Medallion Financial Corp. $MFIN Shares Bought by Sei Investments Co.

Sei Investments Co. increased its position in Medallion Financial Corp. (NASDAQ:MFIN) by 124.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 490,972 shares of the credit services provider’s stock after acquiring an additional 271,789 shares during the period. Sei Investments Co. owned approximately 2.06% of Medallion Financial worth $4,203,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Empowered Funds LLC raised its holdings in Medallion Financial by 9.7% during the first quarter. Empowered Funds LLC now owns 27,842 shares of the credit services provider’s stock worth $243,000 after purchasing an additional 2,461 shares during the last quarter. Rhumbline Advisers raised its stake in shares of Medallion Financial by 6.7% during the 2nd quarter. Rhumbline Advisers now owns 29,712 shares of the credit services provider’s stock worth $283,000 after buying an additional 1,871 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of Medallion Financial by 14.0% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 118,321 shares of the credit services provider’s stock worth $1,128,000 after buying an additional 14,557 shares in the last quarter. Raymond James Financial Inc. boosted its position in shares of Medallion Financial by 87.9% in the 2nd quarter. Raymond James Financial Inc. now owns 30,110 shares of the credit services provider’s stock worth $287,000 after buying an additional 14,085 shares in the last quarter. Finally, Jane Street Group LLC acquired a new stake in Medallion Financial in the 2nd quarter valued at about $240,000. 40.56% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MFIN has been the subject of a number of research reports. Raymond James Financial began coverage on shares of Medallion Financial in a research report on Thursday, July 9th. They set a “market perform” rating for the company. Zacks Research raised shares of Medallion Financial from a “strong sell” rating to a “hold” rating in a research note on Tuesday, June 30th. Piper Sandler initiated coverage on Medallion Financial in a research report on Friday, June 12th. They set a “neutral” rating and a $10.50 price objective for the company. Finally, Weiss Ratings raised Medallion Financial from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, July 2nd. Four analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $10.50.

Medallion Financial Price Performance

NASDAQ:MFIN opened at $10.79 on Thursday. Medallion Financial Corp. has a 12-month low of $7.85 and a 12-month high of $11.05. The firm has a market cap of $249.36 million, a price-to-earnings ratio of 8.11 and a beta of 0.78. The company’s 50-day moving average is $9.92 and its two-hundred day moving average is $9.68. The company has a current ratio of 1.21, a quick ratio of 1.20 and a debt-to-equity ratio of 0.42.

Medallion Financial (NASDAQ:MFIN) last issued its quarterly earnings results on Wednesday, July 29th. The credit services provider reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.02. The business had revenue of $84.38 million during 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 7.12%. Research analysts expect that Medallion Financial Corp. will post 1.15 EPS for the current year.

Medallion Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Monday, August 17th will be paid a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 5.2%. The ex-dividend date of this dividend is Monday, August 17th. 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.