Bank of New York Mellon Corp Invests $1.12 Million in Medallion Financial Corp. $MFIN

Key Points

• Bank of New York Mellon acquired 109,652 Medallion Financial shares worth approximately $1.12 million, representing a 0.47% stake. Institutional investors collectively own 40.56% of MFIN.
• Analyst sentiment remains neutral: four analysts rate the stock “Hold,” with an average price target of $10.50. MFIN recently traded at $12.13, near its 52-week high of $12.23.
• Medallion Financial exceeded quarterly expectations, reporting $0.31 in EPS versus a $0.29 estimate and $84.38 million in revenue versus $58.98 million expected. The company also pays a quarterly dividend of $0.14 per share, yielding approximately 4.6% annually.

Bank of New York Mellon Corp purchased a new stake in Medallion Financial Corp. (NASDAQ:MFIN - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 109,652 shares of the credit services provider's stock, valued at approximately $1,120,000. Bank of New York Mellon Corp owned 0.47% of Medallion Financial as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of MFIN. Bank of America Corp DE boosted its holdings in Medallion Financial by 4.4% in the 3rd 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 during the period. BNP Paribas Financial Markets lifted its position 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 worth $37,000 after acquiring an additional 1,150 shares in the last quarter. Barclays PLC lifted its position in shares of Medallion Financial by 5.1% during the fourth quarter. Barclays PLC now owns 37,672 shares of the credit services provider's stock worth $388,000 after acquiring an additional 1,834 shares in the last quarter. Rhumbline Advisers boosted its holdings in shares of Medallion Financial by 6.7% in the second quarter. Rhumbline Advisers now owns 29,712 shares of the credit services provider's stock worth $283,000 after acquiring an additional 1,871 shares during the period. Finally, Hsbc Holdings PLC boosted its holdings in shares of Medallion Financial by 9.3% in the first quarter. Hsbc Holdings PLC now owns 24,043 shares of the credit services provider's stock worth $209,000 after acquiring an additional 2,052 shares during the period. 40.56% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on MFIN. Weiss Ratings upgraded Medallion Financial from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday, July 2nd. Raymond James Financial assumed coverage on Medallion Financial in a research note on Thursday, July 9th. They issued a "market perform" rating for the company. Zacks Research raised Medallion Financial from a "strong sell" rating to a "hold" rating in a report on Tuesday, June 30th. Finally, Piper Sandler assumed coverage on shares of Medallion Financial in a report on Friday, June 12th. They issued a "neutral" rating and a $10.50 price target on the stock. Four investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $10.50.

Medallion Financial Trading Up 0.2%

Shares of MFIN stock opened at $12.13 on Friday. The company has a market capitalization of $278.50 million, a PE ratio of 9.12 and a beta of 0.81. Medallion Financial Corp. has a 52-week low of $7.85 and a 52-week high of $12.23. The business's fifty day moving average is $10.86 and its 200 day moving average is $9.94. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.21 and a current ratio of 1.22.

Medallion Financial (NASDAQ:MFIN - Get Free Report) last posted its earnings results on Wednesday, July 29th. The credit services provider reported $0.31 EPS for the quarter, topping the consensus estimate 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 return on equity of 7.11% and a net margin of 9.25%. On average, equities research analysts anticipate that Medallion Financial Corp. will post 1.15 EPS for the current fiscal year.

Medallion Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 31st. Stockholders of record on Monday, August 17th were issued a dividend of $0.14 per share. The ex-dividend date of this dividend was Monday, August 17th. This represents a $0.56 annualized dividend and a dividend yield of 4.6%. Medallion Financial's payout ratio is presently 42.11%.

Medallion Financial 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.

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