Northland Securities Reiterates “Buy” Rating for Medallion Financial (MFIN)

Northland Securities reiterated their buy rating on shares of Medallion Financial (NASDAQ:MFIN) in a research note published on Monday morning, AnalystRatings.com reports. The brokerage currently has a $12.00 price target on the credit services provider’s stock.

“We believe 2019 should be about even more progress. Recently, MFIN announced a $30M note offering at 8.25%. Proceeds from the raise are expected to be used for increasing the capital base at Medallion Bank, possibly working through some legacy debt at a discount and strategic options.”,” Northland Securities’ analyst commented.

A number of other research firms have also commented on MFIN. B. Riley set a $10.00 price objective on shares of Medallion Financial and gave the company a buy rating in a research note on Thursday, February 28th. Zacks Investment Research lowered shares of Medallion Financial from a hold rating to a strong sell rating in a research note on Wednesday, March 6th. ValuEngine raised shares of Medallion Financial from a buy rating to a strong-buy rating in a research note on Monday, April 1st. Finally, BTIG Research assumed coverage on shares of Medallion Financial in a research note on Friday, February 22nd. They issued a buy rating and a $10.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, three have given a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of Buy and an average target price of $10.67.

NASDAQ:MFIN opened at $7.02 on Monday. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.55. Medallion Financial has a 52 week low of $3.59 and a 52 week high of $7.29.

Medallion Financial (NASDAQ:MFIN) last posted its quarterly earnings data on Wednesday, February 27th. The credit services provider reported $0.38 EPS for the quarter, beating the Zacks’ consensus estimate of $0.05 by $0.33. Medallion Financial had a negative net margin of 17.53% and a negative return on equity of 4.75%. The company had revenue of $50.63 million for the quarter, compared to analyst estimates of $26.37 million. As a group, equities research analysts anticipate that Medallion Financial will post 0.62 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Morgan Stanley boosted its stake in Medallion Financial by 25.5% during the third quarter. Morgan Stanley now owns 419,804 shares of the credit services provider’s stock worth $2,792,000 after acquiring an additional 85,326 shares in the last quarter. B. Riley Financial Inc. boosted its stake in Medallion Financial by 107.4% during the fourth quarter. B. Riley Financial Inc. now owns 207,350 shares of the credit services provider’s stock worth $972,000 after acquiring an additional 107,350 shares in the last quarter. Seacliff Capital LLC bought a new position in Medallion Financial during the fourth quarter worth $528,000. Millennium Management LLC bought a new position in Medallion Financial during the fourth quarter worth $234,000. Finally, Deutsche Bank AG boosted its stake in Medallion Financial by 93.6% during the fourth quarter. Deutsche Bank AG now owns 35,685 shares of the credit services provider’s stock worth $166,000 after acquiring an additional 17,255 shares in the last quarter. 15.64% of the stock is currently owned by institutional investors and hedge funds.

About Medallion Financial

Medallion Financial Corp., through with its subsidiaries, operates as a finance company in the United States. It originates, acquires, and services loans that finance taxicab medallions and various types of commercial businesses. The company offers consumer loans for the purchase of recreational vehicles, boats, motorcycles, and trailers, as well as to finance small scale home improvements; and commercial loans for the purchase of equipment and related assets necessary to open a new business, or purchase or improvement of an existing business.

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