Medallion Financial (NASDAQ:MFIN) Downgraded by Zacks Research to “Strong Sell”

Zacks Research downgraded shares of Medallion Financial (NASDAQ:MFIN) from a hold rating to a strong sell rating in a research report released on Tuesday,Zacks.com reports.

Separately, Weiss Ratings lowered shares of Medallion Financial from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, May 6th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Medallion Financial has a consensus rating of “Hold” and an average price target of $12.00.

Medallion Financial Stock Up 1.4%

NASDAQ:MFIN opened at $9.45 on Tuesday. The firm has a market cap of $225.38 million, a P/E ratio of 6.39 and a beta of 0.77. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.20 and a current ratio of 1.21. Medallion Financial has a fifty-two week low of $7.85 and a fifty-two week high of $11.00. The firm has a 50-day simple moving average of $9.10 and a two-hundred day simple moving average of $9.78.

Medallion Financial (NASDAQ:MFIN) last released its quarterly earnings data on Wednesday, April 29th. The credit services provider reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.05). The firm had revenue of $79.07 million for the quarter, compared to the consensus estimate of $56.15 million. Medallion Financial had a net margin of 10.35% and a return on equity of 7.73%. Analysts predict that Medallion Financial will post 1.12 earnings per share for the current fiscal year.

Medallion Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 21st. Stockholders of record on Monday, May 11th will be issued a dividend of $0.14 per share. The ex-dividend date of this dividend is Monday, May 11th. This is a positive change from Medallion Financial’s previous quarterly dividend of $0.12. This represents a $0.56 annualized dividend and a dividend yield of 5.9%. Medallion Financial’s dividend payout ratio is presently 37.84%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. BNP Paribas Financial Markets raised its holdings in shares of Medallion Financial by 45.0% during the third 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 last quarter. Kestra Advisory Services LLC purchased a new position 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 during the fourth quarter valued at approximately $51,000. Tower Research Capital LLC TRC raised its holdings 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 valued at $60,000 after purchasing an additional 5,288 shares during the last quarter. Finally, Osaic Holdings Inc. purchased a new position in shares of Medallion Financial during the second quarter valued at approximately $76,000. 40.56% of the stock is owned by hedge funds and other institutional investors.

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.