Medallion Financial (NASDAQ:MFIN) Downgraded by Zacks Research to Strong Sell

Medallion Financial (NASDAQ:MFIN) was downgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Tuesday,Zacks.com reports.

Separately, Weiss Ratings cut Medallion Financial from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, May 6th. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $12.00.

Medallion Financial Stock Up 1.4%

Shares of NASDAQ:MFIN opened at $9.45 on Tuesday. The company has a quick ratio of 1.20, a current ratio of 1.21 and a debt-to-equity ratio of 0.42. The business has a fifty day moving average of $9.10 and a two-hundred day moving average of $9.78. The stock has a market cap of $225.38 million, a P/E ratio of 6.39 and a beta of 0.77. Medallion Financial has a 52-week low of $7.85 and a 52-week high of $11.00.

Medallion Financial (NASDAQ:MFIN) last issued its earnings results on Wednesday, April 29th. The credit services provider reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.05). The company had revenue of $79.07 million during the quarter, compared to analysts’ expectations of $56.15 million. Medallion Financial had a net margin of 10.35% and a return on equity of 7.73%. On average, research analysts expect that Medallion Financial will post 1.12 earnings per share for the current year.

Hedge Funds Weigh In On Medallion Financial

Hedge funds have recently modified their holdings of the business. BNP Paribas Financial Markets grew its holdings in shares of Medallion Financial by 45.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 3,708 shares of the credit services provider’s stock worth $37,000 after purchasing an additional 1,150 shares during the period. Kestra Advisory Services LLC purchased a new position in shares of Medallion Financial during the 4th quarter worth $42,000. Daytona Street Capital LLC purchased a new position in shares of Medallion Financial during the 4th quarter worth $51,000. Tower Research Capital LLC TRC grew its holdings in shares of Medallion Financial by 533.1% during the 2nd 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 during the period. Finally, Osaic Holdings Inc. acquired a new position in Medallion Financial during the 2nd quarter worth about $76,000. 40.56% of the stock is currently owned by hedge funds and other institutional investors.

Medallion Financial Company 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.