Medallion Financial (NASDAQ:MFIN) Upgraded by Zacks Research to “Hold” Rating

Medallion Financial (NASDAQ:MFIN) was upgraded by investment analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Tuesday,Zacks.com reports.

A number of other equities research analysts have also weighed in on the stock. Weiss Ratings lowered shares of Medallion Financial from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, June 17th. Piper Sandler started coverage on shares of Medallion Financial in a report on Friday, June 12th. They issued a “neutral” rating and a $10.50 price objective for the company. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $11.25.

Medallion Financial Price Performance

Shares of Medallion Financial stock opened at $10.34 on Tuesday. The business has a 50 day moving average of $9.63 and a 200 day moving average of $9.75. Medallion Financial has a 52 week low of $7.85 and a 52 week high of $11.00. The company has a market cap of $238.96 million, a PE ratio of 6.99 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 (NASDAQ:MFIN) last issued its quarterly earnings data on Wednesday, April 29th. The credit services provider reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.05). Medallion Financial had a net margin of 10.35% and a return on equity of 7.73%. The company had revenue of $79.07 million for the quarter, compared to analysts’ expectations of $56.15 million. As a group, equities research analysts forecast that Medallion Financial will post 1.13 earnings per share for the current year.

Institutional Trading of Medallion Financial

Hedge funds have recently made changes to their positions in the stock. De Lisle Partners LLP grew its position in Medallion Financial by 40.4% during the 4th quarter. De Lisle Partners LLP now owns 180,079 shares of the credit services provider’s stock valued at $1,851,000 after purchasing an additional 51,822 shares during the last quarter. Teton Advisors LLC purchased a new position in Medallion Financial in the third quarter worth about $606,000. Ritholtz Wealth Management raised its holdings in Medallion Financial by 10.6% in the fourth quarter. Ritholtz Wealth Management now owns 92,695 shares of the credit services provider’s stock worth $954,000 after buying an additional 8,851 shares during the last quarter. Daytona Street Capital LLC bought a new position in shares of Medallion Financial in the fourth quarter worth approximately $51,000. Finally, Bank of America Corp DE lifted its stake in shares of Medallion Financial by 4.4% in the third quarter. Bank of America Corp DE now owns 26,318 shares of the credit services provider’s stock worth $266,000 after buying an additional 1,112 shares in the last quarter. 40.56% of the stock is owned by institutional investors.

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.