Connor Clark & Lunn Investment Management Ltd. Takes Position in Medallion Financial Corp. $MFIN

Key Points

• Connor Clark & Lunn Investment Management bought 201,485 shares of Medallion Financial in the second quarter, valued at approximately $2.06 million and representing 0.88% of the company. Institutional investors collectively own 40.56% of MFIN.
• Analysts maintain a consensus “Hold” rating with an average price target of $10.50. Medallion Financial recently exceeded quarterly expectations, reporting $0.31 in EPS versus the $0.29 estimate and revenue of $84.38 million.
• Medallion Financial declared a quarterly dividend of $0.14 per share, equivalent to a $0.56 annualized payout and a 4.7% yield. Shares opened at $11.95, near their 52-week high of $12.07.

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Medallion Financial Corp. (NASDAQ:MFIN - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 201,485 shares of the credit services provider's stock, valued at approximately $2,057,000. Connor Clark & Lunn Investment Management Ltd. owned 0.88% of Medallion Financial at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets increased its stake in Medallion Financial by 45.0% in the 3rd 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 during the last quarter. Kestra Advisory Services LLC bought a new stake in shares of Medallion Financial during the 4th quarter valued at about $42,000. Tower Research Capital LLC TRC grew 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 worth $60,000 after purchasing an additional 5,288 shares in the last quarter. Osaic Holdings Inc. purchased a new position in shares of Medallion Financial during the second quarter worth about $76,000. Finally, Stephens Inc. AR bought a new position in shares of Medallion Financial in the first quarter worth approximately $96,000. Institutional investors own 40.56% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Raymond James Financial started coverage on shares of Medallion Financial in a research note on Thursday, July 9th. They issued a "market perform" rating for the company. Weiss Ratings raised shares of Medallion Financial from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, July 2nd. 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 objective for the company. Finally, Zacks Research raised Medallion Financial from a "strong sell" rating to a "hold" rating in a research note on Tuesday, June 30th. Four investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Medallion Financial currently has a consensus rating of "Hold" and an average price target of $10.50.

Medallion Financial Stock Up 1.2%

Shares of Medallion Financial stock opened at $11.95 on Friday. 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 Corp. has a 52-week low of $7.85 and a 52-week high of $12.07. The stock has a market capitalization of $274.37 million, a price-to-earnings ratio of 8.99 and a beta of 0.78. The company's 50 day moving average price is $10.49 and its 200-day moving average price is $9.83.

Medallion Financial (NASDAQ:MFIN - Get Free Report) last issued 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 company had revenue of $84.38 million for the quarter, compared to the consensus estimate of $58.98 million. Medallion Financial had a net margin of 9.25% and a return on equity of 7.11%. Equities research analysts forecast that Medallion Financial Corp. will post 1.15 EPS for the current year.

Medallion Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 31st. Stockholders of record on Monday, August 17th will be paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 4.7%. The ex-dividend date of this dividend is Monday, August 17th. Medallion Financial's dividend payout ratio is 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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