Medallion Financial (NASDAQ:MFIN) Stock Dropped to Strong Sell by Zacks Research

Zacks Research lowered shares of Medallion Financial (NASDAQ:MFIN) from a strong-buy rating to a strong sell rating in a research report report published on Monday,Zacks reports.

Other equities analysts also recently issued research reports about the stock. Piper Sandler reaffirmed a “neutral” rating and set a $12.00 price target (up from $10.50) on shares of Medallion Financial in a research note on Friday. Weiss Ratings reissued a “hold (c)” rating on shares of Medallion Financial in a research note on Tuesday, September 29th. UBS Group restated a “neutral” rating on shares of Medallion Financial in a report on Friday. Finally, Raymond James Financial assumed coverage on Medallion Financial in a research report on Thursday, July 9th. They issued a “market perform” rating on the stock. Four equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $12.00.

Medallion Financial Stock Performance

Medallion Financial stock opened at $11.81 on Monday. The stock has a fifty day moving average price of $11.58 and a 200 day moving average price of $10.21. The company has a current ratio of 1.22, a quick ratio of 1.21 and a debt-to-equity ratio of 0.57. Medallion Financial has a 52 week low of $7.85 and a 52 week high of $12.26. The firm has a market capitalization of $271.16 million, a P/E ratio of 8.88 and a beta of 0.79.

Medallion Financial (NASDAQ:MFIN) last announced its quarterly earnings data on Wednesday, July 29th. The credit services provider reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.02. Medallion Financial had a net margin of 9.25% and a return on equity of 7.11%. The business had revenue of $84.38 million for the quarter, compared to analyst estimates of $58.98 million. Equities research analysts anticipate that Medallion Financial will post 1.15 earnings per share for the current year.

Medallion Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, August 31st. Investors of record on Monday, August 17th were issued a $0.14 dividend. The ex-dividend date was Monday, August 17th. This represents a $0.56 annualized dividend and a yield of 4.7%. Medallion Financial’s dividend payout ratio (DPR) is presently 42.11%.

Hedge Funds Weigh In On Medallion Financial

A number of hedge funds have recently made changes to their positions in MFIN. BlackRock Inc. purchased a new position in Medallion Financial in the second quarter valued at about $12,450,000. Bank of New York Mellon Corp acquired a new stake in shares of Medallion Financial in the second quarter valued at about $1,120,000. Tieton Capital Management LLC purchased a new stake in shares of Medallion Financial during the 2nd quarter valued at about $10,297,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Medallion Financial during the 2nd quarter worth approximately $2,057,000. Finally, Sei Investments Co. grew its position in Medallion Financial by 124.0% in the first quarter. Sei Investments Co. now owns 490,972 shares of the credit services provider’s stock valued at $4,203,000 after acquiring an additional 271,789 shares in the last quarter. Hedge funds and other institutional investors own 40.56% of the company’s stock.

About Medallion Financial

Medallion Financial Corp. (NASDAQ:MFIN) is a specialty finance company that provides financing to consumers, small businesses and commercial vehicle operators. The company operates primarily through Medallion Bank and Medallion Funding, offering loans through direct and indirect lending channels.

Medallion Bank provides consumer financing for products and services such as home improvements, recreational vehicles, boats and other lifestyle purchases. Medallion Funding focuses on commercial lending, including loans secured by taxi medallions and financing for taxi and other transportation-related businesses.

Founded in 1995, Medallion Financial has historically served borrowers in the United States through relationships with dealers, contractors and other business partners.