Medallion Financial (NASDAQ:MFIN) Upgraded to Strong-Buy at Zacks Research

Key Points

• Zacks Research upgraded Medallion Financial from “hold” to “strong buy,” while other analysts remain more cautious; the consensus rating is “Moderate Buy” with an average price target of $10.50.
• Medallion Financial reported quarterly EPS of $0.31, beating estimates of $0.29, while revenue of $84.38 million exceeded the $58.98 million forecast.
• MFIN shares opened at $12.04, near their 12-month high of $12.26, with institutional investors and hedge funds owning approximately 40.56% of the stock.

Medallion Financial (NASDAQ:MFIN - Get Free Report) was upgraded by Zacks Research from a "hold" rating to a "strong-buy" rating in a report issued on Monday, Zacks reports.

MFIN has been the topic of a number of other research reports. Piper Sandler began coverage on Medallion Financial in a research note on Friday, June 12th. They set a "neutral" rating and a $10.50 price target on the stock. Raymond James Financial initiated coverage on shares of Medallion Financial in a research report on Thursday, July 9th. They set a "market perform" rating for the company. Finally, Weiss Ratings upgraded Medallion Financial from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, July 2nd. One investment analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $10.50.

Medallion Financial Stock Down 0.1%

Shares of NASDAQ MFIN opened at $12.04 on Monday. The firm's 50-day moving average is $11.37 and its two-hundred day moving average is $10.12. The company has a market capitalization of $276.44 million, a PE ratio of 9.05 and a beta of 0.81. Medallion Financial has a 12-month low of $7.85 and a 12-month high of $12.26. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.22 and a quick ratio of 1.21.

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

Institutional Investors Weigh In On Medallion Financial

Institutional investors and hedge funds have recently modified their holdings of the stock. Stephens Inc. AR acquired a new position in shares of Medallion Financial in the 1st quarter valued at $96,000. Vise Technologies Inc. acquired a new stake in Medallion Financial during the 2nd quarter worth about $110,000. Allworth Financial LP purchased a new stake in Medallion Financial during the second quarter valued at about $164,000. PDT Partners LLC purchased a new stake in Medallion Financial during the second quarter valued at about $185,000. Finally, Bank of America Corp DE acquired a new position in shares of Medallion Financial in the second quarter worth about $190,000. 40.56% of the stock is owned by institutional investors and hedge funds.

Medallion Financial Company Profile

Medallion Financial Corporation is a specialty finance company that provides financing to individuals and businesses, with a historical focus on loans secured by taxicab medallions and related taxi assets. Through its lending subsidiaries, the company has supported taxi operators and medallion owners in major U.S. metropolitan areas.

In addition to taxi-medallion lending, Medallion Financial has expanded into other consumer and commercial finance activities. Its businesses have included recreational lending for products such as boats and recreational vehicles, as well as financing for home improvements and other consumer purposes.

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