Manhattan Bridge Capital, Inc (NASDAQ:LOAN) Stock Short Interest Falls 42.4%

Manhattan Bridge Capital, Inc (NASDAQ:LOAN) saw a significant drop in short interest in the month of September. As of September 15th, there was short interest totaling 10,871 shares, a drop of 42.4% from the August 31st total of 18,868 shares. Approximately 0.1% of the company’s shares are sold short. Based on an average daily trading volume, of 22,186 shares, the days-to-cover ratio is presently 0.5 days.

Manhattan Bridge Capital Stock Down 0.5%

NASDAQ LOAN traded down $0.02 during trading on Wednesday, hitting $3.71. The stock had a trading volume of 109,908 shares, compared to its average volume of 24,720. The company has a market capitalization of $42.41 million, a PE ratio of 8.83 and a beta of 0.15. The firm has a 50 day moving average price of $4.04 and a 200 day moving average price of $4.25. Manhattan Bridge Capital has a twelve month low of $3.54 and a twelve month high of $5.80.

Manhattan Bridge Capital (NASDAQ:LOAN) last issued its quarterly earnings results on Thursday, July 23rd. The credit services provider reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.01). Manhattan Bridge Capital had a return on equity of 11.02% and a net margin of 58.30%.The business had revenue of $0.00 million for the quarter, compared to analysts’ expectations of $2.04 million.

Manhattan Bridge Capital Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, October 8th will be paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 11.9%. The ex-dividend date of this dividend is Thursday, October 8th. Manhattan Bridge Capital’s dividend payout ratio is presently 104.76%.

Analysts Set New Price Targets

Separately, Weiss Ratings downgraded shares of Manhattan Bridge Capital from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, July 23rd. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat, Manhattan Bridge Capital currently has a consensus rating of “Hold”.

Insider Buying and Selling at Manhattan Bridge Capital

In related news, CEO Assaf Ran purchased 8,000 shares of Manhattan Bridge Capital stock in a transaction dated Tuesday, July 28th. The shares were acquired at an average cost of $3.99 per share, with a total value of $31,920.00. Following the purchase, the chief executive officer owned 1,235,000 shares of the company’s stock, valued at approximately $4,927,650. The trade was a 0.65% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 24.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Manhattan Bridge Capital

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Melia Wealth LLC purchased a new stake in Manhattan Bridge Capital during the 2nd quarter worth about $1,974,000. Frazier Financial Advisors LLC purchased a new position in shares of Manhattan Bridge Capital in the 2nd quarter valued at about $970,000. BlackRock Inc. acquired a new position in shares of Manhattan Bridge Capital during the second quarter worth about $198,000. RW Investment Management LLC acquired a new position in shares of Manhattan Bridge Capital during the second quarter worth about $59,000. Finally, Eclectic Associates Inc. ADV purchased a new stake in shares of Manhattan Bridge Capital during the second quarter worth approximately $190,000. Hedge funds and other institutional investors own 21.84% of the company’s stock.

About Manhattan Bridge Capital

Manhattan Bridge Capital, Inc (NASDAQ:LOAN) is a real estate finance company that originates, services and manages short-term, secured loans. Its lending activities primarily involve first mortgage loans backed by residential, multifamily and commercial properties.

The company generally provides financing to real estate investors and developers, including borrowers who may not be served by traditional banks. Its loans are secured by the underlying property and are intended to support acquisitions, renovations, construction and other real estate-related activities.

Manhattan Bridge Capital has historically focused on properties in the New York metropolitan area, including New York City and surrounding markets.