EPS for the quarter, beating the consensus estimate of $0.27 by $0.04, Zacks reports. Medallion Financial had a net margin of 10.35% and a return on equity of 7.73%.

Medallion Financial Stock Up 0.1%

Shares of MFIN traded up $0.01 during midday trading on Wednesday, hitting $9.93. The stock had a trading volume of 31,051 shares, compared to its average volume of 64,892. The firm has a market cap of $229.48 million, a price-to-earnings ratio of 6.71 and a beta of 0.78. The company has a 50 day simple moving average of $9.81 and a two-hundred day simple moving average of $9.67. Medallion Financial has a twelve month low of $7.85 and a twelve month high of $11.00. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.21 and a quick ratio of 1.20.

Institutional Trading of Medallion Financial

A number of institutional investors have recently made changes to their positions in the business. Bank of America Corp DE boosted its holdings in Medallion Financial by 4.4% during the third quarter. Bank of America Corp DE now owns 26,318 shares of the credit services provider’s stock worth $266,000 after purchasing an additional 1,112 shares during the last quarter. BNP Paribas Financial Markets increased its stake in Medallion Financial by 45.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 3,708 shares of the credit services provider’s stock valued at $37,000 after buying an additional 1,150 shares during the last quarter. Barclays PLC lifted its position in Medallion Financial by 5.1% during the 4th quarter. Barclays PLC now owns 37,672 shares of the credit services provider’s stock worth $388,000 after buying an additional 1,834 shares in the last quarter. Rhumbline Advisers lifted its position in Medallion Financial by 6.7% during the 2nd quarter. Rhumbline Advisers now owns 29,712 shares of the credit services provider’s stock worth $283,000 after buying an additional 1,871 shares in the last quarter. Finally, Empowered Funds LLC boosted its stake in shares of Medallion Financial by 9.7% during the 1st quarter. Empowered Funds LLC now owns 27,842 shares of the credit services provider’s stock worth $243,000 after buying an additional 2,461 shares during the last quarter. Institutional investors own 40.56% of the company’s stock.

Wall Street Analyst Weigh In

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

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.