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

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

Medallion Financial Trading Up 0.1%

MFIN traded up $0.01 during trading hours on Wednesday, reaching $9.93. 31,051 shares of the company’s stock traded hands, compared to its average volume of 64,892. The firm has a 50-day moving average price of $9.81 and a 200 day moving average price of $9.67. The firm has a market capitalization of $229.48 million, a PE ratio of 6.71 and a beta of 0.78. The company has a quick ratio of 1.20, a current ratio of 1.21 and a debt-to-equity ratio of 0.42. Medallion Financial has a 52-week low of $7.85 and a 52-week high of $11.00.

Institutional Trading of Medallion Financial

A number of large investors have recently made changes to their positions in the stock. Raymond James Financial Inc. increased its stake in Medallion Financial by 87.9% in the 2nd quarter. Raymond James Financial Inc. now owns 30,110 shares of the credit services provider’s stock worth $287,000 after buying an additional 14,085 shares during the period. Rhumbline Advisers boosted its position in Medallion Financial by 6.7% in the 2nd quarter. Rhumbline Advisers now owns 29,712 shares of the credit services provider’s stock valued at $283,000 after buying an additional 1,871 shares during the period. Bank of America Corp DE grew its stake in Medallion Financial by 4.4% in the 3rd quarter. Bank of America Corp DE now owns 26,318 shares of the credit services provider’s stock worth $266,000 after acquiring an additional 1,112 shares in the last quarter. Empowered Funds LLC grew its stake in Medallion Financial by 9.7% in the 1st quarter. Empowered Funds LLC now owns 27,842 shares of the credit services provider’s stock worth $243,000 after acquiring an additional 2,461 shares in the last quarter. Finally, Jane Street Group LLC purchased a new position in shares of Medallion Financial during the second quarter worth approximately $240,000. 40.56% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

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.