Zacks Research Upgrades Medallion Financial (NASDAQ:MFIN) to “Hold”

Medallion Financial (NASDAQ:MFIN) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Tuesday,Zacks.com reports.

A number of other analysts also recently issued reports on MFIN. Piper Sandler began coverage on shares of Medallion Financial in a report on Friday, June 12th. They set a “neutral” rating and a $10.50 price target on the stock. Weiss Ratings cut shares of Medallion Financial from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, June 17th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $11.25.

Medallion Financial Trading Up 1.3%

Shares of NASDAQ:MFIN opened at $10.34 on Tuesday. The company has a market cap of $238.96 million, a P/E ratio of 6.99 and a beta of 0.78. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.21 and a quick ratio of 1.20. Medallion Financial has a 1 year low of $7.85 and a 1 year high of $11.00. The stock’s fifty day moving average price is $9.63 and its 200-day moving average price is $9.75.

Medallion Financial (NASDAQ:MFIN) last released its quarterly earnings data on Wednesday, April 29th. The credit services provider reported $0.20 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.05). Medallion Financial had a return on equity of 7.73% and a net margin of 10.35%.The business had revenue of $79.07 million during the quarter, compared to the consensus estimate of $56.15 million. Sell-side analysts expect that Medallion Financial will post 1.13 earnings per share for the current year.

Hedge Funds Weigh In On Medallion Financial

A number of hedge funds have recently made changes to their positions in MFIN. BNP Paribas Financial Markets raised its stake in Medallion Financial by 45.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 3,708 shares of the credit services provider’s stock valued at $37,000 after purchasing an additional 1,150 shares during the period. Kestra Advisory Services LLC bought a new stake in shares of Medallion Financial during the fourth quarter valued at approximately $42,000. Daytona Street Capital LLC purchased a new position in shares of Medallion Financial in the fourth quarter worth $51,000. Tower Research Capital LLC TRC boosted its position in shares of Medallion Financial by 533.1% during the second quarter. Tower Research Capital LLC TRC now owns 6,280 shares of the credit services provider’s stock worth $60,000 after acquiring an additional 5,288 shares during the last quarter. Finally, Osaic Holdings Inc. purchased a new position in Medallion Financial during the second quarter valued at $76,000. Institutional investors own 40.56% of the company’s stock.

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.