Manhattan Bridge Capital (NASDAQ:LOAN) Shares Pass Below Two Hundred Day Moving Average - Here's What Happened

Key Points

• Manhattan Bridge Capital shares fell below their 200-day moving average for the first time, trading at $5.35, indicating potential weakness in the stock's performance.
• Wall Street Zen initiated coverage with a "strong-buy" rating on the stock, despite its recent decline, suggesting confidence in its future prospects.
• The company announced a quarterly dividend of $0.115, reflecting a dividend yield of 8.5%, highlighting its commitment to returning value to shareholders.

Manhattan Bridge Capital, Inc (NASDAQ:LOAN - Get Free Report) shares crossed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $5.39 and traded as low as $5.35. Manhattan Bridge Capital shares last traded at $5.39, with a volume of 16,225 shares traded.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen began coverage on shares of Manhattan Bridge Capital in a research report on Sunday, May 18th. They issued a "strong-buy" rating for the company.

Manhattan Bridge Capital Price Performance

The stock's 50-day moving average is $5.45 and its 200 day moving average is $5.39. The company has a market cap of $60.75 million, a PE ratio of 11.30 and a beta of 0.34.

Manhattan Bridge Capital (NASDAQ:LOAN - Get Free Report) last posted its earnings results on Tuesday, July 22nd. The credit services provider reported $0.12 EPS for the quarter, meeting analysts' consensus estimates of $0.12. Manhattan Bridge Capital had a net margin of 59.04% and a return on equity of 12.68%. The company had revenue of $2.36 million during the quarter.

Manhattan Bridge Capital Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, October 8th will be given a dividend of $0.115 per share. The ex-dividend date of this dividend is Wednesday, October 8th. This represents a $0.46 dividend on an annualized basis and a yield of 8.7%. Manhattan Bridge Capital's dividend payout ratio is presently 97.87%.

Institutional Investors Weigh In On Manhattan Bridge Capital

Hedge funds and other institutional investors have recently bought and sold shares of the company. Certuity LLC acquired a new position in Manhattan Bridge Capital during the 2nd quarter valued at approximately $306,000. Fortress Financial Solutions LLC increased its stake in Manhattan Bridge Capital by 3.9% during the 2nd quarter. Fortress Financial Solutions LLC now owns 120,282 shares of the credit services provider's stock valued at $658,000 after purchasing an additional 4,522 shares in the last quarter. International Assets Investment Management LLC acquired a new position in Manhattan Bridge Capital during the 2nd quarter valued at approximately $149,000. Frazier Financial Advisors LLC acquired a new position in Manhattan Bridge Capital during the 2nd quarter valued at approximately $112,000. Finally, Melia Wealth LLC increased its stake in Manhattan Bridge Capital by 4.9% during the 2nd quarter. Melia Wealth LLC now owns 378,533 shares of the credit services provider's stock valued at $2,071,000 after purchasing an additional 17,615 shares in the last quarter. Hedge funds and other institutional investors own 21.84% of the company's stock.

About Manhattan Bridge Capital

Manhattan Bridge Capital, Inc, a real estate finance company, originates, services, and manages a portfolio of first mortgage loans in the United States. The company offers short-term, secured, and non-banking loans to real estate investors to fund acquisition, renovation, rehabilitation, or development of residential or commercial properties.